Jordanian-Iraqi Business Forum calls for increased trade cooperation

AMMAN — Businesspeople from Jordan and Iraq on Wednesday discussed means to enhance economic cooperation and stressed the need to utilise existing commercial and investment opportunities in several fields.

During their participation in the Jordanian-Iraqi Business Forum in Baghdad, held under the theme: "Partnership for the Future", in the presence of Minister of Industry, Trade and Supply and Minister of Labour Yousef Shamali, several business and corporate owners from both countries stressed the importance of moving ahead towards economic integration in light of the current global economic situation, the Jordan News Agency, Petra, reported.

They also referred to opportunities of cooperation in the next phase, mainly the joint economic estate, electricity interconnectivity, the oil pipeline between Haditha and Aqaba, and in enhancing food security and supply chains.

President of the Jordan Chamber of Commerce Khalil Hajj-Tawfiq called for economic integration, stressing the importance of overcoming obstacles that hinder the two countries from developing economic ties.

President of the Jordan and Amman chambers of industry Fathi Jaghbir stressed the availability of great potential to enhance economic and commercial relations between the two countries and establish joint ventures.

Jaghbir said that Jordanian industries have several export opportunities to the Iraqi market, estimated at more than $200 million, mainly in the food, pharmaceutical, plastic, packing and mineral industries.

On the other hand, he said that Iraqi industries also have export opportunities to the Jordanian market, estimated at some $100 million, mainly in the mineral and mining, paper and food industries.

President of the Iraqi Business Council in Amman Majed Sai said that the forum is held under complicated regional and international circumstances, after the COVID-19 pandemic and the Russian-Ukrainian war, which requires true economic integration in the fields of food security and supply chains.

Trade exchange between Jordan and Iraq in the first 11 months of 2022 increased to JD707 million compared with the same period of 2021 that stood at JD415 million.