Sharjah hosts Emirates-Iraq Business Forum

Entitled 'Partners in Development', the forum was attended by a high profile delegation from Iraq, including H.E. Dr Rafi' Al-Issawi, Iraqi Deputy Prime Minister; the Iraqi Ministers of Industry and Electricity; Dr Sami Al-Araji, Chairman of the National Authority for Investment; Dr Ali Al-Dabbagh, Official Spokesman for the Iraqi Government; H.E. Eng. Qassim Mohammed, Governor of Al Anbar; and H.E. Hussein Sadiq, the Consul General of the Republic of Iraq in Dubai and the Northern Emirates.

Also in attendance were H.E. Sheikh Khaild bin Abdullah Al Qassimi, Chairman of the Sharjah Ports Authority; H.E. Abdullah Al Saleh, Director General of the UAE Ministry of Foreign Trade; H.E. Abdullah Ibrahim al-Shahi, the UAE Ambassador in Iraq; the Chairman and Board Members of the SCCI; the Chairman and Board Members of Crescent Petroleum and Dana Gas; and a number of senior officials representing local and government departments and private sector firms.

The primary purpose of the forum was to examine ways in which cooperation between the UAE and Iraq could be enhanced, particularly in light of the current open investment policy adopted by the Iraqi government to further strengthen Iraq's economic bases. The recently issued Investment Law was a new boost in the way to expand public private partnership to serve growth.

The forum serves an important strategic purpose, as the UAE is playing a vital role in the reconstruction process in Iraq, in addition to being the country's largest GCC trade partner. Total UAE investment in Iraq is expected to reach AED20 billion, injected into diverse economic sectors, including oil and gas, energy, petrochemicals, agriculture, logistics, housing, ports, hospitality and infrastructure.

Commenting on the occasion, H.E Dr Rafi' Al-Issawi, Iraq's Deputy Prime Minister, stressed the importance of participation in this event, saying:

"This forum represents an ideal platform for us to introduce existing investment opportunities in Iraq, and an occasion to conclude business agreements between businessmen from both countries, as Iraq is in need of huge investment following the recent improvement in security conditions in the country."

"Participation in this forum is part of the Iraqi Government's plan to introduce existing investment opportunities, which was launched at an economic forum held in London a few weeks ago. The plan will continue to be carried out at the Iraqi-Japanese forum scheduled to be held in September," he added.

H.E. Mr Ahmed Mohammed Al Midfa', Chairman of the SCCI, welcomed the Iraqi delegation and the attendees, saying: "It is my pleasure to welcome you on behalf of the Board Members of the Sharjah Chamber of Commerce and Industry to this forum, which is honoured by the generous patronage of H.H. Sheikh Dr Sultan bin Mohammed Al Qassimi, Member of the UAE Supreme Council and Ruler of Sharjah, and which shows His Highness's interest in supporting Iraqi efforts to face the challenges imposed by the previous period, and to execute an ambitious reconstruction program".

Al Midfa underlined the special ties and the growing partnership between the two countries and the potential to further improve this relationship by capitalizing on existing opportunities in Iraq, the UAE and the GCC. He highlighted the important role played by such forums in boosting economic ties between the UAE and Iraq and offering a networking opportunity for businessmen of both countries to further develop UAE-Iraq trade exchange and economic integrity.

"We look forward to establishing strategic partnerships with different business spectrums in Iraq to contribute to the reconstruction process. We are keen to support economic growth, security and welfare and Iraq, with partnership of the public and private sectors. We seek also to encourage Iraqi firms to utilize the huge investment opportunities available in Sharjah and the UAE, in general, and to create cooperation between businessmen from both countries", he said.

Mr Hamid Dhiya Jafar, Chairman of Dana Gas and Crescent Petroleum, praised the constructive communication between the UAE and Iraq, reiterating the commitment of Crescent Petroleum and Dana Gas to extending support to the Iraqi people during the current circumstances, saying: "This UAE-Iraqi Forum being held in Sharjah is a new and significant addition to the already strong ties between our peoples and nations".

Mr Jafar extended his heartfelt thanks and appreciation to SCCI for their efforts in organizing this forum and making it a success.

Representatives of SCCI took members of Iraqi delegation on a familiarization tour to the permanent exhibition of Sharjah's national products, housed in the SCCI's headquarters. On the tour, members of the delegation saw samples of some of the emirate's best national products, and praised the quality of these products and their ability to compete in local and regional markets.