Omani-Iraqi Business Forum explores enhancing cooperation

The Omani-Iraqi Business Forum, held in Salalah at the Sultan Qaboos Youth Centre for Culture and Entertainment, discussed ways to enhance economic cooperation and trade partnerships between the two countries across various fields. The meeting was attended by Mohammed Shia' Al Sudani, Prime Minister of the Republic of Iraq, as part of his official visit to the Sultanate of Oman.

In his address, the Prime Minister of Iraq said that the agreements and memoranda of understanding signed by the two countries in various fields will chart a roadmap for government institutions to implement the agreed-upon items, leverage available opportunities, establish joint projects, and translate the distinguished and historically rooted relations between the two nations into contributions toward sustainable development that benefits both peoples.

Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said he hoped that the forum would lead to greater ambition in developing joint work and driving integration toward broader horizons. The aim, he added, is to build a competitive economy that interacts with global economies, integrates with them, keeps pace with changes, and contributes to the sustainability of the national economy.

Dr Atheer Dawood Salman, Iraqi Minister of Trade, said that trade between the two countries has seen notable development over the past two years. The trade volume reached approximately $779 million by the end of 2024, compared to $601 million in 2023, recording a growth rate of 30%. This, he said, can be attributed to increased Iraqi exports of naphtha oils and liquefied petroleum gases to Oman, alongside growing Omani exports to Iraq in areas such as dairy, fish, polyethylene, and electrical cables.

Faisal bin Abdullah Al Rowas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, said that economic relations between Oman and Iraq hold great potential and opportunities for growth and prosperity, being based on complementarity and shared will. Both countries support market diversification and provide qualitative opportunities in multiple sectors, including industry, food security, tourism, energy, and logistics. He affirmed that the private sector is capable of turning these opportunities into tangible investment projects.

Abdulrazzaq Al Zuhairi, President of the Federation of Iraqi Chambers of Commerce, underlined the importance of this forum in enhancing economic and investment cooperation, particularly between the private sectors of the two countries. He highlighted the promising and competitive advantages and investment opportunities enjoyed by Oman and Iraq across various sectors, along with the support and incentives provided to investors.

He noted that the two countries enjoy a strategic location that facilitates the spread of Omani and Iraqi goods and products into various neighboring markets.

The meeting included a visual presentation on the Trade Franchise Programme, one of the initiatives of Oman Chamber of Commerce and Industry aimed at enhancing the business environment and providing a developmental model that supports entrepreneurs and national brands toward expansion and sustainability.

During the meeting, a presentation on “Invest Oman” was also delivered, highlighting the available investment opportunities, advantages, incentives, and support offered by Oman to investors.

On the side-lines of the forum, bilateral meetings were held between Omani and Iraqi business owners, which discussed ways to enhance trade and investment cooperation, understand procedures and the business environment in both countries, and explore the possibility of establishing joint investment projects.

The forum was attended by Eng. Said bin Hamoud Al Maawali, Minister of Transport, Communications and Information Technology (Head of the Mission of Honour), Eng. Hayan Abdulghani Al Sawad, Deputy Prime Minister and Minister of Oil, and a number of officials from both Oman and Iraq.