Abdul Basit / 7 February 2013
DUBAI — The UAE has planned a two-day networking event in Iraq’s Kurdistan region of Erbil that will promote two-way trade and also help exchanged expertise, according to top government officials.
TradeUAE Iraq is a business development and networking event designed to provide UAE-based companies with the knowledge and contacts necessary to do business in emerging Iraq, they said.
The event, backed by the UAE Ministry of Foreign Trade, or MoFT, as well as the Dubai Department of Economic Development, Dubai Exports and Dubai FDI, in collaboration with the Abu Dhabi Department of Economic Development and the support of the Federation of Kurdish Chambers of Commerce, will be held on April 16-17 in Erbil, the capital of the stable, safe and autonomous Kurdistan region in northern Iraq.
“We use Erbil as a gateway to Iraq as it belongs to a stable Kurdistan region,” Abdullah Al Saleh, Undersecretary of the MoFT, told reporters at a news conference on Wednesday. Iraq is a very important country for the UAE as it was the second largest re-export market for the UAE last year, A Saleh said, adding that there was a 40 per cent increase in trade between the two countries in 2011 compared to the previous year.
“We expect 2012 trade will reach $8 billion,” he said, adding that this is on the basis of strong 2012 first-half trade of more than $5 billion, including free zones. He said that there is potential for the UAE private sector to explore opportunities for investment and exporting products: “We highly encourage private sector to participate in this forum.”
A UAE delegation, comprising businessmen, investors and government officials, will attend TradeUAE Iraq, leveraging the event to develop commercial links with the private and public sectors in Kurdistan. Officials from the Kurdistan Regional Government and businesses and investors from Erbil, Dohuk, Sulaymanieh and Kirkuk in Kurdistan will attend the event.
“We are glad to work on this first project. It’s our duty to introduce private sector the right market,” Hamad Al Mass, executive director of the International Economic Relations Sector at the Abu Dhabi DED, said at the news conference. TradeUAE Iraq will focus on bringing businesses and government officials from both sides together to share useful information on potential trade exchange. UAE businesses participating in the event can gain a clear understanding of sector-wise opportunities and the best means to do business in Iraq.
Eng Saed Al Awadhi, chief executive officer of Dubai Exports, said: “We think there is a lot of opportunities for our companies, exporters, and re-exporters in Iraq.”
Erbil is being called the “Dubai of Iraq” in view of the infinite economic opportunities and growth the city has seen in recent years. Numerous companies, traders and investors in the UAE have thought o doing business in Iraq but inadequate knowledge of the Iraqi market and its dynamics pose major challenges. Fahad Al Gergawi, chief executive officer of Dubai FDI, said: “We support this event, which is being held under the umbrella of the Ministry of Foreign Trade. It’s new style of doing business. Dubai FDI expects it will attract more Iraqi companies to establish businesses in the UAE.”
The centrepiece of TradeUAE Iraq will be a conference where business opportunities, projects, investment programmes, legalities, procedures of setting up businesses and investment assistance available in Iraq will be discussed across panel sessions and presentations.
One-on-one meetings for business matchmaking and a special “Business Direct” programme for traders to meet privately with their counterparts will also be part of the event.
DUBAI — The UAE has planned a two-day networking event in Iraq’s Kurdistan region of Erbil that will promote two-way trade and also help exchanged expertise, according to top government officials.
TradeUAE Iraq is a business development and networking event designed to provide UAE-based companies with the knowledge and contacts necessary to do business in emerging Iraq, they said.
The event, backed by the UAE Ministry of Foreign Trade, or MoFT, as well as the Dubai Department of Economic Development, Dubai Exports and Dubai FDI, in collaboration with the Abu Dhabi Department of Economic Development and the support of the Federation of Kurdish Chambers of Commerce, will be held on April 16-17 in Erbil, the capital of the stable, safe and autonomous Kurdistan region in northern Iraq.
“We use Erbil as a gateway to Iraq as it belongs to a stable Kurdistan region,” Abdullah Al Saleh, Undersecretary of the MoFT, told reporters at a news conference on Wednesday. Iraq is a very important country for the UAE as it was the second largest re-export market for the UAE last year, A Saleh said, adding that there was a 40 per cent increase in trade between the two countries in 2011 compared to the previous year.
“We expect 2012 trade will reach $8 billion,” he said, adding that this is on the basis of strong 2012 first-half trade of more than $5 billion, including free zones. He said that there is potential for the UAE private sector to explore opportunities for investment and exporting products: “We highly encourage private sector to participate in this forum.”
A UAE delegation, comprising businessmen, investors and government officials, will attend TradeUAE Iraq, leveraging the event to develop commercial links with the private and public sectors in Kurdistan. Officials from the Kurdistan Regional Government and businesses and investors from Erbil, Dohuk, Sulaymanieh and Kirkuk in Kurdistan will attend the event.
“We are glad to work on this first project. It’s our duty to introduce private sector the right market,” Hamad Al Mass, executive director of the International Economic Relations Sector at the Abu Dhabi DED, said at the news conference. TradeUAE Iraq will focus on bringing businesses and government officials from both sides together to share useful information on potential trade exchange. UAE businesses participating in the event can gain a clear understanding of sector-wise opportunities and the best means to do business in Iraq.
Eng Saed Al Awadhi, chief executive officer of Dubai Exports, said: “We think there is a lot of opportunities for our companies, exporters, and re-exporters in Iraq.”
Erbil is being called the “Dubai of Iraq” in view of the infinite economic opportunities and growth the city has seen in recent years. Numerous companies, traders and investors in the UAE have thought o doing business in Iraq but inadequate knowledge of the Iraqi market and its dynamics pose major challenges. Fahad Al Gergawi, chief executive officer of Dubai FDI, said: “We support this event, which is being held under the umbrella of the Ministry of Foreign Trade. It’s new style of doing business. Dubai FDI expects it will attract more Iraqi companies to establish businesses in the UAE.”
The centrepiece of TradeUAE Iraq will be a conference where business opportunities, projects, investment programmes, legalities, procedures of setting up businesses and investment assistance available in Iraq will be discussed across panel sessions and presentations.
One-on-one meetings for business matchmaking and a special “Business Direct” programme for traders to meet privately with their counterparts will also be part of the event.