Iraq, Saudi Arabia ink 12 MoUs to boost investment projects
The Iraqi Ministry of Planning has recently announced the signing of a dozen memoranda of understanding (MoUs) with Saudi Arabia, aimed at fostering various investment projects. According to the Iraqi News Agency (INA), the Ministry of Planning disclosed in a statement that it had entered into these agreements with 12 Saudi companies under the leadership of Planning Minister Muhammad Ali Tamim.
The agreements mark a significant step towards enhancing cooperation between the two nations in various investment ventures. The Saudi Minister of Commerce, Majid Al-Qasabi, revealed that the volume of trade exchange between Iraq and Saudi Arabia soared to $1.5 billion in 2022, indicating a notable 50 percent increase compared to the previous year.
In February, the Iraqi Federation of Industries (IFI) unveiled Saudi Arabia’s intentions to establish a dedicated marketplace for Iraqi products. This move underscores Saudi Arabia’s commitment to bolstering economic ties with Iraq. The IFI highlighted in a statement that the commercial attaché in Riyadh expressed a keen interest in establishing a trading hub to showcase Iraqi products in Saudi Arabia, as reported by Shafaq News.
Last May, the Saudi city of Jeddah hosted the 5th session of the Saudi-Iraqi Coordination Council, where several agreements were reached, promising mutual benefits politically and economically. The closing statement of the council emphasized both parties’ determination to sustain collaborative efforts across various sectors, notably energy, education, banking, and electrical interconnection.
The agreements signify a positive trajectory in the bilateral relations between Iraq and Saudi Arabia, with a clear focus on leveraging economic opportunities for mutual growth. As both nations continue to explore avenues for cooperation, the signed MoUs lay a solid foundation for further collaboration in advancing investment initiatives and fostering economic prosperity.
