Kuwait describes Iraq as “a big market”

Posted: January 20, 2014 

We look forward to be a trade and investment cooperation between Iraq and Kuwait very important strategic goal for both sides, and this in turn imposes on the business community in both countries

Baghdad / follow-up the obelisk: counting, first deputy chairman of the Chamber of Commerce and Industry of Kuwait Khaled Falcon, Iraq “a big market for Kuwait” since the start of trade relations, and because of the geographical proximity and the potential and the enormous wealth possessed by Iraq.

Sages said in a press statement on the sidelines of a meeting with an Iraqi delegation headed by Chairman of the Federation of Chambers of Commerce Iraqi Jaafar al-Hamdani, at the headquarters of the room, he was “looking forward to be a trade and investment cooperation between Iraq and Kuwait, a strategic goal of great importance to both parties, and this imposes a turn on the business community in both countries efforts intensive to deepen understanding, and absorbing the dictates of common interests. “

And the Falcon that the relations between the two countries have seen over the past years significant developments most important visit Amir His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to Baghdad in March 2012 for the first time in 22 years, to participate in the activities of the Arab League summit, followed by the visit of Sheikh Jaber Al-Mubarak Chairman of the Board Minister to Baghdad in June 2012, which culminated in the signing of six agreements in the fields of diplomacy in transportation, education, culture and the economy.

He Falcon to be representatives of the Chamber of Commerce and Industry of Kuwait had were honored to meet with Iraqi Prime Minister Nuri al-Maliki on two occasions, the first was in this place in June of 2006, and the second in the month of March 2012, reflecting such visits the attention of senior leadership with our two open new horizons in mutual relations in various levels, especially the economic front room being represented by a representative of the private sector, the initiative requires us to find investment opportunities and business partnerships and work with a distinctive economic feasibility.

He said Falcon “follow admired footsteps of brothers in Iraq and their successes in rebuilding Iraq and lay solid foundations for the economic structure, sophisticated, and there is a remarkable development in the economic and trade relations between the two countries since landing the first aircraft to Iraqi Airways in February 2013 for the first time since more than 22 years, and introduce direct flights between the two countries, it will open up avenues for the development of fast relations between the two countries in various fields of economic, scientific, tourism and other areas and fields. “

He stressed Falcon that “the Iraqi delegation beginning a close eye on the efficiency of the private sector Kuwaiti his skills and abilities and financial investment, and the gravity of the banking system in Kuwait, and the judicial system is fair, and the great advances in the degree of economic openness and development projects, oil, technical and industrial plan to be completed, and from this point of view We open our arms as representatives of the Kuwaiti private sector to our brothers in Iraq, regardless of the location of the meeting in Kuwait or in Iraq for serious cooperation. “

On the property of Kuwaitis in Iraq, the President of the Federation of Iraqi Chambers of Commerce Jaafar al-Hamdani, said that “the Iraqi cabinet raise referring ban for failure to act in estates and Kuwaiti territory, with the possibility of reciprocity, to restore the decision of the Council of Ministers eligibility acted property owners by what they see, and the resolution gives freedom Kuwaiti citizen entitlement of ownership and investment in Iraq. “

He said al-Hamdani said that “the volume of investments in Kuwait are not very big, considering that Kuwaiti companies are still reluctant to enter the Iraqi market investment,” hoping from this meeting that there will be “some encouraging Kuwaiti investments pay to invest in Iraq.”

He said al-Hamdani, that “there is an exchange large trade between the two markets of Iraq and Kuwait, where entering through the border port of more than 400 trucks a day, supplying goods through Kuwaiti territory or through the Mina al-Ahmadi, so we believe that what has been achieved during the past years, the three major achievement through exchange commercial, and we wish to develop this area of trade to the biggest expansions in the coming period. “

He said al-Hamdani, the volume of bilateral trade amounted to 2.5 billion dollars until the end of 2013, that develops the figure in the coming period is greater, compared to what you are doing Iraq from exporting more than 500 thousand barrels of oil, and we look forward to get to 5 million barrels per day, as that Iraq’s budget amounting to 140 billion dollars.

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