Signing a number of agreements and memoranda of understanding

 Riyadh - Broadcast: The activities of the Saudi-Iraqi Joint Business Forum were launched today, Monday, in the Saudi capital, Riyadh, organized by the Federation of Saudi Chambers of Commerce, with the wide participation of Saudi and Iraqi ministers, officials and business owners.

The Secretary-General of the Iraqi Council of Ministers, Dr. Hamid Al-Ghazi, affirmed the Iraqi government’s support for the Saudi-Iraqi Coordination Council to open a new page 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, he explained 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 signing many agreements and memoranda of understanding, noting that the council’s technical committees are working on a number of important files such as linking Electricity and the promotion of joint investment in the fields of oil, gas, agriculture, petrochemicals and smart industrial cities, where a memorandum of electrical interconnection will be signed between the two countries in a way that enhances the regional market for electricity trade in addition to renewable energy projects.

He pointed out that the pillars of 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 and irrigation systems and manufacturing industries, including dates.

He added 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 the creation of job opportunities for Iraqi citizens, stressing that the political will in the two countries is real and serious towards developing economic relations and interests. 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.

In addition, the Minister of Commerce in the Kingdom of Saudi Arabia, Dr. Majid Al-Qasabi, stressed that all the ingredients for growth and prosperity for the Saudi-Iraqi economic relations are available and that the political will is supportive and the opportunities and possibilities are great, stressing the need for an annual business forum and to increase the definition of investment opportunities available in both countries and to develop a plan Joint work to translate aspirations and hopes into real opportunities that contribute to strengthening trade and investment relations between the two countries.

The President of the Federation of Saudi Chambers, Mr. Ajlan bin Abdulaziz Al-Ajlan, welcomed the guests of the Kingdom and the good relations that bind the two countries, indicating that this confirms the depth of Arab and economic ties. It has a great potential for growth and expansion in the future, given the two countries' promising trade and investment opportunities and great economic capabilities and resources that characterize both countries.

He explained that the statistics indicate that the volume of trade exchange in 2020 increased by 15%, and amounted to about 3.41 billion riyals for the year 2019, distributed between 3.37 billion riyals Saudi exports, 41.6 million riyals Iraqi exports, and Iraq is ranked eleventh among Arab countries in the volume of exchange. Trade with the Kingdom of Saudi Arabia, noting that these figures are to some extent motivating and good, but they do not fit with the long-standing historical relationship between the two countries, and do not reflect the aspirations of both sides.

For his part, the head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, said that the Kingdom represents a strategic depth for Iraq with its great potential as an active country in the global economy and within the G20 countries, adding that the changes that the global economy is going through after Corona requires the formation of an economic bloc between Iraq and The Kingdom and the Gulf Cooperation Council countries, where Iraq possesses fresh water, resources and capabilities, while the Kingdom possesses energy, financial capacity and high expertise, stressing the importance of strengthening communication between the Saudi and Iraqi private sectors through the Joint Business Council to keep pace with the development and interest in relations between the two countries

The head of the Saudi side in the Saudi-Iraqi Business Council, Eng. Muhammad bin Abdullah Al-Khorayef, indicated that the council is carrying out institutional work based on a clear strategy and specific goals that advance the aspirations of the leaders and interests of the two peoples, indicating that the council launched a number of initiatives, the most important of which is the initiative to establish a data center for opportunities, solutions and decisions. Which serves the business community between the two countries, and another to work on setting up an annual economic forum, in addition to the initiative of specialized commercial convoys between the two countries, and encouraging Saudi investments.

 Al-Khorayef added that the council is in constant contact with the relevant authorities to work on solving all the challenges faced by the investor and the exporter, indicating the need to seek with the competent authorities in the two countries to allow Saudi trucks to enter directly into Iraq, as this procedure will be a major factor in activating direct export to Iraq through a new port. Arar, which helps in developing Saudi exports to Iraq, as it will save time and costs and ensure that exports arrive in a sound condition.

For his part, the head of the Saudi side in the Saudi-Iraqi Business Council, Dr. Nawaf Al-Kharbit, said that he expresses appreciation to the Custodian of the Two Holy Mosques and His Highness the Crown Prince - may God preserve them - for their efforts to develop relations between the two brotherly countries. He called for exerting utmost efforts to build a common database of investment opportunities, and to provide support for projects of common interest, in a way that contributes to the development of trade exchange through the Jdeidet Arar port.

  The participants in the forum reviewed investment opportunities in both the Kingdom and Iraq in a number of promising economic sectors. The forum also witnessed the signing of a number of agreements and memoranda of understanding between government and private Saudi and Iraqi agencies.