Iraq and Saudi Arabia announce a promising economic phase and greater trade cooperation

Iraq and Saudi Arabia announce a promising economic phase and greater trade cooperation



Date of release: 2017/8/10


Iraq and Saudi Arabia announced a "promising" economic phase in the near future between the two countries.
"Iraq is a country that has rich resources in a number of fields, has great wealth and has many opportunities for our brothers in the Kingdom," Oil Minister Jabbar Ali al-Allaibi, who is currently in Riyadh, said during a joint press conference with his Saudi counterpart Khaled al-Faleh. Saudi Arabia, who could contribute to this development that Iraq is currently facing. "
"Saudi Crown Prince Prince Mohammed bin Salman affirmed during their meeting on Wednesday that the Kingdom stands by Iraq in all areas, not only political, but economic in all kinds," he added.
"We are committed to Saudi Arabia and there is no room for disagreement, and we are in agreement and an ongoing agreement," he said.
Al-Allaibi said that "the figures of oil exports to his country confirm that they are in line with the decisions of [OPEC]," stressing "Iraq's readiness to address any difference of views with any country in a radical and immediate."
For his part, Minister of Energy, Industry and Mineral Resources Khalid Al-Faleh said that he discussed with Minister Al-Allaibi the issue of the return of stability of oil markets, stressing his country's commitment to its leadership in reducing production for the stability of the market.
He stressed that the reduction of production is not limited to the major countries in the volume of oil exports, stressing the need for all exporting countries to reduce production.
"Reducing production to the natural level will contribute to the restoration of stability of the oil markets and will be in the interests of producing countries in the medium and long term and will be in the interest of consuming countries."
Al-Falih expressed Saudi keenness to open up all available fields to improve relations with Iraq. He said that his country is keen to supply Iraq with manufactured exports of petroleum, petrochemical and mineral products from iron and aluminum and to remove obstacles and barriers and encourage investments between the two countries and increase trade exchange at all levels, Private sector or state-owned enterprises ".
He pointed out that "the Iraqi Oil Minister visited several major facilities of the oil and industry sector in the Kingdom and looked at the infrastructure, either in the facilities of Aramco or the Royal Commission for Jubail and Yanbu and SABIC."
He stressed that "the next phase of economic and development relations between the two countries will witness more activity and greater cooperation in the field of trade exchange as well as in the field of opening joint investments of companies and businessmen from both sides."
"The advantages of countries in terms of their basic development, human resources, raw materials and energy sources, will enhance the chances of successful cooperation in all fields and activate all opportunities that will translate into positive steps to achieve the best quality and competitive prices," he said.
Al-Falih pointed out that "cooperation between the two countries will also be reflected in the creation of job opportunities for Iraqi citizens, which is in the interest of the Arab peoples and contribute to the return of stability to Iraq."


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