First Deputy Speaker of the Iraqi Parliament Mr. Muhsin Al-Mandalawi Receives members of IBC Delegation at his Residence (Amman Fairmont Hotel)

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During his visit to the Hashemite Kingdom of Jordan, the First Deputy Speaker of the Iraqi Parliament, Mr. Muhsin Al-Mandalawi, received on Monday March 20th 2023 at his place of residence in Amman Fairmont Hotel members of the delegation of the Iraqi Business Council in the presence of the Iraqi Charge d’Affaires, Mr. Muneef Ali Hussein.  During the meeting, the Deputy Speaker welcomed IBC members and expressed his thanks and appreciation for organizing the meeting.  Mr. Al-Mandalawi also affirmed the availability of major four investment opportunities for strategic projects in Iraq that will be announced soon, expressing his keenness in resolving obstacles facing investment and providing facilities for companies investing in Iraq.  For his part, IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, discussed the issue of renewal of Iraqi passports in the Iraqi Embassy in Jordan, which requires possession of renewed formal documentation, such as the Civil Status Identification Card and the Iraqi Nationality Certificate, that may not be available sometimes due to difficulties involved in traveling to Iraq for members of the Iraqi community, and the need to send a delegation from the Iraqi Interior Ministry to the Kingdom to issue the Unified Identification Cards  to members of the Iraqi community, as recently announced by the Iraqi Embassy in Jordan.  For his part, the Iraqi Charge d’Affairs, Mr. Muneef Ali Hussein, announced that recommendations have been submitted to the Iraqi Interior Minister on issuing the Unified Identification Cards through the Iraqi Embassy in Jordan, which have now been referred to the Technical Support Department at the Ministry to be issued in Amman after providing the required fingerprint devices.  IBC members and IBC Deputy Chairman also discussed issues relating to a number of important projects in Iraq and the importance of having preference for local companies that enjoy high professionalism to implement these projects.  At the end of the meeting, the two sides exchanged thanks on organising the meeting which was attended by IBC members; Engineer Turkey Al-Qaissi, Dr. Bashar Abdul Rahman, Mr. Muhammad Shanshal, Mr. Muhammad Turkey Al-Qaissi, Mr. Osama Al-Safi, Mr. Ibrahim Al-Safi and IBC Director General.

Delegation of the Iraqi Ahli Bank & Capital Bank Group Meet with IBC Members

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A delegation of the Iraqi Ahli Bank and Capital Bank Group; including the Managing Director, Mr. Ayman Abu Deheem, Executive Vice President, Mr. Nadeem Abwat, Head of Private Banking Services & Wealth Management, Mrs. Reema Shaban, Head of Private Investments, Mr. Raad Hijazin and Portfolio Manager of the Asset Management Department, Mr. Raed Al-Moumeny met on Sunday February 26th 2023 at IBC head offices with IBC Deputy Chairman and Secretary General, Dr. Saad Naji and IBC members; Mr. Ahmed Al-Amili, Dr. Faris Al-Safi, Mr. Abdul Rahman Abu Tair, Mrs. Niran Al-Hakim, Mr. Dargham Al-Boulani, representatives of IBC member companies and IBC Director General.

