New Starting Point for Investment and Trade Between UAE and Iraq

The visit that Her Excellency UAE minister of foreign trade Shekha Lubna Bint Khalid made to Kurdistan Iraq region late last week heading an investment and trade delegation gave a new push to strategic investment and trade cooperation between Iraq and UAE.

This visit represented a new starting point in economic relations between the two brotherly countries. Over 40 members of the UAE investment and trade delegation representing various economic sectors said that this visit indicated a new turn in economic relations between UAE and Iraq including the Kurdistan region. ‘There is Iraqi desire to benefit from UAE experience in the fields of economic and administrative reform and also from the potential of UAE companies to invest in the region and their readiness to provide the necessary services to boost economic development in the two brotherly countries’ delegates said.

The UAE minister of foreign trade pointed out that the UAE has an honest desire to upgrade bilateral relations between Iraq and UAE to better levels through exploring investment opportunities in Iraq including Kurdistan.UAE exports to Iraq reached 4.421 billion US dollars last year.

Obed Saed Aldahiry who works as vice executive president of an Abu Dhabi company for polymers said that the visit of the investment and economic delegation to the Kurdistan region was important so that his company could explore investment opportunities in Iraq and increase the production capacity of the company and boost the economic growth of Abu Dhabi and UAE.

Ahmed Rashid  Alerbeed executive manager of the Dana gas company said that the visit of Her Excellency Shekha Lubna to the Kurdistan Iraq region came at the right time to boost the economic cooperation with Iraq and increase the UAE exports to the Iraqi market.

The visit included extensive meetings with the president of Kurdistan region Barazani and prime minister of the region Barham Salih in addition to meetings with Iraqi businessmen.

The visit also included field tours to some UAE investment sites in addition to visiting some of the economic and tourism sites in Kurdistan Iraq region.

The commercial ties between Iraq and UAE have developed extensively during the last year. It increased 63 percent from 3.79 billion US dollars in 2008 to 5.19 billion US dollars in 2009. Iraq is now the eleventh largest commercial partner for UAE globally and the second largest in the Arab world.

UAE exports to Iraqi markets increased during the year of 2009 by 41 percent on 2008 to reach 4.241 billion US dollars. The volume if Iraqi exports to UAE markets reached 778 million US dollars.

( Iraq Directory )

Comments are closed.