Salalah: The Omani-Iraqi Business Forum took place on Thursday at the Sultan Qaboos Youth Compound for Culture and Entertainment in Salalah, where participants explored methods to strengthen economic collaboration and trade relations between the two nations across multiple sectors. The event was graced by Mohammed Shia' Al Sudani, the Prime Minister of the Republic of Iraq, during his official visit to the Sultanate of Oman.
In his speech, the Iraqi Prime Minister remarked that the agreements and memoranda of understanding established by both countries in various sectors will serve as a framework for government entities to execute the agreed initiatives, capitalize on existing opportunities, initiate joint ventures, and transform the exceptional and historically deep-rooted ties between the two countries into contributions towards sustainable development that benefits both populations.
He further noted that the current level of trade exchange between Oman and Iraq falls short of the desired aspirations and strategies, urging the private sectors in both nations to seize the available and promising investment opportunities. He stressed that Iraq is prepared to provide preferential benefits to Omani entrepreneurs and companies interested in investing in Iraq.
In response, Qais bin Mohammed Al Yousef, the Minister of Commerce, Industry and Investment Promotion, expressed his optimism that this forum would inspire greater ambitions in enhancing collaborative efforts and advancing integration towards broader horizons. He stated that the goal is to cultivate a competitive economy that engages with global markets, adapts to changes, and contributes to the sustainability of the national economy.
He also emphasized the commitment of both governments to offer all necessary support, incentives, and resources that would enable the private sector to play a significant role in achieving prosperity and sustainable growth.
In his address, he highlighted that this event represents a significant opportunity for the private sector to fulfill its intended role, underscoring the necessity of converting agreed items into an actionable program that is rigorously and consistently monitored.
He also emphasized the importance of prioritizing the private sector and elevating Omani-Iraqi relations to a more advanced level in the near future, in line with the aspirations and directives of the leaderships of both nations.
Meanwhile, Dr. Atheer Dawood Salman, the Iraqi Minister of Trade, remarked that trade relations between the two nations have experienced remarkable progress over the last two years. By the end of 2024, the trade volume reached around $779 million, an increase from $601 million in 2023, marking a growth rate of 30%. He attributed this growth to the rise in Iraqi exports of naphtha oils and liquefied petroleum gases to Oman, as well as the increase in Omani exports to Iraq in sectors such as dairy, fish, polyethylene, electrical cables, and more.
He noted that numerous joint initiatives are underway between the two parties, including the establishment of a regional center for Iraqi dates in Oman, the exchange of agricultural expertise in smart farming, low-salinity water, and protected agriculture, the creation of joint fish farming projects utilizing the latest technologies, and the development of integrated export packages that combine Iraqi and Omani products.
He asserted that these initiatives will pave the way for new avenues of cooperation and will aid in enhancing economic integration while broadening the reach of Iraqi and Omani products in both regional and international markets.
On his part, Faisal bin Abdullah Al Rowas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, noted that the trade volume between the two countries has shown significant growth in recent years, reflecting the strength of expanding economic cooperation and the depth of existing trade partnerships.
The economic relations, he stated, possess significant potential and opportunities for growth and prosperity, founded on complementarity and mutual intent. They facilitate market diversification and offer qualitative prospects across various sectors, such as industry, food security, tourism, energy, and logistics. He emphasized that the private sector has the capability to transform these opportunities into concrete investment projects.
Abdulrazzaq Al Zuhairi, President of the Federation of Iraqi Chambers of Commerce, emphasized the significance of this forum in bolstering economic and investment collaboration, especially between the private sectors of both nations. He pointed out the promising competitive advantages and investment elements that Oman and Iraq possess across different sectors, along with the support and incentives available to investors.
He remarked that both countries have a strategic location that aids in the distribution of Omani and Iraqi goods and products to various neighboring markets.
The meeting featured a visual presentation on the Trade Franchise Programme, one of the initiatives by the Oman Chamber of Commerce and Industry, aimed at improving the business environment and providing a developmental model that supports entrepreneurs and national brands in their growth and sustainability.
Additionally, during the meeting, a visual presentation on "Invest Oman" was presented, showcasing the investment opportunities, benefits, incentives, and support offered by Oman to investors.
During the forum, bilateral discussions took place between business owners from Oman and Iraq, focusing on strategies to improve trade and investment collaboration, gaining insights into the operational procedures and business climate in both nations, and investigating the potential for creating joint investment initiatives.
The event featured the participation of Eng. Said bin Hamoud Al Maawali, the Minister of Transport, Communications and Information Technology (Head of the Mission of Honour), Eng. Hayan Abdulghani Al Sawad, the Deputy Prime Minister and Minister of Oil, along with several officials from both countries.
