Dubai [UAE], May 3 (ANI/WAM): The Federation of UAE Chambers of Commerce and Industry, in cooperation with the Federation of Iraqi Chambers of Commerce, organised the Second Emirati-Iraqi Business Forum yesterday in Dubai. This took place on the sidelines of the Iraqi trade delegation's visit to the UAE from May 1st to 2nd.

The forum witnessed the participation of more than 170 companies from major institutions and corporations in both countries. Over 250 bilateral business meetings were held between representatives of various sectors, most notably real estate, contracting, tourism, hospitality, energy, renewable energy, logistics services, healthcare, and artificial intelligence, in addition to bilateral meetings between the chambers of commerce.

Abdullah Sultan Al Owais, Vice Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of the Sharjah Chamber of Commerce and Industry, affirmed the keenness of the chambers of commerce and private sector representatives to support and enhance trade and investment cooperation between the UAE and the Republic of Iraq. He pointed out the importance of the 'Together for Partnerships' initiative, launched in cooperation between the Federation of UAE Chambers and the International Development Bank - Dubai Branch, which aims to be a link and a bridge for investors and business owners between the two brotherly countries.

During the opening session, Dr. Mudhaffar Mustafa Al-Jubouri, the Ambassador of the Republic of Iraq to the UAE, praised the depth of the brotherly and cooperative relations between Iraq and the UAE. He emphasised the importance of strengthening economic partnership and expanding the horizons of cooperation in various fields, in a way that achieves sustainable development and economic prosperity for both countries.

Al-Jubouri commended the advanced economic environment enjoyed by the UAE and the investment opportunities it offers that can support the development process in Iraq. He stressed that the economic integration between the two countries is based on a comprehensive strategic partnership that relies on empowering the private sector and creating a stimulating legislative and regulatory environment, without direct intervention in commercial operations.

He reviewed the development of economic relations, noting that the volume of trade exchange between the two countries increased from $28.3 billion in 2023 to $39.3 billion in 2024, achieving a growth rate of 38.6 per cent.

He also highlighted the signed bilateral agreements, such as the Avoidance of Double Taxation Agreement of 2017 and the agreement to promote and protect mutual investments in 2021, in addition to the preliminary agreement signed in 2024 between the General Company for Ports of Iraq and Abu Dhabi Ports Group to establish a joint venture for the development of Al-Faw Grand Port. (ANI/WAM)