Iraqi Industry Minister and Saudi Investors Discuss Partnership Opportunities

 The Council of Saudi Chambers (CSC) hosted a meeting between Iraqi Minister for Industry and Minerals Eng. Mohammed Al Sudani and Saudi investors where the two sides discussed partnership opportunities between the two countries.

Eng. Al Sudani noted during the meeting, which was attended by CSC Chairperson. Eng. Ahmed Al Rajhi and Secretary General Dr. Saud Al Meshari, that the Iraqi government supports foreign investments and seeks to benefit from the successful experiences of countries such as Saudi Arabia, whose expertise covers areas including industries, minerals and electricity. He praised the Saudi private sector for its strategic partnerships with leading international corporates, as well as its attraction of advanced technology which contributed to the production of high quality products that are prominent in local and foreign markets.

The Iraqi Minister noted that with a population of 37 million people, the Iraqi market has high demand for Saudi products. He conveyed readiness of Iraqi government agencies to contact CSC so as to exchange the necessary information in this regard and find mechanisms to facilitate cooperation between investors in both sides.

For his part, Eng. Al Rajhi mentioned the historic relations between Saudi Arabia and Iraq, adding that the meeting reflects the mutual interests of the two countries’ public and private sectors to foster economic relations, especially as they possess the natural and human resources to realize projects in various fields, including agriculture, trade, and advanced industries.

The CSC Chairperson praised the continued meetings between the two sides, noting that they resulted in the formation of the Saudi-Iraqi Coordination Council, and adding that Saudi investors need more facilitations, particularly in regards to tax exemptions and access of Saudi exports to the Iraqi market. Al Rajhi encouraged for more efforts to activate the Saudi-Iraqi Business Council considering the modest trade between the two countries, which did not exceed USD 610 million in 2016.

The meeting included a presentation by the Saudi side of the joint council on its achievements since its formation last November. In addition to a working paper on why the Saudi industry is the best fit for Iraq. Further discussions included securing protection for land roads that Saudi shipments pass through, building cross-border free zones, and approving insurance companies to serve investors and exports on both sides.