Iraqi cabinet approves lifting of the ban on Kuwaiti property in Iraq

Iraqi cabinet approves lifting of the ban on Kuwaiti property in Iraq                        
 

Thursday, January 16th, 2014 - The News

 The chairman of the Federation of Iraqi Chambers of Commerce Jaafar Messenger Hamdani said the Iraqi cabinet approved the lifting of the ban on property Kuwait in Iraq and allow them the right to dispose of such property, pointing out that Iraq is lifted is reciprocity so as not to be an obstacle, stressing that such a move is considered positive by the government Iraqi and reflect the desire to strengthen relations again with the Kuwaiti side.

And accept Hamdani during his speech at the Economic Forum of Kuwait - Iraq, which was held in the room yesterday in the presence of an Iraqi delegation and a large number of members of the Chamber and the business, prospects and investment opportunities in Iraq, calling for support of Kuwaiti investments, which he considered weak at the moment, compared to investments of Turkish and Iranian-controlled heavily on the Iraqi market.

And Al-Hamadani said Iraq is counting on the return of the political security of new and works hard to achieve to be a safe haven for investments Kuwaiti and Arabic, adding that the volume of trade exchange between the two countries is well estimated 2.5 billion dollars in 2013, where the intervention of about 400 trucks a day to Iraq and many of the goods The goods that Iraq needs supplied by Kuwaiti territory or through the Mina Al-Ahmadi.

He stressed the need for Iraq to Kuwait's experience in the reconstruction process, especially the infrastructure that the Iraqi government has allocated about 34 billion dollars during the current year.

Iraqi banks

Regarding his expectations about the economic growth of the Iraqi Hamdani said despite the fact that the Iraqi economy ranks of the economy's unilateral oil-based, but he has achieved great results during 2012 2013 where Iraq exports about 3.5 million barrels of oil per day and is looking forward to 5 million barrels per day during the current year and through 2017 will reach 7 million barrels a day, where an estimated budget of about 140 billion dollars. revealed Hamdani in his speech that the number of private banks Iraqi want to open offices in Kuwait, calling on the Kuwaiti Chamber of Commerce to assist in this regard to be no flexibility in the conversion process financial and facilitate commercial transactions , also drew a direct call to the Chamber of Commerce and Industry of Kuwait to attend the Economic Forum first Iraqi Kuwaiti to be held during the second half of this year, explaining that the purpose of the forum disclosure of investment opportunities in Iraq, and display the appropriate mechanisms for the operations of achievement and meet the private Kuwaiti and Iraqi to discuss ways of investment cooperation between them. 
 

He pointed out that the purpose of the visit is taking the initial approval of the Chamber of Commerce and Industry of Kuwait in order to work on the Iraqi side fully prepared to hold the forum in a safe and orderly conditions.

He stressed Hamdani on the depth of the relationship between the chambers of commerce in both countries, which he said stretched for decades, adding that the two chambers are able to establish a strong base for a robust economy, if the Units efforts and Ahkmta mutual cooperation, calling for the necessity of thinking in establishing industrial partnerships between the two countries, especially in Under Iraq's need for many industries at the moment, stressing at the same time that the industry be any Kuwaiti brilliant future in Iraq.

He stressed that Iraq extends his hands for all investors to exploit the opportunities available, as it welcomes the expertise of Kuwait, which has played and continues to play a major role in the various countries of the region and the world.

This, was chaired by the Kuwaiti side during the Forum, First Deputy Chairman of the Chamber of Commerce and Industry of Kuwait Khaled Falcon who stressed in his speech that Kuwait is looking to be a trade and investment cooperation between Kuwait and Iraq's strategic goal crucial between the two sides, adding that this imposes on the business community in both the two countries intensified efforts to deepen mutual understanding and accommodate the dictates of common interests.

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