Saudi-Iraqi Meetings Enhance Investment Opportunities: Saudi Commerce Minister

Jeddah, May 25, 2023, SPA – The Saudi-Iraqi Coordination Council meetings enhance, explain, and promote the investment opportunities between both countries, Saudi Minister of Commerce and Investment Dr. Majid Al-Qasabi said.
In press remarks after the fifth session of the Saudi-Iraqi Coordination Council meeting today, Minister Al-Qasabi, chair of the Saudi side at the council meeting, said several opportunities were discussed during the meeting regarding power linkage and logistics among other investment opportunities.
The minister noted that the sixth session of the meeting will be held in Baghdad.
During the fifth meeting, the work teams from both sides discussed economic, investment, and commercial files as well as related chances and challenges, Al-Qasabi said.
This session of the council meeting is being held in conjunction with the Saudi-Iraqi Business Council meeting with the participation of around 200 businessmen from Saudi Arabia and Iraq, the minister affirmed.
The convening of the fifth session of the Saudi-Iraq Coordination Council comes in implementation of the directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and Iraq’s Prime Minister Mohammed Shia Al-Sudani, Al-Qasabi affirmed.
Trade volume between Saudi Arabia and Iraq increased to 1.5 billion Saudi Riyals in 2022, the minister said.
He extended thanks to the Iraqi prime minister and deputy prime minister for the Iraqi efforts to tackle all challenges and follow up on the success of this council.
Meanwhile, procedures have been developed and most of challenges have been solved at the Arar border crossing, the minister said, noting that around 6,000 Umrah performers arrive daily at the crossing currently.
The crossing has started to receive Hajj pilgrims and Umrah performers as it has become a comprehensive crossing instead of being a commercial outlet, Al-Qasabi said.
There will be an increase in trade exchange thanks to the efforts made by the brothers in Iraq, Al-Qasabi said, affirming that such efforts have helped increase the Kingdom’s exports to Iraq.
21:14 LOCAL TIME 18:14 GMT