IBBC Hosts Iraqi and UK Ministers in Westminster

The Iraq Britain Business Council (IBBC) recently hosted a landmark event at the prestigious One Great George Street in Westminster. This distinguished occasion was attended by two senior Iraqi ministers, alongside FCDO Minister Hamish Falconer, marking a pivotal moment in UK-Iraq relations and cooperation.

Attendees and Key Figures

The event was graced by the presence of high-ranking Iraqi officials, including:

H.E. Mr. Fuad Hussein, Deputy Prime Minister and Minister of Foreign Affairs
H.E. Mr. Hayan Abdul Ghani, Deputy Prime Minister for Energy and Minister of Oil
H.E. Mr. Mohammed Sahib Al-Daraji, Technical Affairs Advisor to the Prime Minister
Dr. Abdulkareem Al-Faisal, Chair of the Prime Minister’s Advisory Committee (PMAC)

Also present were Professor Hamid Khalaf Ahmed, Prime Minister’s Advisor and Executive Director at the Higher Committee for Education Development in Iraq, and H.E. Mr. Stephen Hitchen, the British Ambassador to Iraq, along with H.E. Mr. Mohammed Jaafar Al-Sadr, the Iraqi Ambassador to the UK.

The event was a collaborative effort between the FCDO and DBT ministries, celebrating the recent visit of Iraqi Prime Minister H.E. Mr. Mohammed Shia’ Al-Sudani to the UK. Although the Prime Minister could not attend in person due to unforeseen circumstances, he engaged with several IBBC member companies individually.

Significance of the Event

This event was highlighted by the signing of $15 billion in trade agreements between the UK and Iraq, underscoring the growing economic ties between the two nations. One of the most impactful outcomes of the collaboration was the revision of the UK’s travel advice for Iraq.

The Foreign, Commonwealth & Development Office (FCDO) announced a downgrade in the risk levels for many parts of Iraq, which has been a long-standing goal for the IBBC. This change is expected to facilitate business travel and reduce insurance costs for companies operating in Iraq.

With over 200 IBBC members and distinguished guests present, the event saw participation from major companies such as GE Vernova, Vodafone, and BAE Systems. Baroness Nicholson, the President of the IBBC, opened the reception, praising the vital role of the private sector in Iraq’s economic transformation.

She also commended the dedication of IBBC members over the past 15 years, who have contributed to shifting Iraq’s economy from state-dominated to market-oriented.

A Call for Economic Transformation

During the reception, H.E. Mr. Fuad Hussein addressed the audience, reflecting on Iraq’s long path to recovery after years of conflict and the legacy of outdated laws from the Saddam Hussein era.

He spoke of the immense potential to rebuild Iraq’s infrastructure and emphasized the role of British expertise in driving this transformation. He noted that Iraq’s economy and society are now stable and ready for growth, with exciting opportunities for foreign investment.

Mr. Hamish Falconer MP highlighted the significance of the $15 billion trade deal with Iraq, urging a fresh perspective on the opportunities available in the country. Similarly, Ambassador Stephen Hitchen stressed the importance of looking toward the future, recognizing the new trade deal as a game-changer for UK-Iraq relations.

Mr. Christophe Michels, Managing Director of IBBC, shared his reflections on the event. He noted the strong engagement of IBBC members and how their collective experience in Iraq has fostered long-term, sustainable growth. Michels also emphasized the council’s commitment to skills development and educational training, which are crucial for empowering Iraq’s youth and diversifying the economy.

Conclusion and Looking Ahead

As the largest business group in Iraq, IBBC has played a central role in fostering bilateral relations between the UK and Iraq. The council’s recent report, “Is Iraq Business Ready?”, offers valuable recommendations for further investment and growth, and the establishment of the Maritime Academy Group aims to support the Ministry of Transport in developing Iraq’s maritime capabilities.

Looking to the future, IBBC is set to host its first Baghdad conference in five years on February 17th, 2025, with the support of Prime Minister H.E. Mr. Al-Sudani. This event is expected to further strengthen UK-Iraq business ties and contribute to Iraq’s ongoing economic transformation.

Frequently Asked Questions (FAQs)

Q1: What was the purpose of the event hosted by IBBC?

The event was designed to celebrate the growing economic ties between the UK and Iraq, marked by the signing of a $15 billion trade agreement. It also highlighted the revision of the UK’s travel advisory for Iraq, aimed at facilitating business travel.

Q2: Why is the revision of the UK’s travel advisory important?

The downgrade in risk levels for many parts of Iraq, as announced by the FCDO, will ease business travel and significantly reduce insurance costs for companies operating in the region. This is a positive step for enhancing foreign investment and business activities in Iraq.

Q3: What role does IBBC play in Iraq’s economic development?

IBBC has been instrumental in fostering long-term business relationships between the UK and Iraq. It represents British, international, and Iraqi businesses and plays a key role in advocating for policies that enhance Iraq’s investment climate and economic growth.

Q4: What are the key sectors driving the UK-Iraq trade agreements?

The trade agreements cover various sectors, including energy, infrastructure, and education. British companies are expected to play a significant role in rebuilding Iraq’s infrastructure and developing its human capital.

Q5: What is the significance of the upcoming Baghdad conference?

The February 2025 Baghdad conference will be IBBC’s first in five years and is expected to provide a platform for further strengthening economic ties between the UK and Iraq, fostering new opportunities for trade and investment.

Conclusion

The event hosted by the Iraq Britain Business Council (IBBC) at One Great George Street was a pivotal moment in strengthening the bilateral relationship between the UK and Iraq. The gathering highlighted the promising future of Iraq’s economic recovery, marked by the signing of $15 billion in trade agreements and the revised UK travel advisory, which will significantly ease business operations in the country.

With influential figures such as Iraqi ministers and UK government representatives present, the event underscored the key role of the private sector in Iraq’s transformation.