Iraqi-Spanish Business Forum
November 28, 2024
A delegation from the Iraqi government and the Federation of Iraqi Chambers of Commerce participated in the Iraqi-Spanish Business Forum, led by the Prime Minister, Mr. Mohammed Shia Al-Sudani, and Mr. Abdul Razaq Al-Zuhairi, President of the Federation.
Al-Zaman Group (AZG) participated in this event as a member of the Federation of Iraqi Chambers of Commerce and one of the leading Iraqi companies in the shipbuilding industry. AZG has collaborated with many Spanish companies on shipbuilding projects, particularly in supplying equipment and machinery. The company’s CEO, Mr. Ahmed Shaban, attended the forum and held fruitful meetings with Spanish companies. Agreements were reached on several projects to localize industries in Iraq and transfer of technology and expertise to the country. This effort is supported by the Iraqi government through the provision of sovereign guarantees to the Iraqi private sector. These guarantees will benefit numerous projects, including the development of Iraqi Spanish economic, trade, and industrial relations. Other advantages are, the project will benefit a guarantee from the Ministry of Finance and does not require corresponding real estate guarantees. Moreover, Flexibility to review and modify instruction to comply with financing requirements. The goal here is reduce high import rates that deplete foreign currency and to achieve economic and energy security.
Al-Zaman Group is committed to strengthening economic relations through trade dealings with reputable global companies and executing projects for the Iraqi government to contribute to the ongoing development and progress in Iraq.
During the forum, discussions were held on the vital role of the Iraqi government in supporting the private sector and the need to enhance partnerships between the Iraqi and Spanish private sectors across various trade fields. A memorandum of understanding was also signed between the Federation of Iraqi Chambers of Commerce and the Spanish Chamber of Commerce, paving the way for the establishment of the Iraqi-Spanish Business Council. This council will serve as a trade bridge linking Iraq and Spain.
Prime Minister Mohammed Shia Al-Sudani met with Spanish Prime Minister Pedro Sánchez to discuss prospects for cooperation between Iraq and Spain in various fields and to address key issues based on the deep bilateral relations marked by a distinguished history of collaboration. This visit comes as part of efforts to build on the achievements of Mr. Sánchez’s visit to Baghdad late last year.
Mr. Al-Sudani emphasized that Spain’s encouraging stance supports the Iraqi government’s efforts to establish a promising and comprehensive partnership. This is reflected in the prominent presence of Spanish companies in Iraq’s development projects. He also noted that strengthening bilateral relations with Spain is part of the government’s strategy to engage with members of the international coalition after the conclusion of their missions in Iraq, in which Spain was an active participant
