The Emirates Chambers and the Iraqi Development Bank launch the “Together” initiative to enhance trade cooperation
The Federation of Emirates Chambers announced today, Thursday, the launch of the “Together” initiative under the slogan “Partnership for a Promising Economic Future” in cooperation with the International Development Bank of Iraq, UAE Branch.
This announcement came as a continuation of the memorandum of understanding signed in June 2023 between the two parties to support and empower the private sector in the United Arab Emirates and the Republic of Iraq in various commercial and industrial fields, according to the Emirates News Agency, WAM.
Cooperation between the two parties contributes to supporting the private sector in the two countries. It also facilitates the work of Emirati companies operating in Iraq and Iraqi companies operating in the Emirates, and opens the door to more opportunities in the two markets for companies from both countries, which contributes to raising the value of bilateral trade exchange, which, according to the bank, currently amounts to More than $27 billion; Thus, the UAE will be Iraq's first trading partner.
The Union announced the organization of a special pavilion for the “Together for Partnerships” initiative at the 47th session of the Baghdad International Fair, which will be held from November 1 to 10, 2023.
Hamid Mohammed bin Salem, Secretary-General of the Federation of Emirates Chambers, said that the Federation’s participation in the “Together for Partnerships” pavilion in the 47th session of the Baghdad International Fair will include exhibits from a number of Emirati companies from various sectors, and that extensive discussions will take place on the sidelines of the work of this session, to discuss ways to encourage... Emirati investment in Iraqi free zones.
He added that participation in the next session of the Baghdad International Fair comes within the framework of the UAE private sector's constant keenness to participate in all economic activities organized there, given the importance of Iraqi markets for Emirati products of all types.
He pointed to the great potential of the Iraqi economy and the promising opportunities for companies, calling on Emirati companies and Emirati investors to explore these opportunities.
For his part, Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, stressed that the Federation of Emirates Chambers plays a pivotal role in promoting the growth of business and investments between the UAE and the outside world, and that the “Together for Partnerships” initiative pavilion in the next session of the Baghdad International Fair will be a pioneering platform for communication between... Companies, business owners and investors from the Emirates and their counterparts in the Republic of Iraq at the business and individual levels, and it will represent an opportunity to improve trade and economic relations between the two countries.
He added: "During the coming period, we will organize many joint economic events that serve the business sector and investors in the two countries."
He hinted that signing the memorandum of understanding with the Federation of Emirates Chambers will contribute to facilitating the work of Iraqi companies present in the UAE and Emirati companies operating in Iraq, and will also support those companies’ efforts to expand in the two markets.
Khalaf stated that the UAE is Iraq's first trading partner with a trade volume of $27 billion annually, and a growth rate ranging between 5 and 6 percent, which means that trade exchange with the UAE represents about 10 percent of Iraq's total international trade.
He pointed out that, within less than a year of its presence in the Emirates, the bank has managed about 8 percent of the volume of trade exchange between the two countries.
He pointed out that there are more than 4,000 Iraqi companies registered in the UAE, and a number of Emirati companies that own investments in the Iraqi market, pointing out that the volume of UAE investments in Iraq exceeds 25 billion dirhams, or more than 7 billion dollars, distributed among many sectors and sectors. Mainly the energy, infrastructure and housing sectors.
He explained that the bank supports Emirati companies operating in Iraq in their various activities, whether financing or managing payments, collection and transfer.
This announcement came during the launch and activation ceremony of the “Together” initiative, which was organized by the International Development Bank at its headquarters in Dubai, in the presence of engineer Farida Al Awadhi, President of the Emirates Businesswomen Council, and a number of representatives of companies operating in the country.
The initiative's logo was designed after the saying of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, about Iraq: “We are close to each other in distance and in heart. link
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