Ministry of Economy Titled Emirati-Iraqi Team to be Formed to Facilitate Bilateral Investments & Address Challenges

H.E. Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economic situation, reviewed the should reinforce joint efforts to elevate the level of economic, trade and financial investment collaboration between their two brotherly countries with H.E. Mohamed Shi'a Al-Sudani, Minister of Industry and Minerals of the Republic of Iraq, throughout a conference held recently in Abu Dhabi.

The two celebrations accepted develop a joint functioning team or technical board to improve investment participation and to recognize associated concerns in vital sectors of the Republic of Iraq as it undertakes repair. The proposed group will certainly help with the essential procedures and address the challenges that may be dealt with by UAE business and investors desiring to enter the Iraqi market. The development of a joint businessmen council for advertising teamwork in between the business neighborhoods of both nations was agreed upon as well.

The meeting was attended by H.E. Abdullah Al Saleh, the UAE Ministry of Economy's Undersecretary for Foreign Trade and Industry; H.E. Mohammed Thani Murshid Al-Rumaithi, Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of the Abu Dhabi Chamber of Business and Industry; and H.E. Juma Al Kait, Assistant Undersecretary for Foreign Trade Affairs at the UAE Ministry of Economic climate. Other officials from the Ministry of Economy and the Abu Dhabi Chamber of Business and Industry in addition to members of the Iraqi delegation existed too.

H.E. Engr. Al Mansoori emphasized the UAE's commitment to improving collaboration with the Republic of Iraq in all fields, especially those involving economic, investment and business cooperation. He additionally noted the nation's need to elevate the level of trade exchange taking into account the possibilities and possibilities available in both their nations.

H.E. pointed the dependence on the economic sector to press onward bilateral connections through investments and joint projects, noting that the UAE's private sector makes up a number of significant business involved in numerous extremely efficient financial investment and service sectors. He added that the UAE has actually accumulated the essential competence and capabilities in order to help quicken the growth and restoration of the Republic of Iraq.

The Minister further described possible and very appealing participating chances in the area of little- and tool- sized enterprises (SMEs), keeping in mind that enhancing collaboration in this field can be achieved via the signing of a memorandum of understanding. He explained that the UAE has made terrific achievements in widening the duty of this sector and sustaining business owners.

Furthermore, H.E. Engr. Al Mansoori highlighted opportunities and possibilities for bilateral collaboration in the field of innovation, keeping in mind that the UAE has actually introduced a National Innovation Strategy which aims making the UAE amongst one of the most innovative countries on the planet by 2021.

For his part, H.E. Al-Sudani stressed the enthusiasm of the Republic of Iraq to boost its economic, financial investment and trade teamwork with the UAE and to enhance the quantity of their trade exchange due to the mutually beneficial possibilities and opportunities their countries provide.

H.E. Al-Sudani explained that in the middle of its phase of economic recuperation and repair, Iraq will be depending heavily on the UAE, its private sector and capitalists, specifically in regards to taking advantage of their proficiency, potentials and abilities, He emphasized that UAE investors are extremely welcome in Iraq and will be offered high priority.

H.E. the Iraqi Minister further expressed the desire of Iraqi companies to take advantage of the helpful trade setting of the UAE to re-export their products with the country, offered its comprehensive experience and capacities hereof.