December 10 2022 8:45 AM E-paper Subscribe Sign in My Account Sign out

JBA, Iraqi Business Council talk future cooperation

JBA, Iraqi Business Council talk future cooperation
(Photo: Petra)
AMMAN — The Board of Directors of Jordanian Businessmen Association (JBA) on Sunday discussed with Deputy Chairman of the Iraqi Business Council (IBC) in Jordan, Saad Naji, prospects for future cooperation and key issues of concern to the business communities in both countries, according to the Jordan News Agency, Petra.اضافة اعلان

JBA Secretary-General Abdul Rahim Al-Baqi lauded IBC’s “important” role to develop and attract Iraqi investments “continuously.” He stressed the association’s keenness to strengthen investment, trade, and economic relations between the two countries, benefiting from business councils affiliated with a number of economic activities in Iraq.

He said Jordan’s business community is looking forward to opening new horizons for investment in Iraq, as the Kingdom’s “true” economic depth connects with key traditional markets for Jordanian exports.

Noting Iraqi investments enjoy “strategic importance,” he said strengthening bilateral relations is a crucial step to achieve common interests in various economic sectors.

JBA board member Michel Nazzal stressed the importance of signing a memorandum of understanding between the two sides to enhance cooperation in various fields, especially in the tourism sector, to promote Iraqi investment in Jordan.

Another board member, Yousri Tahboub, stressed the importance of overcoming all obstacles under Jordanian-Iraqi Joint Business Council, especially in medical tourism and industrial sector fields.

Naji said Jordanian-Iraqi economic relations have maintained their strength over previous years despite all regional challenges.

Iraqi investors in Jordan receive many investment privileges provided by investment law, in addition to a package of incentives and exemptions, Naji noted.

IBC, which was established in 2006, brings together under its membership 400 Iraqi businesspeople, representing nearly 3,200 companies, owning various investments in different economic sectors, foremost are tourism, industry, and trade, he said.

Despite a drop in trade exchange volume between the two sides, he said IBC contributed to investing in major economic projects, in addition to a number of projects currently being mulled over, he said.

He also expressed the aspiration of the Iraqi business community to have the special economic zone between the two countries completed so that business activity can start.

To date, he noted, the volume of Iraqi investments in Jordan amounted to about JD23.4 billion, with the IBC’s stake estimated at 60 percent.

To push trade traffic, he said the IBC is constantly calling on lifting visa requirements between the two countries.

The IBC, he noted, prepared observations on Jordan’s new Investment Environment Law.


Read more Business
Jordan News