Qatar and Iraq have taken a significant step towards enhancing their economic relationship by forming a joint business council aimed at boosting trade and investment between the two nations. This development was cemented during a meeting hosted by Qatar Chamber, which welcomed an Iraqi business delegation led by Amer Khalaf Alawi, President of the Federation of Iraqi Chambers of Commerce.
The meeting served as a platform for business leaders from both countries to explore mutual opportunities in various sectors. Central to the discussions were approximately 60 investment opportunities tied to Iraq’s Development Road project, a massive initiative valued at an estimated $250 billion. These opportunities encompass a wide range of industries, including transport and logistics, manufacturing, energy and utilities, mining, oil and gas, agriculture, information technology, real estate, and tourism.
To formalize their collaboration, the Qatar Chamber and the Federation of Iraqi Chambers of Commerce signed a Memorandum of Understanding to establish the Qatar-Iraq Joint Business Council. This council is envisioned to facilitate communication between companies and entrepreneurs in Qatar and Iraq, support joint investment projects, and foster cooperation among small and medium-sized enterprises within both nations.
The agreement underscores a mutual interest in expanding private-sector partnerships, with both sides highlighting the potential for increased trade. Businesses are being encouraged to delve into the diverse investment opportunities available, which could significantly benefit the economies of both countries.
The establishment of this joint business council marks a strategic move to strengthen economic ties and create a more collaborative environment for business ventures between Qatar and Iraq. Through this initiative, both nations aim to leverage their resources and expertise to enhance economic growth and development.