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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Allocating $130 million to Saudi and Iraqi exporters and importers

    Rocky
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    Allocating $130 million to Saudi and Iraqi exporters and importers Empty Allocating $130 million to Saudi and Iraqi exporters and importers

    Post by Rocky Thu 25 May 2023, 8:45 am

    Allocating $130 million to Saudi and Iraqi exporters and importers



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    2023-05-25 04:54
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    Shafaq News/ The Minister of Industry and Mineral Resources, Bandar Al-Khorayef, announced on Thursday, supporting Saudi exporters and Iraqi importers through the Saudi Export-Import Bank, and signing with 3 banks for financing, exports and lines with a value of more than $130 million.
    Al-Khorayef said, in a statement to reporters on the sidelines of the Saudi-Iraqi Economic Forum, that these lines are available to Saudi exporters and Iraqi importers, noting the availability of opportunities for industry in Saudi Arabia and for expansion in Iraq to benefit from the Iraqi market and vice versa, with integration in the mining sector between the two parties.



    He pointed out the readiness of Saudi exporters in light of the presence of productive capabilities and capacities in Saudi Arabia, especially since the numbers are modest compared to the size of the ambition of the two countries.
    Al-Khorayef added that the volume of intra-trade between the two countries exceeded 5 billion riyals, of which 3.9 billion is in favor of Saudi Arabia, while there are opportunities to develop and double these numbers through political will and infrastructure through the ports and its permanent and continuous development.
    He noted the industrial capabilities and their ability to compete, especially with Saudi Arabia's keenness to support Iraq to build industrial capabilities, noting that the Saudi Export-Import Bank, in addition to the proposals, is working to benefit both sides in exporting products.
    He revealed that there are discussions with the Iraqi side on the feasibility of establishing an industrial city to embrace Saudi products to facilitate the entry of Saudi investors, noting that there are consultations about the independence of that city inside Iraq or between the borders of the two countries.
    Al-Khorayef went on to say that Saudi Arabia and Iraq are united by one geological region full of many minerals, while joint work is expected to benefit from the natural resources of phosphates, fertilizers and aluminum.
    He stressed the existence of a convergence in the various strategies with regard to added value within the economy, whether for industries related to oil, gas and petrochemicals, or in the mining sector.
    The activities of the "Saudi-Iraqi Economic Forum" were launched earlier today in Jeddah. It is organized by the Federation of Saudi Chambers with the participation of more than 300 companies, and in the presence of Iraqi Deputy Prime Minister Muhammad Tamim, Minister of Commerce Majid Al-Qasabi, and a number of ministers, officials, representatives of government and private agencies, and business owners from both countries.
    Establishing a joint industrial city between Iraq and Saudi Arabia 
    On the sidelines of the forum, Minister of Industry and Minerals Khaled Battal Al-Najm, with Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, discussed a number of issues of concern to industrial cooperation between Iraq and Saudi Arabia.
    The minister affirmed the Iraqi government's keenness to settle bilateral relations with Saudi Arabia in all sectors, including the industrial sector, and its directions towards concluding real partnerships with regard to the Iraqi-Saudi Coordination Council, the various industrial fields, and the available investment opportunities.
    He referred to the desire to cooperate with Saudi Arabia to establish a joint industrial city that would be a starting point for investments between the two countries, reviewing the ministry's procedures for establishing a joint economic city with Jordan and establishing industrial cities in a number of governorates and laying the foundation stone for other cities, pointing at the same time to the ministry's vision towards focusing on strategic industries in Iraq remained rich in natural resources and minerals, as it possesses the largest reserves in the world in sulfur and the second in phosphate reserves, in addition to other natural resources. 
    Al-Najm called for holding a meeting with Saudi investors to develop a future plan for industrial partnership in light of the investment opportunities and projects available at the Iraqi Ministry of Industry and Minerals and the facilities and support provided in accordance with the law.
    For his part, the Saudi Minister of Industry affirmed the desire of Saudi companies to work and invest in Iraq, pointing out that these companies possess expertise and experience in establishing industrial cities and have the desire to work jointly in this field.
    Electrical connection between the two countries
    For his part, Deputy Prime Minister and Minister of Planning Muhammad Ali Tamim affirmed, in a speech he delivered during the forum, Iraq's sincere desire for the success of the Iraqi-Saudi Coordination Council, and for this council to complete its work and achieve more successes in the way of serving development in the two countries, indicating that the work of the council comes In a new phase based on two tracks, the first is to complete the steps in the previous phases, in order to achieve economic, investment and trade integration between the two countries.
    He pointed out that the second track is related to future aspirations, and what the Coordinating Council should do, and the tasks awaiting it in light of the many difficulties and challenges that the world is witnessing today, drawing attention to the challenges expected to occur in the coming years, most notably climate changes, and their repercussions on security. food and health, and increasing the percentage of vulnerable groups, all of which require drawing joint policies responsive to these challenges, especially in the field of water scarcity treatment and agricultural development.
    The minister added that the great seriousness and high concern of the leaderships of the two countries will enable the council to continue its work and achieve what was agreed upon, based on the fraternal and historical bonds and ties that unite our two countries and peoples, and the development of those bonds and relations, on the foundations and firm principles of brotherhood.
    He concluded by saying: The Council has a number of important issues that will be discussed during this session and that we will take steps forward in these files, including signing a number of memorandums of understanding in several areas, and completing the electrical connection requirements, in a way that contributes to strengthening joint cooperation between Iraq. and Saudi Arabia.
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