Egypt’s Prime Minister, Mostafa Madbouly, and Iraq’s Prime Minister, Mohammed Shia’ Al-Sudani, witnessed the signing of several cooperation protocols between the two nations on Thursday, following expanded talks under the Egyptian-Iraqi Joint Higher Committee.
The agreements covered a range of strategic sectors, including local development, industry, trade, transport, financial regulation, and telecommunications.
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Local Development Cooperation
A proposed cooperation protocol in local development was signed by Egypt’s Minister of Local Development, Manal Awad, and Iraq’s Deputy Prime Minister and Minister of Planning, Mohammed Tamim, aiming to enhance governance and administrative practices.
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Standardisation and Quality Control
Another key memorandum of understanding (MoU) was signed focused on standardisation and quality control between Iraq’s Central Organisation for Standardisation and Quality Control (COSQC) and Egypt’s General Organisation for Standardisation and Quality (EOS).
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Trade and Grain Storage Collaboration
In the trade sector, an MoU was signed between the Egyptian Holding Company for Silos (EHCSS) and the Iraqi General Company for Grain Trade, facilitating expertise exchange in the construction, operation, and maintenance of silos.
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Advancing Land Transport Cooperation
Further reinforcing infrastructure and logistics collaboration, an MoU on land transport for passengers and goods was finalised between the transport ministries of both countries.
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Financial Market Regulation
In financial regulation, Egypt’s Financial Regulatory Authority (FRA) and the Iraqi Securities Commission signed an MoU on market oversight and supervision.
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Telecommunications and IT Collaboration
Cooperation in the telecommunications and information technology sector was also a focal point, with an MoU signed between Iraq’s Media and Communications Authority (CMC) and Egypt’s National Telecommunications Regulatory Authority (NTRA).
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Strengthening Trade Relations
Additionally, the Egyptian and Iraqi Federations of Chambers of Commerce signed an MoU to enhance trade and economic collaboration.
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Fair Competition and Anti-Monopoly Efforts
To further economic cooperation, the Egyptian Competition Authority (ECA) and the Iraqi Council for Competition Affairs and Monopoly Prevention (ESCWA) signed an MoU aimed at promoting fair competition and preventing monopolistic practices.
Egypt’s Growing Presence in Iraq Market
Iraqi Prime Minister Mohammed Shia’ Al-Sudani highlighted the significant growth of Egyptian companies operating in Iraq, attributing it to the country’s reform-driven policies over the past two years. Speaking at a joint press conference following high-level talks, Al-Sudani emphasised that these reforms have facilitated the large-scale and specialised entry of Egyptian firms into the Iraqi market.
“We now have a significant number of Egyptian firms actively contributing to infrastructure projects and investment opportunities across various sectors,” Al-Sudani stated. He revealed that contracts awarded to Egyptian companies for infrastructure development have surpassed 600 billion Iraqi dinars. He added that Iraq’s strategic efforts have positioned it as the region’s leading investment destination, a claim supported by clear economic indicators.
“Iraq offers an attractive investment climate, with business-friendly laws and regulations, as well as financial, banking, and tax reforms designed to position the country as a promising hub for development,” he said, extending an open invitation to Egyptian companies to capitalise on these opportunities. He stressed that the interconnectedness of economic, environmental, and social challenges in the region makes bilateral cooperation essential for achieving sustainable solutions.
Al-Sudani lauded the success of the Egyptian-Iraqi High Joint Committee, noting that its third session had broadened and diversified cooperation agreements. Twelve memorandums of understanding (MoUs) were signed across various sectors, along with a joint protocol reinforcing high-level collaboration between the two nations.
These agreements span a wide range of areas, including land transport, competition regulation, cooperation between Baghdad and Cairo’s municipal administrations, heritage and museum preservation, telecommunications and media technology, and expertise exchange in grain storage and silo management.
Attribution: Amwal Al Ghad English
Subediting: M. S. Salama