Jordan and Iraq Cooperate on Investment

The Jordan Investment Board (JIB) is working in cooperation with the Iraqi Business Council to organize a conference to promote investment in Basra, in southern Iraq.  The conference will tentatively take place in Amman on February 16-17, bringing together up to 250 investors to highlight opportunities in a variety of sectors, including energy.

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The head of the Iraqi Business Council in Jordan, Majid Saadi, spoke with the Petra news agency at the sidelines of the ceremony where he signed the cooperation agreement with Acting CEO of the JIB, Dr. Awni Al-Rshoud.  He indicated that, in return for Jordanian assistance bringing investors to Iraq, Iraq is also working to bring investors to Jordan to support high added value projects that create job opportunities for Jordanian.

He added that Iraqi investment companies are actively exploring opportunities in the Kingdom, with a focus on long-term projects.  Saadi noted the high return on investment projects in Jordan, and pointed to the success of the Investment Promotion Law 2012, which has brought an additional $1.6 billion to the Kingdom.

Saadi also emphasized the common geography and brotherhood between the people of Jordan and Iraq, which foster a desire for economic and business cooperation.

Jordan and Iraq have been working recently to develop closer economic ties.  Iraq provides oil to Jordan, while Jordan ships over one-fifth of its total industrial production to Iraq.  Iraq has also served as an important export route for Jordan in light of the ongoing violence in Syria.

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