Saudi Arabia & Iraq have stronger bilateral ties; Minister of Commerce

By Shilpa Annie Joseph, Official Reporter
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Saudi Arabia
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Dr. Majid Bin Abdullah Al-Qasabi, the Minister of Commerce and Chairman of the Saudi-Iraqi Coordination Council, has reaffirmed the strong links that exist between Saudi Arabia and Iraq, which share mutual interests and are linked by trade and historical ties.

This statement was made during the Saudi-Iraqi Business Forum being held in Riyadh. As per the reports, the forum aims at pushing forward the path of economic ties between the two brotherly countries, which is witnessing a remarkable progress at all levels.

During the meeting, Dr. Al-Qasabi said that “the leadership of the two countries are keen to take the relations to new heights in various fields and invest all capabilities and opportunities for the benefit of the two sides.”

Majid Bin Abdullah Al Qasabi
Majid Bin Abdullah Al Qasabi
Minister of Commerce
Saudi Arabia

“The Saudi-Iraqi relations, in light of the follow-up by the leaderships in the two countries, are at their best and witnessing significant growth, adding the Saudi Iraqi Coordination Council is keen to boost cooperation in various fields, including economic, development, security, investment, tourism, cultural, and media. The council seeks to remove all obstacles to encourage investment, provide an opportunity for businessmen to learn about the advantages of the commercial and investment sectors, and adopt effective means that contribute to the development of border areas and stimulate promising investment opportunities.”

Furthermore, the volume of trade exchange between Saudi Arabia and Iraq has totaled $4.7 billion (SR17.7 billion) during the past five years with the two sides engaging in major joint projects.

The areas of cooperation include energy, petrochemical industries, transportation, logistics services, irrigation systems, agricultural equipment, food industry, contracting sector, and real estate development, according to the reports.

Related: Saudi Arabia explores ways to boost ties in digital economy with Iraq