The second session of the Saudi-Iraqi Coordination Council, headed by H.E. the Minister of Commerce and Investment, Dr. Majid al-Kasabi from the Saudi side, has been concluded today in Baghdad, the Iraqi side is headed by H.E. Deputy Prime Minister and Minister of Oil, Mr. Thamer Al Ghadhban. This meeting is attended by H.E. Minister of Culture, prince Badr Bin Abdullah Bin Mohammad Bin Farhan Al Saud, H.E. Minister of Environment, Water and Agriculture, Engr. Abdulrahman Al-Fadhli, H.E. Minister of Energy, Industry and Mineral Resources Engr. Khalid Al-Falih, H.E. Minister of Education, Dr. Hamad Al-Sheikh, H.E. Minister of Information, Mr. Turki Al Shbana, H.E. Governor of General Customs Authority, Mr. Ahmad Al Haqabani, H.E. Deputy Minister of Energy, Industry and Mineral Resources, Engr. Abdul Aziz Al-Abdul Karim, H.E. Mr. Rumaih Al-Rumaih, Chairman of the Public Transport Authority, H.E. Mr. Abdulrahman Al-Harbi, Governor of the General Authority for Foreign Trade, as well as representatives from the Ministry of Interior, Ministry of Foreign Affairs, Ministry of Finance, Ministry of Energy, Industry and Mineral Resources, Ministry of Transport, Ministry of Information, Ministry of Commerce and Investment, Ministry of Education, Ministry of Environment, Water and Agriculture, Ministry of Islamic Affairs, General Authority for Investment, Saudi Arabian Monetary Agency, General Presidency of Intelligence, Saudi Export Development Authority, General Organization for Civil Aviation, Public Transport Authority, General Authority of Ports, General Authority of Sport, the Saudi Organization for Industrial Cities and Technology Zones, the Saudi Fund for Development, Presidency of State Security, King Salman Relief Center , in addition to a high-level delegation from major Saudi companies wishing to invest in various sectors in Iraq. The attendants listened to a presentation about the latest results and outputs of the Council Committees. They discussed the priorities of the next phase, also the implementation plan, besides discussing the issues of the agenda. At the conclusion of the meeting, minutes of meeting was signed, as well as the committees' minutes.
H.E. Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qassabi, said in his speech to the Council that the second session of the Saudi-Iraqi Coordination Council aims to shift from the stage of consultation and study to the implementation phase on issues of common concern, besides enhancing the cooperation between both sides in different fields.
H.E. Dr. Al Qasabi confirmed that the Kingdom is ready to support Iraq for developing the infrastructure and share in various projects, also developing the Rules and Regulations, besides simplifying the procedures to cope with the global changes, so that an attractive investment environment can be found. H.E. pointed out that the Kingdom has allocated one billion riyals as loans to support the development projects in Iraq, also a gift from the Custodian of the Two Holy Mosques to the Iraqi people, by building a sport city in Baghdad, in addition to $ 500 million to support exports in Iraq.
H. E. Dr. Al Qasabi explained that there are currently four major Saudi companies ready to enter the Iraqi market in various sectors, namely: Aramco, to invest in gas project, also SABIC, to invest in the construction of a petrochemical complex, as well as Ma'aden Co., to invest in Phosphate, Fertilizer and Aluminum, in addition to Aqua-power Company, to invest in Electrical Connection and Renewable Energy projects.
H.E. Dr. Al Qasabi said that Arar border, which will be opened in October, will contribute to raising the level of trade exchange between the two brotherly countries, pointing to the proposal of the private sector to establish a free zone there. This proposal will be studied by both sides.
At the conclusion of the meeting, H.E. the Minister of Commerce and Investment stressed the importance of enhancing the joint cooperation between the two sides, relevant to international and regional affairs of great common concern, also safeguarding the common interests and developing the partnership between the private sectors in both countries, besides giving chance to businessmen to identify the trade and investment opportunities and adopt effective means to exploit that.