The Federation of Saudi Chambers (FSC) in Riyadh is scheduled next Monday to hold the Saudi-Iraqi Business Forum to discuss aspects of cooperation in the commercial and investment fields and mechanisms to support and develop them. The forum will witness several presentations to introduce investment opportunities available in both countries, in addition to signing several agreements among public institutions and other private sector institutions in several investment and commercial sectors. FSC Chairman Ajlan bin Abdulaziz Al-Ajlan noted that the forum will be held in the presence of ministers and economic officials from the Kingdom of Saudi Arabia and Iraq and with a wide participation of Saudi and Iraqi businesspeople, adding that the commercial discussions between the two side during the forum will be focused on main economic sectors that form a priority on the cooperation agenda between the two countries in light of the Saudi Vision 2030 and the plans of the Iraqi economy in the next stage. Al-Ajlan also referred to the vital role of the coordination council and the Saudi-Iraqi Business Council in introducing investment opportunities and encouraging commercial partnerships between Saudi and Iraqi businesspeople. He also pointed out to the steady improvement in economic relations between the two countries in a way that contributes to increasing Saudi exports to Iraq and increasing the Saudi imports from Iraq that enjoys good economic elements in various economic fields, in addition to the investment flow between the two sides, noting that there are several Saudi companies working in Iraq and other are eagerly willing to expand their investments in Iraq. The FSC president also expressed hope to increase the commercial exchange volume between the two countries after the opening the land crossing between the two countries in Araar, especially that the Kingdom of Saudi Arabia is planning to establish and operate the logistic zone on this border crossing to act as a special economic zone and after opening a commercial attaché in the Kingdom of Saudi Arabia's embassy in Baghdad. He also referred to a joint desire by the Saudi and Iraqi sides in enhancing economic cooperation, increasing the levels of trade exchanges, and providing the proper environment for that, due to the big investment opportunities and economic potential for both countries, expressing hope for the forum to reach positive recommendations and outcomes that can support the future of economic relations between the two countries.