Dr. Saad Naji welcomed the guests and gave a brief overview of the Iraqi Business Council and its role in strengthening economic cooperation. Further, IBC members presented an overview on their companies and sectors. For his part, the Executive Vice President, Mr. Nadeem Abwat, expressed keenness of the Capital Bank Group and the Iraqi Ahli Bank to provide banking services and facilities to IBC members, reviewing the Group’s achievements such as increasing the customer base, capital and number of branches, totalling to 24 branches, with the 11 branches under construction. The Iraqi Ahli Bank, where Capital Bank Group owns a share of 62%, obtained a licence to open a branch in the Kingdom of Saudi Arabia. During the meeting, Mr. Saad Naji and IBC members discussed a number of obstacles facing the financial sector in Iraq including; procedures of financial remittances for sold residential and commercial properties issued from Iraq to Jordan, delayed receipt of financial remittances by beneficiaries issued by the platform of the Iraqi Central Bank according to the resolutions of the Iraqi Prime Ministry recently applied. The Managing Director, Mr. Ayman Abu Duhaim, expressed readiness of the Iraqi Ahli Bank to facilitate procedures of remittances issued to beneficiaries outside Iraq, opening of letters of credit and letters of guarantee. Mr. Abu Duhaim also expressed readiness of Capital Bank Group to open accounts for Iraqi companies and branches of foreign companies in Jordan Capital Bank. During the meeting, the members proposed facilitating credits (Back to Back L/C), facilitating Letters of Credit to obtain financial facilities in order to speed the process of remittances. Representatives of Capital Investments Company, the investment arm of the Capital Bank Group, talked about the Company’s services in managing the assets, financial brokerage and advisory for companies, in addition to the Company’s readiness to provide innovative financial solutions for all investment activities. At the end of the meeting, the two sides exchanged thanks for organizing the meeting.

 

IBC Participates in the Activities of The Joint Jordanian – Iraqi Business Forum

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Press release on the participation of the Iraqi Business Council in the launching of the activities of joint Jordanian – Iraqi Business Forum under the title “Partnership for Investment”, which was launched on Wednesday February 8th 2023 in the capital Baghdad in the presence and participation of Jordan Minister of Industry, Trade & Supply, Mr. Yousif Al-Shaamali, and the Iraqi Minister of Industry & Minerals, Dr. Khalid Bettal. IBC Chairman and members participated in the activities of the Forum in the presence of members of the Iraqi Parliament, Presidents and representatives of the Chambers of Trade and Industry of the two countries, a large crowd of businessmen and investors, IBC CEO and staff.

The Forum was chaired by IBC Chairman, Dr. Majid Al-Sadi, where he discussed with the Jordanian and Iraqi Presidents of the Chambers of Commerce and Industry and Business Councils in Jordan and Iraq issues on the role of the private sector to boost trade relations between Iraq and Jordan. The Forum also included bilateral meetings among businessmen, followed by dinner banquet, during which IBC Chairman presented the Ministers, the Iraqi and Jordanian Heads of the Chambers of Commerce and Industry and Presidents of the Business Councils with the “Shields of Economic Excellence” on behalf of the Iraqi Business Council.

 

– التلفزيون الأردني.
– مدار الساعة الإخبارية.
– وزارة الصناعة والمعادن العراقية.
– وكالة الأنباء العراقية.

Meeting with the Special Coordinating Committee to Follow-Up The Implementation of the Results of the Visit of the Parliamentary Delegation to Baghdad

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News release on the meeting held on Monday February 6th, 2023, at the headquarters of the Jordanian Parliament, which was published in a number of official dailies and electronic news websites.

The meeting was attended of IBC Chairman, Dr. Majid Al-Sadi, IBC Deputy Chairman and Secretary-General, Dr. Saad Naji, IBC Board members; Mr. Mekki Al-Faiz, Dr. Osama Al-Quraishi, IBC CEO, Speaker of the Jordanian Parliament, Mr. Ahmed Al-Safadi and Head of the Coordinating Committee, Representative Dr. Kheir Abu Saelik.

 

– وكالة بترا الاردنية للأنباء
– انباء الوطن
– هوا الاردن الاخبارية

Signing of a Memorandum of Understanding Between The Iraqi Business Council & Amman Chamber of Commerce

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The press release on the signing of a Memorandum of Understanding between IBC and Amman Chamber of Commerce, which took place on Thursday February 2nd 2023 in the offices of Amman Chamber of Commerce / Shmesani, was published in a number of official daily newspapers, news and electronic websites. The signing ceremony was attended by IBC Chairman, Dr. Majid Al-Sadi, IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, IBC Deputy Chairman, Mr. Nazar Awji, IBC Board member, Mr. Mekki Al-Faiz, representative of IBC Board member, Mr. Khalil Al-Bunniya, and IBC members; Mr. Faris Al-Safi, Mr. Muhammad Shanshal, Mr. Abdul Rahman Abu Teir and IBC CEO.

