Dubai Chamber Strengthens Trade Ties with Northern Iraq

The Dubai Chamber of Commerce and Industry received a delegation of Chamber heads from the Northern Iraqi region of Kurdistan including the provinces of Erbil, Duhok and Sulaimaniyah at the Chamber premises recently. Coming within a span of less than a year, the follow-up visit explored newer areas of investment while consolidating stronger trade cooperation between the two sides. H.E. Hamad Buamim, Director General, Dubai Chamber, welcomed the Iraqi delegation headed by Dara Jaleel Khayat, Chairman, Federation of Kurdistan Chambers of Commerce and Industry, and called upon the delegates to work closely with various Dubai Government departments for the promotion of trade and commerce between the two trading partners.

His Excellency Buamim highlighted the fast-growing trade ties with Iraq by citing the example of the country’s ranking on the list of Dubai’s top trading partners which he said jumped from 14 in 2008 to 8 in 2010. He said Dubai’s non-oil trade with Iraq registered a growth of 32.6% in 2010 compared to 2008 as the total trade figures increased from AED 19.9 to AED 26.4 billion during the same period. The number of Certificates of Origin went up by 55.7% during the period January-October 2010 to January-October 2011.

He assured the visitors of Dubai Chamber’s support to the Federation stating that the Chamber will offer every facility within its means to enable Iraqi businessmen to come to Dubai to participate in over 100 international exhibitions and conferences held in the Emirate annually and to make their presence felt amongst the regional business community. The Director General of Dubai Chamber offered to host a Country Focus Briefing on Northern Iraq in the first quarter of the coming year which he said will put the spotlight on the investment opportunities available in Kurdistan and will allow businesses from the Northern Iraqi region to network and enhance their business ties with their Dubai counterparts.

His Excellency also informed the visitors of extending all cooperation to the Kurdistan Regional Government Commercial Representative Office in the UAE through a follow-up framework to address the visa issue faced by the region’s businessmen which he said will facilitate the expansion of their trade interests and competitiveness in the Emirate. He said the recent launch of FlyDubai direct flight to Erbil will help to promote trade between the two cities.

His Excellency Buamim stressed upon the Iraqi business community to take advantage of the excellent investment opportunities and world-class infrastructural, financial and logistics services offered by Dubai. On his part, Dara Jaleel Khayat, Chairman, Federation of Kurdistan Chambers of Commerce and Industry, who considered Dubai to be a safe haven to live and do business with the rest of the world, said that Kurdistan’s share of Dubai’s exports to Iraq is 50%. Informing about the stability and safety now offered by the Northern Iraqi region, Khayat informed that his region has notched up an 80% growth in trade with the world.

Highlighting the importance of the investment opportunities available in his oil-rich region, the Chairman of the Federation of Kurdistan Chambers of Commerce and Industry stressed on the prospects offered in the areas of natural resources including agriculture, food processing industries, infrastructure development, construction and manufacturing of construction materials as well as tourism as he informed that 25 million Iraqis visit the region annually. He also said that Kurdistan is looking forward to share Dubai’s expertise in tourism.

Mr Khayat added that the Kurdistan market is now open to foreign investors and called upon Dubai companies to expand their presence in the Kurdish market citing the instance of of Turkish firms who he said were setting up a number of businesses in the region. He invited UAE companies and Dubai Chamber members to visit Kurdistan, especially their exhibitions which are attracting a lot of European companies who see a huge investment potential in Northern Iraq. The Chairman of the Federation of Kurdistan Chambers of Commerce and Industry also lauded Dubai Chamber’s role in supporting and strengthening trade relations with the Northern Region of Iraq.