Oman-Iraq Forum: Implications for Strengthening Economic and Trade Ties for Investors and Entrepreneurs
SALALAH: A significant Oman-Iraq Business Meeting took place on September 4 in Salalah, focusing on enhancing economic cooperation and expanding trade partnerships between the two nations.
The event was organized by the Oman Chamber of Commerce and Industry in collaboration with Iraqi trade authorities. It featured the participation of Mohammed Shia’ al Sudani, Prime Minister of Iraq, during his official visit to Oman.
Al Sudani emphasized that the agreements and memoranda of understanding signed between Oman and Iraq will serve as a roadmap for government institutions to implement joint initiatives, invest in promising opportunities, and establish collaborative projects. He noted that while bilateral trade has increased, there remains untapped potential, urging the private sectors of both countries to take advantage of available opportunities. He also assured that Iraq is prepared to offer preferential incentives for Omani investors.
Qais bin Mohammed al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, highlighted the meeting’s importance in advancing economic cooperation and fostering a competitive, globally integrated economy. He reaffirmed the government’s dedication to providing incentives and support to empower the private sector in achieving sustainable growth.
Dr. Atheer Daoud Salman, Iraq’s Minister of Trade, reported that bilateral trade reached $779 million in 2024, marking a 30% increase from $601 million in 2023. This growth was largely attributed to Iraq’s exports of naphtha and liquefied petroleum gases, as well as rising Omani exports of dairy products, fish, polyethylene, and electrical cables. Dr. Salman also mentioned initiatives such as establishing a regional Iraqi dates center in Oman, joint aquaculture projects, and agricultural cooperation in smart farming.
Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry, underscored the crucial role of the private sector in transforming opportunities into actionable projects across essential industries, including food security, logistics, tourism, and energy.
Abdul Razzaq al Zuhairi, President of the Federation of Iraqi Chambers of Commerce, noted the strategic locations of both countries for accessing regional and global markets, emphasizing the need for active engagement from the private sector.
The meeting included presentations on Oman’s franchise program and the “Invest in Oman” initiative, along with bilateral sessions between Omani and Iraqi business leaders to explore potential investment opportunities.
Special Analysis by Omanet | Navigate Oman’s Market
The recent Oman–Iraq Business Meeting signifies a pivotal opportunity for Omani businesses to strengthen trade partnerships and capitalize on Iraq’s commitment to preferential incentives for investment. Smart investors should consider the high-growth sectors highlighted, such as food security and energy, as potential areas for lucrative engagement. However, they must remain vigilant about operational risks while navigating a rapidly evolving economic landscape.
