The Qatar Chamber (QC) and the Federation of Iraqi Chambers of Commerce (FCCI) signed a Memorandum of Understanding (MoU) to establish the Qatar-Iraq Joint Business Council.
The MoU also aims to expand communication among institutions, organisations, companies, and entrepreneurs in Qatar and Iraq, strengthen bilateral economic relations, and develop cooperation in the field of small and medium-sized enterprises (SMEs).
This came during the meeting of HE QC Chairman Sheikh Khalifa bin Jassim bin Mohamed Al-Thani and FCCI President Amer Khalaf Alawi, and his accompanying delegation, in the presence of Ambassador of the Republic of Iraq to Qatar Mohammed Jaafar Al Sadr.
Discussions focused on deepening cooperation between Qatar Chamber and the FCCI, alongside exploring ways to expand economic and trade relations between the two brotherly nations. Attendees also examined the vital role of the private sector in driving joint investment projects, fostering bilateral business partnerships, and significantly boosting trade exchange.
The meeting reviewed around 60 investment opportunities related to the Iraqi Development Road (IDR) project, with an estimated value of $250 billion. The opportunities cover several sectors, including transport and logistics, manufacturing industries and economic zones, energy and utilities, mining, oil and gas, agriculture, ICT, real estate, and tourism.
In his remarks, HE the QC Chairman affirmed that Qatar Chamber remains committed to fostering direct communication between the two business communities, promoting trade and investment opportunities, and encouraging value-added joint projects. He noted that in light of rapidly evolving global and regional economic dynamics, deepening private-sector cooperation between Qatar and Iraq is more critical than ever.
His Excellency expressed confidence that the meeting would forge new avenues for strategic partnership, leveraging the deep-rooted historical and fraternal ties uniting both nations.
Highlighting mutual market promising potential, he emphasised that Iraq's dynamic economy offers compelling prospects for Qatari investors. Likewise, Qatar's investor-friendly ecosystem, which is supported by modern legislation and world-class infrastructure, offers significant opportunities for Iraqi investors looking to expand.
He called on both private sectors to actively capitalise on these opportunities, reaffirming Qatar Chamber's readiness to serve as a bridge between the business communities by facilitating information sharing and cross-border networking to deliver tangible commercial outcomes.
His Excellency added that signing the MoU between Qatar Chamber and the Federation marks a pivotal milestone toward expanding communication between the two business communities. He expressed confidence that it will pave the way for impactful joint initiatives that benefit the private sectors of both brotherly countries.
For his part, Amer Alawi affirmed the Iraqi delegation's keenness to boost economic cooperation and expand cooperation with the Qatari private sector, emphasising that the fraternal bonds connecting Qatar and Iraq provide a solid foundation for mutually beneficial commercial partnership
He highlighted that the Federation of Iraqi Chambers of Commerce actively encourages Iraqi enterprises to explore promising investment avenues across the Qatari market and establish trade partnerships with their Qatari counterparts.
QC First Vice Chairman, Mohamed bin Twar Al Kuwari, said that Qatari business owners look forward to strengthening cooperation with their Iraqi counterparts, noting that there are significant opportunities for partnership and cooperation across various economic sectors.
The meeting featured presentations, including one by the Iraqi Ministry of Trade on boosting trade between the two countries, delivered by Dr. Malik Al Duraie, Director General of the Private Sector Development Department at the Ministry of Trade.
Another presentation addressed strengthening partnerships between the Qatari and Iraqi private sectors and was delivered by Chair of the International Chamber of Commerce in Iraq (ICC Iraq), Dr. Mohsen Al Hamid.
A third presentation focused on the Development Road project and was delivered by Iraqi Prime Minister's Adviser for Corporate Affairs and the Development Road, Abdulmutallab Shaghati Ghazai.