SALALAH: A high-level Oman–Iraq Business Meeting was held yesterday, Sept 4, in Salalah to explore ways to strengthen economic cooperation and expand trade partnerships between the two countries.
The meeting was organised by the Oman Chamber of Commerce and Industry in collaboration with Iraqi trade authorities and was attended by Mohammed Shia’ al Sudani, Prime Minister of Iraq, as part of his official visit to the Sultanate of Oman.
Al Sudani highlighted that the agreements and memoranda of understanding signed between Oman and Iraq will serve as a road map for government institutions to implement joint initiatives, invest in promising opportunities, and establish collaborative projects. He noted that while bilateral trade has grown, it has yet to reach its full potential and urged the private sectors in both countries to capitalise on available opportunities. He also confirmed Iraq’s readiness to offer preferential incentives for Omani investors.
Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, emphasised the importance of the meeting in promoting economic cooperation and building a competitive, globally integrated economy. He underlined the government's commitment to providing incentives and support that enable the private sector to play a stronger role in achieving sustainable growth.
Dr Atheer Daoud Salman, Iraq’s Minister of Trade, reported that bilateral trade reached US$779 million in 2024, marking a 30% increase from $601 million in 2023. This growth was driven by Iraq’s exports of naphtha and liquefied petroleum gases, alongside rising Omani exports of dairy products, fish, polyethylene, and electrical cables. Dr Salman also highlighted initiatives including the establishment of a regional Iraqi dates centre in Oman, joint aquaculture projects and agricultural cooperation in smart farming.
Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry, stressed the role of the private sector in turning opportunities into concrete projects across key industries, including food security, logistics, tourism and energy.
Abdul Razzaq al Zuhairi, President of the Federation of Iraqi Chambers of Commerce, noted the strategic positions of both countries for regional and global market access and the importance of active private-sector engagement.
The meeting also featured presentations on Oman’s franchise programME and the “Invest in Oman” initiative, along with bilateral sessions between Omani and Iraqi business leaders to explore potential investment opportunities. — ONA
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