Saudi Arabia, Iraq Strengthen Economic Cooperation with Agreements, Economic Zone Development

(MENAFN) Saudi Arabia and Iraq have signed a series of agreements aimed at bolstering economic cooperation and advancing the development of a special economic zone. The agreements were formalized during the fifth session of the Saudi-Iraqi Coordination Council held in Jeddah. Both sides expressed their commitment to identifying economic opportunities that would enhance bilateral trade and attract investments across various sectors.

Dr. Majid Al-Qasabi, Saudi Arabia's Commerce Minister, described the meeting as a reaffirmation of the strong fraternal relations between the two countries. The primary objective of the session was to strengthen the strategic partnership and deepen collaboration in economic matters. Iraq's Deputy Prime Minister, Dr. Mohammad Ali Tamim, who also serves as the planning minister, expressed his desire for the joint council to succeed in its missions and achieve its goals.

During discussions, the ministers commended the notable growth in trade between Saudi Arabia and Iraq, which amounted to $1.5 billion in 2022. They emphasized the importance of maximizing the potential of the newly inaugurated Arar Port and expediting the opening of the Jumaimah border crossing to further enhance trade ties. These efforts aim to facilitate smoother movement of goods and promote increased economic exchange between the two nations.

In conjunction with the coordination council meeting, a Saudi-Iraqi Economic Forum took place, bringing together over 300 businessmen from both countries. The forum served as a platform to explore additional opportunities for collaboration and partnership. Mohammed Alkhorayef, Chairman of the Saudi-Iraqi Business Council, shared the Kingdom's ambition to elevate exports to Iraq to USD10 billion within the next five years. This objective underscores Saudi Arabia's commitment to deepening economic ties and strengthening bilateral trade relations with Iraq.

The agreements signed and the convening of the coordination council and economic forum demonstrate the determination of both Saudi Arabia and Iraq to foster greater economic cooperation. By leveraging these initiatives, the two countries aim to promote sustainable economic growth, expand investment opportunities, and forge stronger bonds in pursuit of mutual prosperity.


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