On Amman Chamber of Commerce part, the ceremony was attended by the Chamber’s President, Mr. Khalil Al-Haj Tawfiq, Vice-Presidents and Board members. The ceremony was also attended by Iraqi and Jordanian media platforms. The MOU aims at enhancing means of cooperation and organizing joint activities with Amman Chamber of Commerce to serve and expand the horizons between the Jordanian and Iraqi business communities. Also, IBC was awarded the Chamber’s Shield of Honor by Amman Chamber of Commerce.

– جريدة الغد.

– صحيفة عمون.

– وكالة بترا للأنباء.

مجلس الاعمال العراقي | مظلة الاستثمار والشركات العراقية في الاردن

Economic article entitled “Are regional supply chains overtaking global ones?”

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Economic article entitled “Are regional supply chains overtaking global ones?”

By: Dr. Saad Mohsen Naji

 

 

The idea of establishing the Iraqi Business Council is based on the common desire generated by a number of elites. Those who are Iraqi investors and businessmen on the territory of the Hashemite Kingdom of Jordan unanimous in the importance of creating economic reference for them, as well as for those who wish to join them in order to maximize Iraq’s investment in Jordan, as well as to contribute actively to Iraq’s construction and reconstruction.

The idea of establishing the Iraqi Business Council was well-founded and blessed by the Government of the Hashemite Kingdom of Jordan. Accordingly, the approval of the competent Jordanian authorities was commended for launching the Iraqi Business Council in Jordan.

The one who carried out the mission of founding is an elite of Iraqi businessmen of recognized competence and abilities. and since the Council’s inception in late 2006, members have worked towards efforts to support Iraqi investments in Jordan. as well as coordination and cooperation with official entities, to find solutions and proposals to overcome obstacles and constraints facing investors s economic, investment and trade cooperation between Jordan and Iraq.

مجلس الاعمال العراقي | مظلة الاستثمار والشركات العراقية في الاردن

Analytical Economic Essay by IBC Deputy Chairman & Secretary General, Dr. Saad Naji

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In its issue of December 22nd 2022, Al-Ghad Newspaper published an analytical economic essay by IBC Deputy Chairman & Secretary General, Dr. Saad Naji, entitled “Will Regional Supply Chains Replace Global Supply Chains?”. In this essay, Dr. Saad Naji addressed the possibility of the Regional Supply Chains replacing the Global Supply Chains, and the need to make structural changes to the Supply Chains based on the consumers’ needs, who have become a more influential engine in the Manufacturing Value Chain, and the development of new technologies with the increase of robots to replace the low-cost skilled labor that make the Regional Value Chains more attractive.

Due to the importance of this economic essay, we are enclosing the full article on the link below, for your consideration.

 

-Analytical Economic Essay.

مجلس الاعمال العراقي | مظلة الاستثمار والشركات العراقية في الاردن

Economic Events: IBC Members meet with the Mission of the International Monetary Fund (IMF) to Iraq

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On Monday November 28th 2022 a meeting was held with the mission International Monetary Fund to Iraq at the offices of the Iraqi Business Council.

The mission was headed by the President of the mission, Mr. Tokhir Merzoev, in the presence of the non-resident mission Representative to Iraq, Dr. Ghazi Shbekat, and members of the mission; Mr. Roberto Perly, Mr. Leng Lu, Mr. Muhib Malik, Mr. Ali Abbas and Ms. Ghadeer Nofel. On IBC part, the meeting was attended by IBC Deputy Chairman & Secretary-General, Dr. Saad Naji, IBC Board member, Mr. Mekki Al-Faiz, and IBC members; Dr. Bashar Abdul Rahman, Mr. Abdul Rahman Thabit Al-Ani, Mr. Muhammad Shanshal, Mr. Ghaith Al-Rawi, IBC Advisor for International Organizations, Mr. Humam Miskoni and Mr. Hamza Al-Safi.

