The Saudi-Iraqi Economic Forum, organized by the Federation of Saudi Chambers (FSC), will launch its activities tomorrow, in Jeddah, with more than 300 participating companies, in the presence of Iraqi Deputy Prime Minister Dr. Mohammed Tamim, Saudi Minister of Commerce Dr. Majid Al-Qasabi, several ministers, officials and representatives of government, private agencies, and business owners from both sides.
The head of the FSC, Hassan Al-Huwaizi, stated that the Saudi-Iraqi Business Council, established in 2017, plays a pivotal role in increasing trade exchange, defining the investment climate and encouraging investors from both countries to establish joint investment projects. He praised the interest accorded to Saudi economic relations by the political leadership in the two countries, which culminated in the establishment of the Saudi-Iraqi Coordination Council.
Attending the forum's opening session are the ministers and representatives of the Saudi and Iraqi private sectors. The forum's agenda includes presentations on the Joint Coordination Council, the Saudi-Iraqi Investment Company, investment opportunities in both countries, signing several agreements, and holding bilateral meetings.
The forum is scheduled to discuss issues of operating the Arar border crossing, the mechanism for exchanging information on investment opportunities, increasing Saudi exports to Iraq, importing products to Iraqi companies, and the transport sector's role. The business sectors in the Kingdom and Iraq are counting on positive outcomes of the forum in light of strong governmental support and interest, coinciding with the fifth session of the Saudi-Iraqi Coordination Council meeting held in Jeddah.
The Saudi-Iraqi economic relations are based on a solid institutional base through many trade and investment agreements, the Saudi-Iraqi Coordination Council, and the Joint Business Council of the FSC. The trade exchange between the Kingdom and Iraq reached SAR 5.7 billion in 2022, achieving a growth of 50%. The Arar border crossing contributed to the growth of Saudi exports to Iraq by approximately 132%.
Source: Saudi Press Agency