Iraq And Syria Agree To Activate An Investment MoU

The Chairman of the National Commission for Investment, Haider Muhammad Makiya, agreed to activate a memorandum of understanding on defining investment opportunities and qualitative projects, and working to encourage and support the investment of Arab and foreign capital, and to develop bilateral cooperation mechanisms between Baghdad and Damascus.

A statement of the Commission stated: The agreement was reached during the meeting, which included the Minister of Trade, Atheer Dawood Al-Ghurairy, the Chairman of the National Investment Authority, Haider Muhammad Makiya, the Undersecretary of the Ministry of Industry and Minerals, the Undersecretary of the Ministry of Water Resources, and a number of general managers in the ministries.

In the meeting with the Syrian Minister of Economy and Foreign Trade, Muhammad Samer Khalil, Makiya confirmed: The Iraqi government is keen to develop levels of local economic and commercial development in partnership with the economies of Arab and foreign countries and to encourage pioneering investments in the areas of housing, industry, trade, oil, energy and information technology.

He added: The memorandum of understanding between the National Investment Commission and the Investment Commission in the Syrian Arab Republic included mechanisms to activate investment work, exchange information and experiences in the fields of projects and technical expertise in the field of serving investors and benefit from them in the development of the national economy, and to draw up a map for joint investment projects, conditions for their implementation, follow-up on their completion and encourage investors to set up projects towards the Arab and international markets.

Makiya continued: The MoU included an emphasis on the transfer of technology and knowledge to help sustainable development in the field of investment, and the provision of services and facilities necessary for investors to establish and complete investment projects in accordance with the legislation in force in the two countries.

He explained: The agreement stressed the necessity of strengthening meetings and exchanging visits between investors in both countries, encouraging investment in various productive and service sectors, and holding exhibitions and seminars to introduce the available opportunities, indicating that a joint technical committee will be formed to undertake the task of interpreting and implementing the terms of the MoU and submitting proposals to develop work levels.

Source: National Iraqi News Agency

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