UAE: KSA and the UAE have allocated a substantial amount of $6 billion to bolster their investments and trade ventures in Iraq. This move comes as Iraq strives to leverage its strategic geographical position to keep pace with the flourishing global commerce.
In a significant development, the Federation of Iraqi Chambers of Commerce (FICC) has forged agreements with both countries to establish business councils, reported the Iraqi News Agency.
According to Abdel Razzak Al-Zouhairy, the President of FICC, Iraq is actively working towards establishing a comprehensive framework for commercial activities to align with the evolving landscape of international trade, specifically in terms of streamlined customs procedures for goods entering and exiting the country.
Additionally, continuing his statement, he highlighted that the FICC has received substantial backing from the Iraqi Council of Ministers, marking the first step in registering the data of operating merchants and companies.
Moreover, it is worth noting that Baghdad, Riyadh, and Abu Dhabi are not solely focused on fostering trade exchange but also harbor intentions to undertake investment projects. Al-Zouhairy revealed that both the UAE and Saudi Arabia have committed $3 billion each to support their operations in Iraq, encompassing trade and investment endeavors.
Furthermore, Al-Zouhairy emphasized the significance of Iraq’s geographic location in global trade, particularly concerning trade routes connecting Europe and Asia in both directions. This positioning further bolsters Iraq’s attractiveness as a potential hub for economic activities and investment opportunities.
The considerable financial injection from Saudi Arabia and the UAE, coupled with the collaborative efforts between the FICC and the business councils, is expected to catalyze Iraq’s economic growth and propel its integration into the global trade network.
As Iraq capitalizes on its unique geographical advantages, it stands poised to benefit from increased investments and trade partnerships, ultimately driving the nation’s progress and prosperity.