EconomyIraqSaudi ArabiaEmirates
2023-07-03 01:21Font
Shafaq News / The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, announced on Monday that Saudi Arabia and the UAE have allocated $6 billion to support their operations in Iraq.
Al-Zuhairi said in a statement to Shafaq News, “Iraq must keep pace with the world and form the process of trade globally, take into account World Bank standards, and have full automation in the process of entry and exit of goods.”
He added that “an agreement was reached with the UAE and Saudi Arabia to form business councils, noting that “Saudi Arabia and the UAE have allocated $6 billion to support their operations in Iraq.”
Al-Zuhairi stressed the need for “there to be a complete program in customs and outlets, pointing out that “the first step began by registering data for traders and registering companies, and this is a great support that the Federation of Chambers obtained from the Council of Ministers and the United Nations, and reached a good stage, as we entered the stage (SWIFT), that is, the transfer of funds in the world of imported and exported trade is known, which will make Iraq one of the developed countries.”
The President of the Federation of Iraqi Chambers of Commerce added that “among the tasks of the Union is to establish business councils and conclude agreements, as we have reached with Saudi Arabia and the UAE to form business councils, to improve trade with the two countries,” noting that “the desire is not only in trade, but to establish investment projects.”
Al-Zuhairi explained that “the UAE has put in its fund 3 billion dollars, as well as Saudi Arabia has also put 3 billion dollars to support their operations inside Iraq, whether investment or commercial,” noting that “there is a good desire from the two countries to work inside Iraq.”
Al-Zuhairi pointed out that “Iraq’s location is important, and it is the greatest transit region in the world, as the world shortens in only 9 days from Asia to Europe through the development project, saying: “Therefore we are at a positive stage.”
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