Qatar and Iraq have taken a significant step towards enhancing their economic relations by forming a joint business council aimed at expanding trade and investment between the two nations. The agreement was formalized during a meeting hosted by Qatar Chamber, where an Iraqi business delegation, led by Amer Khalaf Alawi, President of the Federation of Iraqi Chambers of Commerce, engaged with Qatari business leaders.
The discussions revolved around identifying and exploring approximately 60 investment opportunities in Iraq, particularly linked to the ambitious Development Road project. This project, with an estimated value of $250 billion, offers substantial potential across various sectors, including transport and logistics, manufacturing, energy and utilities, mining, oil and gas, agriculture, information technology, real estate, and tourism.
The establishment of the Qatar-Iraq Joint Business Council is a result of a Memorandum of Understanding signed between Qatar Chamber and the Federation of Iraqi Chambers of Commerce. This council is set to act as a platform for fostering communication between companies and entrepreneurs from both countries, supporting joint investment projects, and promoting cooperation among small and medium-sized enterprises.
Both nations expressed optimism about the prospects for increased private-sector partnerships and trade, highlighting the variety of sectors ripe for investment. The council’s creation is expected to encourage businesses to actively pursue these opportunities, thereby strengthening the economic ties between Qatar and Iraq.