Jordan-Iraq Economic Forum Boosts Bilateral Ties

(MENAFN- Jordan News Agency)

Dead Sea, May 5 (Petra) - investment Minister Kholoud Saqqaf reaffirmed Jordan's steadfast commitment to nurturing Iraqi investments, providing them with the necessary infrastructure to fortify their footprint on the Kingdom's investment landscape.
Addressing the Economic Forum for Financial, Industrial, and Commercial Partnerships between Iraq, Jordan, and the wider region during its inauguration on Sunday, alongside Minister of Industry, Trade, and supply Youssef Shamali and Iraqi Minister of industry and Minerals Khaled Battal Najm, Saqqaf urged private sectors in both nations to forge collaborative ventures and capitalize on abundant opportunities.
Emphasizing the imperative of enhanced dialogue, communication channels, and reciprocal visits between Jordanian and Iraqi private sectors, Saqqaf underscored the forum's significance in strengthening bilateral ties, particularly in economic and investment domains.
Organized by the Iraqi Business Council in collaboration with the Jordan and Amman Chambers of Industry, the forum witnessed participation from ministers, business leaders, investors, and companies, symbolizing the deepening ties between the two nations.
Saqqaf highlighted the forum's timing against the backdrop of burgeoning Jordanian-Iraqi relations, especially in economic and investment spheres, positioning Iraq as a key investment partner for Jordan across vital sectors like industry, tourism, real estate, banking, and trade.
Enumerating Jordan's investment advantages, including supportive policies, innovation, and a skilled workforce, Saqqaf underscored the resilience of the national economy despite challenges, boasting commendable growth rates, low inflation, and robust foreign currency reserves.
Positioning Jordan as a premier investment destination in the region, Saqqaf outlined the economic modernization vision as a transformative roadmap, aimed at achieving substantial economic growth and job creation.
To materialize this vision, Saqqaf advocated for attracting substantial foreign and local investments into priority sectors, estimating a requisite influx of 30.3 billion Jordanian dinars and emphasizing proactive sponsorship and facilitation.
Acknowledging the need for continuous reforms and improvements in the business environment, Saqqaf highlighted governmental priorities in regulatory, institutional, and legislative domains, exemplified by the establishment of the Ministry of Investment to streamline investor processes.
Saqqaf outlined the Investment Law's provisions ensuring parity between foreign and local investors, alongside incentives like customs exemptions, reduced income tax rates, and currency convertibility, aimed at fostering an attractive investment climate.
Introducing innovations such as investment funds and the Public-Private Partnership Law, aqqaf underscored Jordan's commitment to creating an environment conducive to capital inflows and institutional participation.
Saqqaf unveiled the Ministry's initiatives aimed at enhancing Jordan's investment appeal, including a promotional strategy targeting high-value sectors, facilitated through the "Invest" platform, offering comprehensive resources for prospective investors.
Echoing sentiments of bilateral cooperation, Kamel Dulaimi, Chief of Staff of the Iraqi Presidency, expressed confidence in private sector resilience and underscored historical ties between Jordan and Iraq, emphasizing mutual support for sustainable economic development.
Fathi Jaghbir, Head of the Jordanian and Amman Chambers of Industry, highlighted the need for translating bilateral agreements into tangible outcomes, leveraging burgeoning trade volumes to unlock new avenues of economic cooperation.
Majid Saadi, Head of the Iraqi Business Council in Amman, stressed the forum's significance amidst regional challenges, advocating for deeper economic partnerships and industrial cooperation to harness untapped potential.
The two-day forum aims to foster economic integration, forge long-term partnerships, and envision a prosperous future for the region, spotlighting investment opportunities and economic modernization strategies.

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