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Press release by ‘Activate Iraq’:
The Jordanian delegation visited Erbil
Chairman of Kurdistan’s Investment Board Expresses Willingness to Establish an Industrial Zone in Erbil for Jordanian Factories
Erbil, December 11th, 2012 – A high level business delegation of 42 Jordanian business leaders met in Irbil earlier this week with their Iraqi counterparts in an effort to promote trade and boost Jordanian exports to the neighboring country.
The two day visit was organized by Capital Bank, the fourth largest bank in Jordan in terms of capital and the only Jordanian bank in Iraq, in cooperation with its partner in Iraq, the National Bank of Iraq. During its visit, which was the first of its kind to be organized by the bank in Iraq, the Jordanian delegation met with members from the Chamber of Commerce in Kurdistan and a group of Iraqi business leaders in Erbil. Several visits are planned to be organized by the bank for other groups of Jordanian businessmen and exporters to Baghdad and Basra soon.
The Chairman of Capital Bank and former Minister of Finance, Mr. Bassem Khalil Assalem said during the dinner banquet held by the bank: “Iraq has always been the largest and most significant trade partner for Jordan; this is clearly manifested in the long lasting trade relationships between exporters and businessmen in both countries. We are honored here at Capital Bank and at our partner National Bank of Iraq to be the first to organize such visit which will pave the way for further cooperation opportunities and cement distinct relations between the two parties”.
Mr. Assalem added that Capital Bank’s presence in Iraq is considered to be significant as its share reaches to 73% of the operating capital in National Bank of Iraq. He stated that this presence provides Jordanian businessmen with an added value to work in Iraq and provides a safe channel to expand in the Iraqi market on one hand, and on the other hand offers a bridge that links Iraqi people residing in Jordan with their business in their homeland.
He also talked about Capital Bank’s relentless efforts to develop new relationships with all companies looking to develop their business in Iraq. This will be achieved – he said – through facilitating transactions between Capital Bank and National Bank of Iraq by granting its clients in Jordan and Iraq a full range of services.
Chairman of the Investment Committee in Kurdistan, Mr. Hersh Muharram met with the Jordanian delegate and delivered a speech where he expressed his wishes to have more Jordanian manufacturers operating in Irbil. He also pointed out that his government encourages the establishment of an industrial zone dedicated for Jordanian factories and managed by a Jordanian committee in an attempt to promote Jordanian goods in the area.
On the sideline of the businessmen meetings, Capital Bank and National Bank of Iraq Board of Directors held meetings where they discussed future plans and opportunities available to extend operations of the two banks.
Capital Bank and National Bank of Iraq provide investors in the Jordanian and Iraqi markets with a wide range of services. Accordingly, investors can finance their commercial operations, use and send all types of transfers and manage their accounts. Moreover, investors can benefit from the trading and investment consultation services provided by Capital Investments.
In light of the booming commercial activity between the Jordanian and Iraqi markets, it is particularly important to make these banking services available and effective in the two markets. Iraq now tops the Arab countries list in terms of the value of Jordanian exports which reaches a billion dollars annually.
This meeting is part of the continuous endeavors and initiatives launched or participated by Capital Bank. Another key meeting was the one held with the Exporters Association and the American Chamber of Commerce in Jordan where interested business leaders from Jordan and Iraq met to discuss efficient ways to seize and develop export and investment opportunities in Iraq.
