Qatar-Iraq Trade Jumps 52 Percent, Hitting Nearly $130 Million

Published March 19th, 2019 - 06:00 GMT
The volume of bilateral trade between the State of Qatar and Iraq rose by 52 percent last year to reach QR473 million. (Shutterstock)
The volume of bilateral trade between the State of Qatar and Iraq rose by 52 percent last year to reach QR473 million. (Shutterstock)

The volume of bilateral trade between the State of Qatar and Iraq rose by 52 percent last year to reach QR473 million compared to QR310 million in 2017, said Chairman of Qatar Chamber Sheikh Khalifa bin Jassim bin Mohammed al Thani .

Speaking during the joint Qatari- Iraqi business meeting held in Baghdad on Sunday, Sheikh Khalifa noted that the most important Qatari imports from Iraq are vegetables, fruits and some electrical appliances for the telephone networks, while the most prominent exports of Qatar to Iraq are oils, organic detergents, cement materials, bags for packaging and cosmetics used in chemical industries.

He welcomed the Iraqi companies wishing to enter the Qatari market, pointing out that there are about 210 Qatari-Iraqi companies, currently working in the Qatari market, including three Iraqi companies with full ownership and the other companies with joint capital.
He added that these companies operate in various economic sectors such as industry, medical services and supplies, trade and contracting, hospitality services, real estate, health care, advertising and others.

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He said that the visit of the Qatari trade delegation to Iraq under the chairmanship of HE Minister of Commerce and Industry Ali bin Ahmed al Kuwari, had succeeded in achieving its objectives of bringing the business sectors closer together, stressing the need to further develop joint cooperation and push forward trade exchanges.

He expressed his hope that the participation of a number of Qatari businessmen and manufacturers in the visit represents an important opportunity to introduce the Qatari industries and promote the Qatari product in Iraq and to create partnerships between Qatari companies and their Iraqi counterparts to establish joint ventures that enhance the relations of cooperation and trade partnership between the two countries. He praised the strength of the bilateral relations between the State of Qatar and the brotherly Republic of Iraq, which had entered a new stage of cooperation and development after the two countries agreed to activate economic and trade relations in 2017.

First Vice Chairman of Qatar Chamber Mohammed bin Ahmed bin Twar hailed the brotherly relations between the State of Qatar and the Republic of Iraq. He said that this meeting comes within the framework of these distinguished relations and the common desire to transfer them to higher levels of cooperation. He added that the meeting aims to strengthen relations between the two sectors of business in both countries, increase trade, review available investment opportunities and work together to establish trade alliances and joint projects in the two countries.

He said that the bilateral relations between the State of Qatar and Iraq are witnessing great progress, especially after the two countries agreed in 2017 to activate economic and trade relations between them and restore communication channels in all fields and start holding meetings of the Qatari-Iraqi committee.

He said that continuous communication resulted in the opening of the shipping line between Qatar and Iraq in April of last year, noting that this line contributes to the transport of goods from Jordan, Kuwait, Turkey and Iran to Qatar through Iraqi territories , which would constitute a new shift in steps to support relations between the two countries.

He expressed the aspiration of the Qatari private sector to strengthen relations of cooperation with its Iraqi counterpart in various economic and trade fields, stressing in this context the need to activate the Iraqi-Qatari Joint Business Council. He said that the Joint Business Council, which its establishment agreement was signed late last year, would play an important role in activating mutual visits and discussing the investment opportunities available in both countries, facilitating the exchange of investments between the two sides and raising them to the level of ambitions.

He praised the memorandum of understanding (MoU) signed between the Qatar Chamber and the Federation of Iraqi Chambers of Commerce, which aims at enhancing friendship and understanding between businessmen in the two countries, developing cooperation in the field of trade exchange and investment, transferring technology and supporting industrial sectors in both countries.

He added that Qatar Chamber looks forward to benefiting from such agreements in enhancing joint cooperation, especially in light of the agreement of the two countries to take the necessary steps to move forward in the way of boosting trade and investment cooperation in order to increase the volume of trade exchange and facilitate the flow of goods between the two countries.

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