A Spanish-Iraqi business forum was held in Madrid, bringing together companies and business representatives from both countries to discuss investment opportunities and ways to expand economic cooperation in Iraq. The event was hosted by the Spanish Chamber of Commerce and organised in cooperation with the Spanish Embassy in Baghdad and the Iraqi Embassy in Madrid.
During the forum, several important sectors in Iraq were presented as open to foreign investment. These included oil and gas, petrochemicals, electricity, renewable energy, housing, new cities, transportation, logistics, agriculture, food production, industry, mining, tourism, healthcare, education, and the digital economy.
One of the major projects discussed was Iraq’s Development Road project, a planned 1,190-kilometre transport route that will connect the Gulf region with Turkey and Europe through road and railway networks. The project is expected to include Al Faw Grand Port, an electrified railway, industrial cities, free trade zones, logistics centres, and energy and fibre-optic networks. The estimated cost of the project is around $17 billion.
Housing and urban development were also major topics at the meeting. Iraq is planning to build 19 new cities across 13 provinces as part of its efforts to expand housing and improve urban infrastructure. One of the highlighted developments includes plans for 120,000 housing units, creating opportunities for companies involved in construction, development, and related services.
The forum also covered investment opportunities in Iraq’s digital infrastructure. Plans include new underwater and land-based fibre-optic networks connecting Iraq with Turkey and Europe, along with five new data centres, three of which are planned for Baghdad. These projects are expected to support the country’s growing demand for internet services, data storage, and digital technology.
Several business representatives also shared their views on investment opportunities in Iraq. Mustafa Allawi, president of Enki Holding Group, discussed opportunities across different sectors. Zaid Al-Jaddah, director general of Alhayat Scientific Office, presented information about Iraq’s healthcare sector, while Ahmed Al-Hankawi of Etihad Law explained the legal requirements and business framework for foreign companies looking to enter the Iraqi market.
The forum ended with the signing of three memoranda of understanding between companies from Spain and Iraq, marking another step toward building business partnerships between the two countries.
Speaking at the event, Riyadh Fakher Al-Hashimi, director general of foreign economic relations at Iraq’s Ministry of Trade, said the country is currently going through a period of major investment opportunities and needs the experience and knowledge of Spanish companies.
Juan Luis Gimeno, director general for economic and commercial intelligence at Spain’s Ministry of Economy, Trade and Enterprise, also highlighted Iraq’s importance, describing it as a country with strong economic foundations and major strategic value.
The meeting highlighted growing interest in Iraq’s investment market, with both sides looking to build stronger business connections and bring more Spanish companies into the country’s development projects.