Posted On 5/25/2017
Abu Dhabi Chamber discusses expanding economic and investment cooperation with Iraq
His Excellency Ibrahim Al-Mahmoud, 1st Deputy Chairman of the Abu Dhabi Chamber of Commerce and Industry, received His Excellency Mohamed Shiaa’ Al-Sudani, Iraqi Minister of Labor and Social Affairs and Acting Minister of Industry, and the accompanying delegation at the Chamber Tower in Abu Dhabi. Both sides discussed developing economic and investment cooperation between Abu Dhabi and Iraq and opening up new doors for partnerships.
His Excellency Hasan Al-Shihhi, UAE Ambassador to Iraq, and His Excellency Ra’d Mohamed Rashad Allosi, Iraq Ambassador to the UAE, attended the meeting.
H.E. Al-Shihhi praised the civil and economic accomplishments of the UAE, noting that the main goal behind their visit is to observe the successful development experiment of the UAE and transferring it to Iraq through cooperating with Emirati companies operating in a number of key sectors.
“The Iraqi government is working on overcoming all obstacles and providing incentives to Emirati businessmen so they would invest in Iraq,” he said, pointing to the importance of exchanging visits and participating in conferences and exhibitions in both Iraq and the UAE.
For his part, H.E. Ibrahim Al-Mahmoud, 1st Deputy Chairman of the Abu Dhabi Chamber, said that the Abu Dhabi Chamber views the visit of the Iraqi delegation as a means for companies and investors in Abu Dhabi and the UAE to identify the needs of Iraqi markets and participate in some investment and development projects in some key sectors. “Emirati companies possess world experiences in many sectors. They also enjoy networks of international relations with companies and establishments across the globe, which can be exploited to increase trade exchange rates between the two sides to the highest levels,” he said.
H.E. Hasan Al-Shihhi, UAE Ambassador to Iraq, expressed high hopes in the visit hoping that it would bear positive outcomes to establish a core for an economic partnership between Abu Dhabi and Iraq.
H.E. Dr. Sami Al Araji, Chairman of National Investment Commission in Iraq, delivered a presentation on the available investment opportunities in the sectors of oil, energy, chemicals, industry, agriculture, property, transportation, airports, generating power and housing. He pointed out that Iraq needs 2.5 million residential units in the coming ten years. “We look forward to cooperating and partnering with companies in the UAE to execute these projects and benefit from the outstanding experience in this regard,” he stated. “There are 400 investment opportunities ready for harvest and available for foreign businessmen, investors and companies”.