Iraq, Saudi Arabia sign 12 MoUs for investment projects
The national flags of Saudi Arabia and Iraq. Photo: Gulf Leaders Circle
Baghdad (IraqiNews.com) – The Iraqi Ministry of Planning announced that it had signed 12 memoranda of understanding with Saudi Arabia for investment projects.
The Iraqi Planning Ministry released a statement in which it mentioned that it signed memoranda of understanding with 12 Saudi companies, under the auspices of Planning Minister Muhammad Ali Tamim, to promote cooperation in several investment projects, the Iraqi News Agency (INA) reported.
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 in 2022, representing an increase of 50 percent compared to 2021.
The Iraqi Federation of Industries (IFI) announced in February 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 Saudi city of Jeddah hosted last May the 5th session of the Saudi-Iraqi Coordination Council, which 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.