The Bulgarian Chamber of Commerce and Industry (BCCI) hosted an official ceremony for the signing of a Memorandum of Understanding (MoU) with the Federation of Iraqi Chambers of Commerce (FICC). A delegation from FICC and the Iraqi Ministry of Trade visited the Chamber to explore ways to strengthen bilateral economic cooperation.
The event was opened by Mr. Tsvetan Simeonov, President of BCCI, who welcomed the Iraqi delegation and emphasized Iraq’s significance as a key partner of Bulgaria in the Middle East. He provided up-to-date information on the country’s economic environment, highlighting favorable tax conditions, investment incentives, and sectors with high cooperation potential, including the automotive industry, chemical industry, pharmaceuticals, food processing, machinery for the food industry, and construction.
FICC’s President Abdulrazak Al-Zuhiri noted the growing interest and intensification of bilateral relations in recent years, stressing that considerable potential remains untapped. He presented recent developments in Iraqi economic legislation aimed at facilitating trade and attracting foreign direct investment.
The Ambassador of Iraq to Sofia, H.E. Lina Omar, encouraged Bulgarian companies to visit the country and explore partnership opportunities, highlighting the energy and renewable energy sectors.
Vasil Vasilev, Head of STIV – Erbil, assured participants that the Bulgarian Ministry of Economy and Industry actively supports the expansion of bilateral relations.
Riyad Faker Al-Hashimi, Director General at the Iraqi Ministry of Trade, reported that Iraq is in the final stage of accession to the World Trade Organization. He presented key legislative reforms favorable to business and emphasized the importance of the international “Path of Development” project, which aims to link Gulf countries by land with Iraq, Turkey, and the EU.
During the discussion, practical aspects of cooperation were addressed. Yancho Yanev, President of the Haskovo Chamber of Commerce and Industry, shared experiences from several visits to Iraq and highlighted the need for closer partnership in the banking sector. He described the opening of a consular office in Baghdad as an important step in developing bilateral ties. Prospects for cooperation in the field of arbitration were also discussed.
Upon the meeting’s conclusion, the Memorandum of Understanding between BCCI and the Federation of Iraqi Chambers of Commerce was officially signed, laying the foundation for a more intensive and structured partnership between the two organizations.