UAE-Iraq Trade and Investment Forum discusses increasing joint investments

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said that economic relations between the UAE and Iraq have witnessed unprecedented growth over the past years due to the willingness of the two countries to strengthen their relationship on all levels.

''Volume of non-oil trade between the UAE and Iraq reached a relatively high rate at US$11 billion in 2016. Considering the complicated geopolitical challenges and the high rate of the economic variable in the region over the few past years, we view this rate of trade as a positive indicator that expresses the awareness of both countries to build a strong and sustainable trade partnership," Al Mansouri said.

He was addressing the UAE-Iraq Trade and Investment Forum, organised by the Abu Dhabi Chamber of Commerce and Industry, in co-operation with the UAE Ministry of Economy, with the attendance of more than 300 Emirati and Iraqi companies operating in different investment sectors.

Al Mansouri added that Iraq is one of the most effective countries with regard to economic development in the region and one of the important regional destinations to the UAE for developmental co-operation.

"We look forward to discovering the opportunities Iraqi markets offer as they are starting to recover and regain developmental aspects. We are aware to increase the level of investment co-operation in a way that contributes to rebuilding the economy of Iraq and pushing the development process in its different key sectors," he stated.

Al Mansouri further stressed the huge opportunities before the private sector in the UAE and Iraq to enforce this co-operation and contribute to developing inter-trade and starting investment partnerships that achieve the best interest of both sides.

"Through such partnerships we aim at increasing the presence of Emirati products in Iraqi markets, especially since such products have proved their high quality and ability to compete; in contrast, Iraqi products can benefit from the open-trade environment of the UAE and enter the local markets, or even benefit from its position as the third biggest re-export hub in the world," he added.

Mohamed Shi’a Al-Sudani, Iraqi Minister of Industry and Minerals, called on Emirati businessmen, investors and companies to increase their investments and presence in Iraqi markets. He emphasised the desire of the Iraqi leadership to benefit from the exceptional experience of the UAE in economic development, empowerment of key sectors, and supporting the development process in all fields and on all levels.

Mohammed Thani Al-Rumaithi, Chairman of the Federation of the UAE Chambers of Commerce and Industry and Chairman of the Abu Dhabi Chamber, emphasised the interest of businessmen and companies in the UAE and Abu Dhabi in investing in Iraqi markets.

He noted that the forum represents a unique opportunity to take a closer look at the procedures that govern the investment process and the practicing businesses and the role which Emirati companies can play in supporting the comprehensive economic and social economic development process in Iraq. "Especially since our companies possess long experiences in executing projects and have wide international networks to support this role," he added.

He stressed that the Abu Dhabi Chamber works effortlessly to support the role of companies in the emirate, noting that they possess a great record of accomplishments and experiences in the fields of oil, contracting, construction, telecommunications, education, banks, stock markets, and property management. He pointed out that these companies have the desire to execute projects in Iraq and support the development process there.

Al Rumaithi added that the private sector in Abu Dhabi is ready to increase its contribution, meet the demands of Iraqi markets, participate in executing construction projects, and develop the infrastructure towards a more prosperous and developed Iraq.