Kicks off on Thursday, Saudi-Iraqi Economic Forum to Forge New Frontiers in Bilateral Trade
Shafaq News/ The Saudi-Iraqi Economic Forum is slated to kick off tomorrow, Thursday, in the Saudi coastal city of Jeddah, with more than 300 firms from both countries on the event's roster.
Sponsored by the Saudi Chamber of Commerce, the forum will host a congregation of over 300 enterprises and officeholders from both countries, including Iraq's Deputy Prime Minister Mohammed Tameem and Saudi Arabia's Minister of Commerce Majid al-Qasabi.
A report by the Saudi "al-Yawm" newspaper said that the forum is devised to invigorate economic ties between the two countries, foster collaborative investment projects, and augment the scale of trade exchange.
Drawing attention to the substantial role of the Saudi-Iraqi Business Council, established in 2017, Hassan al-Hawizi, the President of the Saudi Chamber of Commerce, said, "the Council serves as an indispensable conduit for promoting trade exchange, delineating lucrative investment environments, and catalyzing investors from both nations to initiate joint investment ventures."
Al-Hawizi extolled the commitment of the political leadership of both nations to developing the bilateral economic ties; a commitment that ultimately culminated in the inception of the Saudi-Iraqi Coordination Council.
Tomorrow's event is expected to showcase a series of significant agreements to be signed, set the stage for bilateral meetings, and launch informative presentations pertaining to the Joint Coordination Council, the Saudi-Iraqi Investment Company, as well as investment prospects in Saudi Arabia and Iraq.
Key items on the forum's agenda include leveraging the benefits of the strategic Arar border crossing, instituting a robust mechanism for reciprocal information exchange about investment opportunities, escalating Saudi exports to Iraq, ensuring a steady supply of products to Iraqi companies to Saudi Arabia, and contemplating the pivotal role of the transportation sector.
Data from 2022 showed the total trade exchange volume rising to SAR 5.7 billion ($1.5 billion), a solid 50% annual growth. Notably, the Arar border crossing has been a catalyst in this economic upswing, contributing to a formidable 132% surge in Saudi exports to Iraq.