A Jordanian-Iraqi business forum kicked off on Tuesday and saw participation from governmental representatives, entrepreneurs, and corporations from both Jordan and Iraq. The forum, opened by the Minister of Industry, Trade and Supply, and the Minister of Labor, Youssef Shamali, on behalf of Prime Minister Bisher Khasawneh, was organized by the Iraqi Business Council in Amman under the banner, “Building Bridges of Common Prosperity.” Minister Shamali acknowledged that the economies and societies of nations continue to reel under the implications of global phenomena such as the COVID-19 pandemic and the disruption of international supply chains due to fluctuations in energy prices, production and transportation costs, and worldwide political instability. Highlighting the increasing economic connections between Jordan and Iraq as a significant element of their robust ties, Shamali said, “Trade between the two countries jumped from $580 million in 2021 to $900 million last year, with the total Iraqi investments in Jordan standing at an impressive $32 billion.” Shamali also shed light on an ongoing joint economic city project between Jordan and Iraq, which is expected to boost trade, encourage shared investments, and leverage the exemptions and benefits of free trade agreements Jordan has signed with numerous nations, either bilaterally or multilaterally. He emphasized that the project would pave the way for the city’s products to reach over one billion consumers unhindered by technical or customs restrictions. Kholoud Saqqaf, Minister of Investment, underlined the necessity of reinforcing the Jordanian-Iraqi alliance across diverse sectors, particularly economic and investment. She further noted that the strength of fraternal ties, geographical proximity, and bilateral agreements contribute to the creation of productive collaborations across all domains. Minister Saqqaf praised the economic contributions of Iraqi investments in Jordan, which span several sectors including real estate, finance, industry, and tourism. She asserted Jordan’s eagerness for additional Iraqi investments, and the expansion of existing ones, to establish mutually beneficial partnerships. The minister outlined the pivotal reforms the government has implemented to realize comprehensive and sustainable growth, enhance the quality of life for Jordanian citizens, and align with the economic modernization vision of 2033 a ten-year roadmap with ambitious and realistic goals. She underscored that invigorating domestic and foreign investments and improving the investment environment in Jordan are central to this vision. Saqqaf confirmed that the newly formed Ministry of Investment will serve as the primary authority for investment in the Kingdom, and announced the forthcoming launch of an electronic platform for investors, dubbed InvestJo, envisioned as a promotional instrument positioning Jordan as a premier investment hub in the Middle East. Highlighting the major advantages and incentives encompassed in the investment environment law, and the regulations and guidelines issued accordingly, Saqqaf emphasized the wealth of investment opportunities spanning various sectors attractive and competitive for the Iraqi investor, notably in information technology, tourism, medical tourism, pharmaceutical industries, life sciences, healthcare services, food industries, clothing, textiles, agriculture, logistics, chemicals, and fertilizers.
Source: Jordan News Agency