Economy News _ Baghdad
The Iraqi Trade Bank (BTI) participated in the Global Trade Review (GTR) conference in the Middle East and North Africa (2019) recently held in Dubai. The Bank’s experts provided a range of financial and strategic advice to keep abreast of local and regional developments and meet the changing global economic challenges. The conference focused on investment opportunities in Iraq and ways to promote sustainable economic development in line with international best practices.
The conference program included a series of topics related to the economy and the most pressing challenges. The event included a panel discussion that brought together the region’s leading financial institutions headed by Jeremy Chau, International Export Finance President and Regional Head of Europe, Middle East and Africa for JPMorgan at the Global Trade Review GTR “For commercial finance in the Middle East and North Africa, during which he discussed ways of investing in infrastructure in the region and the role of international credit agencies in financing these projects.
Among the panelists were Habib Bitar, Director of the Representative Office of the Iraqi Bank for Trade in Abu Dhabi. The debate will soon address potential investment opportunities in Iraq under economic growth and reconstruction in Iraq.
“The energy sector takes precedence over the oil sector and provides huge investment opportunities for international companies as well as the construction sector,” Habib Bitar said in a statement. “The expansion process requires a lot of spending as part of the Iraq reconstruction plan and will play “Global credit export agencies play a critical role in the development of various sectors.”
Statistics show that Iraq’s real GDP growth stood at 1.7% in 2018 and is expected to grow by 3.1% between 2019 and 2023 with a growing growth in non-oil GDP as a result of the state’s reconstruction efforts.
The Iraqi Trade Bank has recently signed several partnerships with international financial institutions such as General Electric, Standard Chartered Bank, Deutsche Commerzbank and Mashreqbank to implement a range of projects that contribute to the reconstruction process in Iraq and provide more investment opportunities for them inside Iraq. In addition, the BTC opened its first representative office in the UAE capital of Abu Dhabi in 2017 in order to enhance investment opportunities in Iraq and help establish similar business relationships and partnerships with major international institutions in the banking and financial sectors.
“We are working on building a broad platform of partnerships that will bring opportunities and investments to enhance the status of the Iraqi Trade Bank and serve as a model in providing business credit solutions for import activities to support reconstruction efforts in Iraq,” Habib said.
Habib concluded by saying that the Iraqi Trade Bank is keen to strengthen its presence outside of Iraq at the regional and international levels, and that the bank’s participation in the international trade conference is proof of this. He also pointed to the UAE’s international standing and how it is a strategic location for the international financial institutions that depend on it as a major destination for its business in the region and the UAE’s success in hosting and organizing international conferences and exhibitions which are of utmost importance to the Bank to achieve its objectives.