Board of Directors of Jordanian Businessmen Association (JBA) on Sunday discussed with Deputy Chairman of Iraqi Business Council (IBC) in Jordan, Sa’ad Naji, prospects for future cooperation and key issues of concern to the business communities in both countries.
JBA Secretary General, Abdul Rahim Al-Baq’i, lauded IBC’s “important” role to develop and attract Iraqi investments “continuously,” stressing the association’s keenness to strengthen investment, trade and economic relations between the two countries, benefiting from business councils affiliated with a number of economic activities in Iraq.
He said Jordan’s business community is looking forward to opening new horizons for investment in Iraq, as the Kingdom’s “true” economic depth and a key traditional markets for Jordanian exports.
Noting Iraqi investments enjoy “strategic importance,” he said strengthening bilateral relations is a crucial step to achieve common interests in various economic sectors.
In turn, JBA board of directors member, Michel Nazzal, stressed importance of signing a memorandum of understanding (MoU) between the two sides to enhance cooperation in various fields, especially in the tourism sector, to promote Iraqi investment in Jordan.
Meanwhile, JBA board of directors member, Yousri Tahboub, stressed the importance of overcoming all obstacles under Jordanian-Iraqi Joint Business Council, especially in medical tourism and industrial sector fields.
For his part, Naji said Jordanian-Iraqi economic relations have maintained their strength over previous years despite all regional challenges.
Iraqi investors in Jordan receive many investment priviliges provided by investment law, in addition to a package of incentives and exemptions, Naji noted.
IBC, which was established in 2006, brings together under its membership 400 Iraqi businesspeople, representing nearly 3,200 companies, owning various investments in different economic sectors, foremost are tourism, industry and trade, he said.
Despite drop in trade exchange volume between the two sides, he said IBC contributed to investing in major economic projects, in addition to a number of projects currently being mulled, he said.
He also expressed Iraqi businesspeople’s aspiration to complete special economic zone between the two countries.
To date, he noted volume of Iraqi investments in Jordan amounted to aboutJD23.4 billion, as IBC’s stake approximately stands at 60%.
To push trade traffic, he said IBC is constantly calling on lifting visas between the two countries.
IBC, he noted, prepared observations on Jordan’s new Investment Environment Law, with focus on unclear incentives and complexity in dealing with multiple regulations, instructions and approvals related to investment procedures.
Source: Jordan News Agency