By John Lee.

Jordan and Iraq have reportedly started studies to create a joint free industrial zone on their shared border.

A Jordanian government official told Xinhua that an Iraqi delegation visited Jordan this week to check the capacity of factories that will benefit from a decision by Iraq to exempt commodities — including plastics, pharmaceuticals, detergents, chemical materials and food products — from custom duties.

It is expected that the new free-zone will create allow Iraqi businesses to benefit from exemptions and advantages under free trade agreements that Jordan has signed with several countries.

It will also help to increase Jordanian exports to Iraq, which rose by 26.7 percent in 2018 to 465.9 million Jordanian dinars (3.9 million U.S. dollars).

(Source: Xinhua)

By John Lee.

Jordan and Iraq have agreed to set up a joint industrial zone on the border between the two countries, and asked companies on both sides to promptly put in place their visions on implementation.

According to Petra, Iraqi Minister of Industry and Minerals, Mohammad Shia’ Al Sudani, and Jordan’s Minister of Industry, Trade and Supply, Yaroub Qudah, also agreed to form a joint Jordanian-Iraqi trade committee chaired by the minister of industry, trade and supply and the Iraqi minister of trade to follow up on the implementation of the free trade agreement that went into effect on March 15, 2013.

They also reviewed the list of Jordanian commodities that will be exempted from Iraqi customs fees.

The Iraqi minister said his country is also keen to further promote its economic relations with Jordan through increasing trade, especially after the reopening of the Terbil crossing.

(Source: Jordan News Agency – Petra)

By John Lee.

Jordan and Iraq have agreed to set up a joint industrial zone on the border between the two countries, and asked companies on both sides to promptly put in place their visions on implementation.

According to Petra, Iraqi Minister of Industry and Minerals, Mohammad Shia’ Al Sudani, and Jordan’s Minister of Industry, Trade and Supply, Yaroub Qudah, also agreed to form a joint Jordanian-Iraqi trade committee chaired by the minister of industry, trade and supply and the Iraqi minister of trade to follow up on the implementation of the free trade agreement that went into effect on March 15, 2013.

They also reviewed the list of Jordanian commodities that will be exempted from Iraqi customs fees.

The Iraqi minister said his country is also keen to further promote its economic relations with Jordan through increasing trade, especially after the reopening of the Terbil crossing.

(Source: Jordan News Agency – Petra)

The successful completion of the project “Enhancing investments to Iraq through industrial zone development”, implemented by the United Nations Industrial Development Organization (UNIDO), was marked at an event in Amman today.

Funded by the Government of Italy, the project assisted the Government of Iraq in developing industrial zones that provide a favourable business environment for domestic and foreign companies.

“Iraq considers the establishment of industrial zones instrumental for boosting the domestic economy. UNIDO’s project has helped revitalise the private sector and promote investments from within and from outside of the country,” said Salman Al-Jumaili, Minister of Planning of the Government of Iraq.

The event brought together representatives from the Government of Iraq, the Kurdistan Regional Government of Iraq, the Iraqi private sector and donors. Participants showcased feasibility studies on establishing industrial zones, and discussed a draft road map to develop industrial zones in Iraq.

Participants at another meeting also held in Amman this week discussed UNIDO’s project titled “Strengthening the national quality infrastructure to facilitate trade and enhance consumer protection”, which was launched in Iraq in 2012 with funds from the Swedish International Development Cooperation Agency (SIDA).

The project aims to enhance trade capacity in Iraq. “We wish to integrate Iraq’s national quality infrastructure into the regional and multilateral trading system and create an enabling environment for better trade performance and consumer protection,” said Ali Badarneh, who manages this project.

Representatives from the Iraqi Ministry of Planning, the Iraqi Central Organisation for Standardization and Quality Control and UNIDO reviewed the progress of the project and discussed how to enhance cooperation during the implementation process.

(Source: United Nations)

The successful completion of the project “Enhancing investments to Iraq through industrial zone development”, implemented by the United Nations Industrial Development Organization (UNIDO), was marked at an event in Amman today.

Funded by the Government of Italy, the project assisted the Government of Iraq in developing industrial zones that provide a favourable business environment for domestic and foreign companies.

“Iraq considers the establishment of industrial zones instrumental for boosting the domestic economy. UNIDO’s project has helped revitalise the private sector and promote investments from within and from outside of the country,” said Salman Al-Jumaili, Minister of Planning of the Government of Iraq.

The event brought together representatives from the Government of Iraq, the Kurdistan Regional Government of Iraq, the Iraqi private sector and donors. Participants showcased feasibility studies on establishing industrial zones, and discussed a draft road map to develop industrial zones in Iraq.

Participants at another meeting also held in Amman this week discussed UNIDO’s project titled “Strengthening the national quality infrastructure to facilitate trade and enhance consumer protection”, which was launched in Iraq in 2012 with funds from the Swedish International Development Cooperation Agency (SIDA).

The project aims to enhance trade capacity in Iraq. “We wish to integrate Iraq’s national quality infrastructure into the regional and multilateral trading system and create an enabling environment for better trade performance and consumer protection,” said Ali Badarneh, who manages this project.

Representatives from the Iraqi Ministry of Planning, the Iraqi Central Organisation for Standardization and Quality Control and UNIDO reviewed the progress of the project and discussed how to enhance cooperation during the implementation process.

(Source: United Nations)

By Murtada Taleb.

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

It was designed to attract investors to Iraq and although things are getting better in Basra’s duty-free zone, there are still many obstacles for foreign investors there – some of which come straight from the Prime Minister’s office.

The free zone near the southern Iraqi city of Basra has been around for some time now – it was first created in 1999 when former Iraqi leader Saddam Hussein was still in power. But it is only recently that it seems to finally be attracting the right kind of attention.

The zone, around one million square meters or one square kilometre large, offers tax exemptions on imports, dedicated transportation – it is right by the Khor Al Zubair port area – and flexible legislation. It’s attractions for foreign and Arab investors are evident.

But due to the security and economic situation in Iraq over the past decade, it hasn’t had much success at drawing new investors to the country.

The free zone has had three phases of development, explains Mohammed Radi, general manager of the free zone. Before 2003, small local investors came to the area. After 2003, and the US-led invasion that toppled Saddam Hussein’s government, security conditions deteriorated and the free zone wasn’t particularly attractive to any investors until as late as 2008. However after 2009, things started to look up again as Basra became one of Iraq’s safer and more prosperous areas, due, partially, to the amount of oil being produced in the region; over half of Iraq’s oil comes from this area.

“The free zone has started to attract a lot of good investments,” Radi noted. “Especially after the recent oil licensing rounds.”