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Jordan, Iraq discuss strategic economic partnerships at business forum

02-02-2025 02:47 PM


Ammon News - Minister of Industry, Trade, and Supply Yarub Qudah underscored ongoing discussions between Jordan and Iraq on major strategic projects in the energy and food sectors, emphasizing the deep-rooted economic ties between the two countries.

Speaking at the Jordanian-Iraqi Business Forum in Baghdad on Sunday, Qudah highlighted Iraq’s wheat surplus, which Jordan is exploring as a potential import source, reducing reliance on other suppliers. He stated, "Economic and trade relations between Jordan and Iraq go beyond mere profitability they are built on complementarity and genuine partnership."

Qudah emphasized that while governments facilitate business, they also serve as key enablers of the special economic relationship between the two nations, aimed at achieving mutual interests. He commended Iraqi investments in Jordan, noting that their products are exported to over 70 countries. Jordan, he added, also has significant investments in Iraq, with plans for further expansion to meet the needs of the Iraqi market and leverage Iraq as a gateway to global markets.

The minister also highlighted the significance of the planned joint economic zone on the Jordan-Iraq border, which is set to become a key industrial hub targeting regional and international markets. He stressed the importance of direct trade partnerships between Jordanian and Iraqi business communities, facilitated by the necessary governmental infrastructure.

Iraqi Minister of Industry and Minerals Khaled Battal described bilateral ties as historical and fraternal, forming the foundation for strong trade and business cooperation. He noted that Jordan is the only country with a trade agreement with Iraq, underscoring the need to implement and activate the provisions of the 2012 agreement to bolster economic relations.

Battal pointed out that Iraq imports goods worth $60 billion annually, prioritizing products manufactured in Jordan regardless of ownership. He highlighted Iraq’s growing market demand, presenting a significant opportunity for Jordanian exports. However, he noted that Jordanian exports to Iraq remain modest and must be increased to higher levels to achieve economic integration and mutual profitability.

Fathi Jaghbir, President of the Jordan Chamber of Industry, emphasized the forum’s role in expanding economic cooperation, particularly in the industrial sector. He called for accelerating the implementation of signed agreements to maximize economic benefits. He also stressed the Jordanian private sector’s commitment to strengthening industrial and trade ties with Iraq, ensuring they reach levels that reflect the depth of bilateral relations.

Jaghbir noted that Jordan-Iraq trade has improved significantly in recent years, with bilateral trade reaching approximately $1.4 billion last year. He attributed this growth to continuous public and private sector efforts to facilitate trade flows. He added that Jordan’s industrial sector boasts high production capacity across multiple industries, including food, pharmaceuticals, chemicals, plastics, engineering, and construction, all catering to Iraqi market demands.

Abdul Razzaq Zuhairi, head of the Federation of Iraqi Chambers of Commerce, stressed the importance of diversifying Jordanian exports to Iraq to meet evolving consumer preferences.

Ibrahim Masoudi, head of the Iraqi Economic Council, emphasized the necessity of strengthening coordination and cooperation between the two countries in light of regional economic challenges. He highlighted Iraq’s commitment to supporting the private sector by attracting investment, improving legislation, and offering investor guarantees.

The forum, organized by the Jordan Chamber of Industry in cooperation with the Jordan Exports Company, provided an ideal platform for discussions on advancing economic relations, increasing investments, and fostering strategic partnerships between Jordan and Iraq.

The event gathered Iraqi business leaders and Jordanian industrial firms representing sectors such as food, packaging, chemicals, cosmetics, wood and furniture, plastics, textiles, engineering, construction, pharmaceuticals, and medical supplies. Bilateral meetings and a panel discussion on the future of Jordan-Iraq trade were held on the sidelines of the forum. Petra




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