The Saudi Minister of Commerce confirms that all the ingredients for growth and prosperity for Saudi-Iraqi economic relations are available

Baghdad The Minister of Commerce and Chairman of the Saudi-Iraqi Coordination Council, Majed bin Abdullah Al-Qasabi, affirmed that all the ingredients for growth and prosperity for Saudi-Iraqi economic relations are available, and that the political will is supportive and the opportunities and possibilities are great.

Al-Qasabi stressed, according to the Saudi Press Agency, during the opening of the activities of the Saudi-Iraqi Business Forum, the need for the business forum to be annually, and to increase the definition of investment opportunities available in both countries, and to develop a joint action plan to translate aspirations and hopes into real opportunities that contribute to strengthening trade and investment relations between the two countries.

For his part, the Secretary-General of the Council of Ministers, Hamid Al-Ghazi, affirmed the Iraqi government’s support for the Saudi-Iraqi Coordination Council to open a new phase in the historical relations between the two brotherly countries, noting the tangible achievements of the Council, most notably the establishment of the Saudi-Iraqi Business Council, and the reopening of the new port of Arar, which represents the main commercial gateway between the two countries, explaining that the problems facing the port are mostly procedural and routine that can be easily addressed in the near future, and the Saudi commercial attaché in Iraq was opened, in addition to the signing of many agreements and memoranda of understanding.

He pointed out that the Council’s technical committees are working on a number of important files, such as the electrical connection and the promotion of joint investment in the fields of oil, gas, agriculture, petrochemicals and smart industrial cities.

He pointed out that the pillars of the Kingdom’s Vision 2030 are a major starting point for the strategic partnership between the two countries, and the Green Middle East Initiative and the Green Saudi Arabia and the Green Belt Project in Iraq constitute one of the important areas of cooperation, as the delegation of the Iraqi Ministry of Agriculture will arrive next week to the Kingdom to discuss opportunities for cooperation and partnership between the two countries in the fields of agriculture, irrigation systems and manufacturing industries, including dates.

He indicated that the Iraqi government worked to correct the paths to bring about a real economic transformation in a way that supports economic and human development and creating job opportunities for Iraqi citizens, stressing that the political will in the two countries is real and serious towards developing economic relations and interests, and this is confirmed by the growth in the volume of trade exchange by 15% last year, which is considered a step in the right direction.

He stressed that Iraqi laws are enough to protect the Saudi investor and that negative cases are addressed and resolved, calling for the next forum to be held in Baghdad.


Source: National Iraqi News Agency