During the meeting, several topics were discussed on the local economic developments and expectations in Iraq, developing the private sector and the challenges the private sector faces and the business environment, noting that IMF mission to Iraq considers IBC an advisory and reference body when IMF issues its annual reviews on the economic situation in Iraq.

 

The idea of establishing the Iraqi Business Council is based on the common desire generated by a number of elites. Those who are Iraqi investors and businessmen on the territory of the Hashemite Kingdom of Jordan unanimous in the importance of creating economic reference for them, as well as for those who wish to join them in order to maximize Iraq’s investment in Jordan, as well as to contribute actively to Iraq’s construction and reconstruction.

The idea of establishing the Iraqi Business Council was well-founded and blessed by the Government of the Hashemite Kingdom of Jordan. Accordingly, the approval of the competent Jordanian authorities was commended for launching the Iraqi Business Council in Jordan.

 

 

 

مجلس الاعمال العراقي | مظلة الاستثمار والشركات العراقية في الاردن

IBC Joins the Arab Businessmen Federation as Active Member

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The Iraqi Businessmen Council has joined the Arab Businessmen Federation as an active member with the aim of strengthening cooperation relations between the two sides and enhancing mutual relations in a way that serves and expands the horizons of economic relations among the Arab business communities.

The Chairman of the Arab Businessmen Federation, Mr. Hamdi Al-Tabbaa, expressed his pleasure at IBC joining the Federation, stressing the significance of Iraqi investments on the Arab level, pointing out the efforts of the Federation to strengthen the Arab economic and investment relations and promote the advantages, incentives and investment opportunities that various promising sectors of the Arab world enjoys.

For his part, IBC Deputy Chairman and Secretary-General, Dr. Saad Naji, pointed out that IBC becoming a member in the Federation will contribute to joint cooperation and exchange of know-how in all economic fields, pointing out the role of IBC in developing Iraqi investments in all economic fields.

Dr. Saad Naji also elaborated that the Iraqi private sector is interested in expanding its investments in the Arab world, especially with the presence of several opportunities on the trade and investment levels, which can be exploited to develop joint Arab relations.

During the Federation general meeting, which was held on Thursday November 17th 2022, the Iraqi Business Council was approved to join the Federation as an active member.

 

مجلس الاعمال العراقي | مظلة الاستثمار والشركات العراقية في الاردن

IBC Deputy Chairman & Secretary-General & IBC Members Participate in the Forum Held under the Title “Developing the Business Environment in Iraq”

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At the invitation extended by the American Embassy Commercial Attaché in Baghdad, IBC Deputy Chairman & Secretary General, Dr. Saad Naji, IBC Board member, Mr. Ali Shamara and IBC members; Mr. Abdul Rahman Thabit Al-Ani, Mr. Ahmad Al-Amili, Mr. Aqeel Al-Hadi and Mr. Dargham Al-Bolani participated in the Forum held by the American Embassy Commercial Attaché on Thursday November 17th 2022 under the title “Developing the Business Environment in Iraq” via video technology.

During the meeting, the global ASYCUDA system, which will be adopted by the Iraqi General Customs Authority to automate its procedures, in cooperation with the United Nations Conference for Trade & Development (UNCTAD), was reviewed.

One of the officials elaborated on this project and its positive effect on developing and regulating economy and maximizing the revenues of the state treasury, achieving qualitative leap in the use of information and communications technology, in addition to facilitating trade and global supply chains of imports and exports.

This program will also contribute to achieving financial sustainability and economy diversity in accordance with the principles of integrity, transparency and anti-corruption with the participation of a large number of Federations of Chambers of Commerce & Industry and a number of ministries in Iraq.

 

The idea of establishing the Iraqi Business Council is based on the common desire generated by a number of elites. Those who are Iraqi investors and businessmen on the territory of the Hashemite Kingdom of Jordan unanimous in the importance of creating economic reference for them, as well as for those who wish to join them in order to maximize Iraq’s investment in Jordan, as well as to contribute actively to Iraq’s construction and reconstruction.