Saudi-Iraqi Business Forum to open in Riyadh

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Saudi-Iraqi Business Forum to open in Riyadh

Riyadh is scheduled to host the Saudi-Iraqi Business Forum, which is organized by the Federation of Saudi Chamber at its headquarters, with a wide and large participation of ministers, officials, representatives of public and private sectors, and Saudi and Iraqi businesspeople, in a move that aims at pushing forward the path of economic ties between the two brotherly countries, which is witnessing a remarkable progress at all levels.

The agenda will include presentations on investment opportunities in the Kingdom of Saudi Arabia, particularly those related to projects of Saudi Vision 2030 and promising investment opportunities in Iraq, mainly in energy, transportation, logistics, importation, financial, banking and infrastructure sectors.

The forum will include holding bilateral meetings between businesspeople of both countries to discuss opportunities for holding commercial and investment partnerships, as well as signing several agreements and memorandums of understanding between public and private sector institutions, and holding the joint Saudi-Iraqi Business Council.

The forum is important because of the interest and support of both countries leaderships to develop bilateral economic relations and the aspirations of the Saudi and Iraqi business sectors to develop and enhance trade and investment aspects in addition to the launch of the second session of the Joint Saudi-Iraqi Business Council, as well as the launch of the second session of the joint Saudi-Iraqi Business Council. The obstacles and challenges facing the flow of trade between the two countries will be an important aspect in the forum's discussions in order to find the right solutions that can support the future of Saudi-Iraqi economic relations.

The Saudi-Iraqi-owned economic ties are built on a solid institutional base through commercial and investment agreements between the two countries in different fields, in addition to having the Saudi-Iraqi Coordination Council and the joint business council between businesspeople of the two sides.

In 2020, the commercial exchange volume between the Kingdom of Saudi Arabia and Iraq increased by 3,412 million compared to SAR 2,971 million in 2019, an increase of SAR 441 million or 14.8%. In 2020 the Kingdom of Saudi Arabia's exports to Iraq reached SAR 3,371 million, while Saudi Arabia's imports from Iraq reached SAR 41.8 million for the same year.