UAE and Iraq Strengthen Economic Ties: Strategic Partnership and Investment Plans Unveiled
During a significant meeting at the headquarters of Iraq's International Development Bank (IDB) in Dubai, UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, underscored the United Arab Emirates' dedication to deepening its strategic partnership with Iraq. The focus is primarily on enhancing trade and investment cooperation across various sectors, aiming to benefit both nations economically and socially.
Expanding Economic Connections
Al Zeyoudi highlighted the positive impact of the UAE and Iraq's commitment to strengthening their economic ties, emphasizing mutual investment flows and non-oil commerce. Discussions during the visit centered on areas of mutual interest, the pivotal role of the IDB in fostering trade and investment relations between the two countries, and exploring potential avenues for cooperation. These efforts are directed towards increasing the potential for successful partnerships among the business communities in both nations and advancing trade and investment in key sectors.
Role of the International Development Bank
Al Zeyoudi was briefed on the IDB's ambitious plans and the remarkable achievements of its Dubai branch within just 18 months of its establishment. The branch has notably managed about 10 percent of the total trade exchange between the UAE and Iraq, which exceeds $27 billion annually. This accomplishment not only showcases the growing economic ties between the two countries but also highlights the IDB's crucial role as a catalyst in enhancing these relations and connecting both markets effectively.
Future Prospects and Economic Impact
The ongoing efforts to bolster UAE-Iraq economic relations through strategic partnerships and investment cooperation promise to open new avenues for business communities and the private sector in both countries. By focusing on non-oil commerce and mutual investments, the UAE and Iraq are setting a precedent for how countries in the region can work together to achieve mutual economic growth and prosperity. The IDB's successful management of a significant portion of trade transactions between the two nations further underpins the potential for continued economic collaboration and the strengthening of ties in the years to come.
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