FM’s remarks for Pakistan-Iraq Business Forum

Excellencies,
Representatives from the Pakistani and Iraqi Business community,
Ladies and gentlemen,

Assalam-u-Alaikum,

It is a matter of great pleasure to be part of this august gathering of distinguished business representatives.

Pakistan and Iraq are brotherly countries, bonded by strong historical, cultural and religious affinities. There exists immense good will on both the sides for each other. It is high time to concretize our fraternal ties through joint ventures and collaborations.

Ladies and Gentlemen,

During my interaction with President, Prime Minister and my Iraqi counterpart, we discussed expanding cooperation in diverse areas including enhancing bilateral trade and investment, collaborating with Iraq in rebuilding and re-construction of their infrastructure and sharing of expertise in water management and agriculture.
We have resolved to explore new and innovative ideas of cooperation including connectivity, establishing sister port connections and cooperation in the areas of defence production.
In order to facilitate business community of both countries, we discussed the issue of flexible visa regime for businessmen and investors and exchange of business delegation.
Pakistan as part of its initiative of ease of doing business, has already made arrangements for visa facilitation and issuance of longer duration visa for foreign investors coming to Pakistan.
I am happy to note that we have signed two MoUs between Pakistan and Iraq. These MoUs are aimed at further enhancing cultural cooperation and extending visa waiver facility for diplomatic and official passport holders. These measures will substantially promote people-to-people contacts and high-level exchanges for promotion of trade and investment.
We are aiming at concluding our discussions on MoU on Zaireen to facilitate the flow of legal movement of Zaireen visiting the holy shrines.
I am also happy to report that Iraqi side has agreed to our request of opening of Consulate in Najaf.
These positive developments shall take trajectory of bilateral relations to greater heights.
I am confident that business communities on both sides will benefit from these arrangements which will contribute to enhancing trade, commensurate with our brotherly and historical ties.
We are also in discussions to facilitate our business community and remove barriers with regard to transfer of funds from Iraq to Pakistan.

Ladies and Gentlemen,

The current bilateral trade is not commensurate with the huge potential between the two countries. Pakistan’s Single Country Exhibition held in March 2022 in Baghdad saw deals worth of US$ 20 million. This shows the great business potential, between the countries. I am confident that this Pakistan-Iraq Business Forum would afford a similar opportunity for G2G linkages and business networking amongst potential investors and trade partners from both sides.

Let us focus on enhancing collaboration and mutual investment in five prioritized fields including IT, food security, energy, construction and medicine. We would urge to utilize Pakistani skilled and semi-skilled human resource in such investments and projects.

I am happy to see the signing of MoU between Federation of Pakistan Chamber of Commerce and their Iraqi counterpart in this distinguished event. We need to build on this momentum to further enhance bilateral trade and investment cooperation.

I want to propose today the creation of Pakistan-Iraq Business Council, comprising chambers of commerce and key business representative entities from both the countries. Through this entity, we can follow-up on programs, policy suggestions, roadmap, and special initiatives for enhancing trade and investment between the two countries. Let me assure you of full cooperation of Government of Pakistan to the work of this proposed Business Council.

Economic diplomacy is at the heart of our foreign policy. We want to build mutually beneficial economic ties. Let our partnership be led by the burgeoning and vibrant business community from both sides, paving the way for prosperity and progress of both the countries.

I thankyou all.
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