Qatar and Iraq have taken a significant step towards enhancing their economic collaboration by establishing a joint business council aimed at boosting trade and investment between the two nations. This initiative was formalized during a meeting hosted by Qatar Chamber with an Iraqi business delegation led by Amer Khalaf Alawi, President of the Federation of Iraqi Chambers of Commerce.
The discussions during the meeting placed a spotlight on approximately 60 investment opportunities tied to Iraq’s Development Road project, which has an estimated value of $250 billion. These opportunities encompass a wide range of sectors including transport and logistics, manufacturing, energy and utilities, mining, oil and gas, agriculture, information technology, real estate, and tourism.
A Memorandum of Understanding was signed between Qatar Chamber and the Federation of Iraqi Chambers of Commerce, marking the official establishment of the Qatar-Iraq Joint Business Council. This council’s primary focus will be to facilitate communication between companies and entrepreneurs in both countries, support joint investment projects, and bolster cooperation among small and medium-sized enterprises.
Emphasizing the potential for greater private-sector partnerships, both sides encouraged businesses to delve into the various investment opportunities across the sectors highlighted. The initiative aims to not only strengthen economic ties but also increase bilateral trade, contributing to the economic growth of both Qatar and Iraq.