The Jordan Businessmen Association (JBA) and the Kurdistan Investors' Union have sealed a memorandum of understanding (MoU) to launch a joint Jordanian-Kurdish business council to further develop bilateral economic relations.

The agreement was signed by JBA President Hamdi Tabbaa and President of Kurdistan Investors Union Ahmed Rikany.

A JBA statement on Sunday said that the business council will contribute to concluding joint trade and investment agreements between business owners from the two countries, with the aim of expanding bilateral economic activities.

"It will also play a role in encouraging joint cooperation between the Jordanian and Iraqi business communities, by exchanging investment information as well as trade delegations," the statement added.

The JBA President described the prospective council as an important step to advance bilateral relations at various levels, aiming at supporting the national economy, enhancing the Kingdom’s investment environment and attracting investments.