Qatar and Iraq have formed a joint business council aimed at enhancing economic cooperation and boosting trade and investment between the two nations. This initiative was formalized 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 newly established Qatar-Iraq Joint Business Council is expected to facilitate communication between companies and entrepreneurs in both countries, support joint investment projects, and promote collaboration among small and medium-sized enterprises. This development is seen as a significant step towards fostering stronger economic ties between Qatar and Iraq.
Central to the discussions was Iraq’s ambitious Development Road project, which presents around 60 investment opportunities valued at approximately $250 billion. These opportunities span various sectors including transport and logistics, manufacturing, energy and utilities, mining, oil and gas, agriculture, information technology, real estate, and tourism. Both parties emphasized the potential for greater private-sector partnerships and encouraged businesses to explore these investment avenues.
The Memorandum of Understanding signed by Qatar Chamber and the Federation of Iraqi Chambers of Commerce outlines the framework for the joint business council, which is poised to play a pivotal role in driving bilateral trade and investment. This initiative not only reflects the commitment of both nations to deepen their economic relationship but also highlights the significant opportunities available for investors in both countries.
Overall, the establishment of the Qatar-Iraq Joint Business Council marks a significant milestone in the economic relations between the two countries, paving the way for increased collaboration and mutual growth in various sectors.