Saudi Arabia seeks to set up marketplace for goods from Iraq
The national flags of Saudi Arabia and Iraq. Photo: Gulf Leaders Circle
Baghdad (IraqiNews.com) – The Iraqi Federation of Industries (IFI) announced on Wednesday that Saudi Arabia seeks to set up a marketplace for Iraqi products.
The IFI said in a statement that the commercial attaché in the Saudi capital, Riyadh, expressed interest in setting up a trading hub to exhibit Iraqi products in Saudi Arabia, Shafaq News reported.
The step aims to enhance economic and trade relations between Iraq and Saudi Arabia, according to the IFI.
The statement called on Iraqi entrepreneurs who want to export to provide the IFI with a list of their agricultural and industrial products to be displayed and promoted in Saudi Arabia.
The IFI did not indicate in its statement the date of setting up this marketplace.
The Saudi Minister of Commerce, Majid Al-Qasabi, revealed last May that the volume of trade exchange with Iraq had increased to $1.5 billion.
The Saudi city of Jeddah hosted the 5th session of the Saudi-Iraqi Coordination Council, which ended on May 25, and witnessed several agreements that would benefit both sides politically and economically.
In the closing statement of the Saudi-Iraqi Coordination Council, the two sides expressed their keenness to continue joint work in many fields, especially energy, education, banking, and electrical interconnection.
Both sides also praised the increase in the volume of trade between the two countries to $1.5 billion in 2022, which represents an increase of 50 percent compared to 2021.