Amman, February 16 (Petra) – Jordanian and Iraqi officials called for building economic integration between the two countries and leveraging available opportunities to enhance their global market reach.
During the opening session of the “Investment and Finance… Towards a Sustainable Digital Future” conference on Sunday, participants emphasized the importance of joint efforts to increase the added value of their products and capitalize on trade agreements Jordan has signed with various international trade blocs.
Minister of Industry, Trade and Supply Yarub Qudah highlighted the deep-rooted and historical relations between Jordan and Iraq. However, he noted that trade exchanges remain below expectations, despite substantial potential. He stated that Jordan’s exports to Iraq amount to approximately $1 billion, constituting only 3 percent of Iraq’s total imports. He emphasized the importance of accelerating progress on the joint economic zone and overcoming trade barriers, as agreed upon during recent meetings of the Joint Trade Committee in Iraq.
During the session, chaired by Majid Saadi, Chairman of the Iraqi Business Council in Amman, Qudah noted the presence of significant Jordanian investments in Iraq, particularly in banking and tourism. He stressed that the 2007 Free Trade Agreement remains a crucial framework for strengthening economic relations.
Qudah also pointed out that Iraqi products enter the Jordanian market duty-free under the agreement, expressing optimism that bilateral trade will increase with the completion of the joint economic zone.
He underlined that 2025 will mark a new chapter for economic cooperation and real partnerships between the two countries, urging Iraq to benefit from Jordan’s trade agreements with global trade blocs.
Minister of Investment Muthanna Gharaibeh emphasized Jordan’s competitive investment environment, supported by an investment law offering various incentives. He highlighted that Jordan’s network of free trade agreements grants access to international markets valued at approximately $50 trillion and comprising over 1.5 billion consumers, thereby attracting foreign investments.
Gharaibeh also noted the potential for joint investment opportunities between Jordan and Iraq, which would strengthen economic integration and expand their global market presence by utilizing Jordan’s international trade agreements.
Iraqi Minister of Industry and Minerals Khaled Battal acknowledged that Iraqi investors and business owners have established a strong presence in Jordan, benefiting from its security, stability, and investment incentives. He highlighted Iraq’s recent initiatives to develop national industries, which are now gaining traction in the Jordanian market, reflecting a balanced trade relationship.
Battal called on Jordanian companies to participate in Iraqi government tenders through private companies and explore investment opportunities across various sectors. He also encouraged participation in an upcoming economic conference in Baghdad in mid-April, where 50 investment opportunities will be presented in collaboration with the Iraqi government.
Chairman of the Board of Commissioners of the Aqaba Special Economic Zone Authority Nayef Fayez outlined investment opportunities in Aqaba across tourism, trade, industry, and logistics, citing advanced port infrastructure and regional connectivity that facilitate trade flows.
Governor of the Central Bank of Jordan Adel Sharkas highlighted strong banking relations with Iraq, supported by joint memoranda of understanding. He noted that Jordan’s economy continues to grow despite regional challenges, maintaining a growth rate of 2.5 to 2.7 percent. He also emphasized the robustness of the banking sector, with deposits totaling 47 billion Jordanian dinars, exceeding the national economy’s size, and credit facilities worth 36 billion Jordanian dinars, underscoring the banking system’s support for economic growth.
Sharkas affirmed that Jordan imposes no restrictions on capital movement, adhering to anti-money laundering regulations, and that financial transactions between Jordan and Iraq operate smoothly. He noted that Jordanian banks in Iraq have a working capital of 370 million Jordanian dinars, and the Central Bank has introduced a loan and export guarantee program, particularly for Iraq, as a strategic partner.
//Petra// AJ
16/02/2025 16:26:56
