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Iraq, Saudi Arabia sign 12 MoUs for investment projects

Baghdad ( – The Iraqi Ministry of Planning announced that it had signed 12 memoranda of being familiar with with Saudi Arabia for investment decision jobs.

The Iraqi Organizing Ministry produced a assertion in which it described that it signed memoranda of knowledge with 12 Saudi businesses, below the auspices of Organizing Minister Muhammad Ali Tamim, to boost cooperation in many investment decision projects, the Iraqi News Agency (INA) described.

The Saudi Minister of Commerce, Majid Al-Qasabi, disclosed previous Might that the quantity of trade trade with Iraq experienced increased to $1.5 billion in 2022, symbolizing an increase of 50 p.c in comparison to 2021.

The Iraqi Federation of Industries (IFI) introduced in February that Saudi Arabia seeks to set up a marketplace for Iraqi merchandise.

The IFI stated in a statement that the industrial attaché in the Saudi cash, Riyadh, expressed interest in placing up a trading hub to exhibit Iraqi solutions in Saudi Arabia, Shafaq Information documented.

The Saudi metropolis of Jeddah hosted final May the 5th session of the Saudi-Iraqi Coordination Council, which witnessed many agreements that would benefit the two sides politically and economically.

In the closing assertion of the Saudi-Iraqi Coordination Council, the two sides expressed their keenness to carry on joint work in lots of fields, specifically strength, schooling, banking, and electrical interconnection.

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