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Kadhimi Urges Kuwaiti Companies to Invest in Iraq

Iraqi Prime Minister Mustafa al-Kadhimi has called on Kuwaiti companies to start investing in Iraq, pointing out that his country is seeking economic cooperation with Kuwait, his office said in a statement on Sunday.

The prime minister made the remarks during a meeting with the Chairman of the Kuwaiti Chamber of Commerce and Industry, Muhammad Jassim Al-Saqr, and a group of business and industry men, in which he also noted that Iraq would spare no efforts to facilitate the procedures for intra-regional trade with Kuwait, and raise the volume of trade, according to the statement.

“We urge the Kuwaiti public and private sectors to invest in Iraq, as our country has promising investment opportunities,” Kadhimi said, adding that “fertile lands and abundant water” are available in Iraq, that can provide Kuwaiti investors with an opportunity in the agricultural field, whether for government or private companies, in order to achieve food security and integration between Iraq and Kuwait.

“The Iraqi government worked to facilitate investment procedures, protect the rights of investors, provide all forms of support for the success of their business, and facilitate granting entry visas to Kuwaiti businessmen”, he explained, noting that “Iraq had previously signed an agreement to avoid double taxation with Kuwait in 2019″.

The premier further revealed a proposal to hold a conference or mutual workshops in Iraq and Kuwait in efforts to review opportunities related to investment in Iraq in all sectors, reaffirming that Baghdad is willing to establish a joint industrial and commercial zone with Kuwait in order to develop economic partnerships in this field.

“The Iraqi-Kuwaiti cooperation in the fields of oil and energy is of great interest to us, and we look forward to develop these relations by encouraging the Kuwaiti side to expedite the implementation of the related Gulf electrical interconnection works,” the statement concluded.