Saudi-Iraqi business forum takes place in Riyadh

Baghdad (IraqiNews.com) – The Saudi-Iraqi business forum took place in Riyadh, aiming to strengthen the economic relations between Saudi Arabia and Iraq.

The strategic forum included important Iraqi officials and executives including Hamid Al-Ghizi, Secretary-General of the Council of Ministers, Dr. Azhar Al-Rubaie, Undersecretary of the Ministry of Planning and the Iraqi Syndicate of Engineers, and more than 40 Iraqi businesspersons. 

During the business forum, Saudi Minister of Commerce and Investment, Majid bin Abdullah Al Qasabi stressed the importance of holding the second conference in Baghdad, Iraq.

The two nations’ ties have been improving the past several years with increased collaborations and investments taking place including establishing the Saudi-Iraqi Business Council and the reopening of the new land port of Jadidat Arar on the border between the two nations.

Saudi Arabia and Iraq are seeking to increase the volume of trade by initiating more strategic agreements including Saudi Arabia supplying gas to Iraq to support the country’s electricity cuts. The volume of trade between the countries in 2020 was reported to be approximately $900 million and could be in the billions in the coming years.