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Baghdad agrees with Riyadh and Abu Dhabi to form business councils
Economical 2023/07/03
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Yesterday, Sunday, the Federation of Iraqi Chambers of Commerce reached an agreement with the UAE and Saudi Arabia to form business councils, while indicating that Saudi Arabia and the UAE have allocated $6 billion to support its operations in Iraq.
The head of the union, Abd al-Razzaq al-Zuhairi, told the Iraqi News Agency (INA): "Iraq must keep pace with the world and shape the global trade process, taking into account the standards of the World Bank, and have complete automation in the process of entry and exit of goods," stressing "the need to have There is a complete program at customs and ports.
He added, "The first step began with registering data for merchants and registering companies, and this is a great support that we got from the Council of Ministers and the United Nations, and we have reached a good stage."
And he continued: "Now we have entered the (Swift) stage, meaning that the transfer of funds in the world of trade, the importer and the exporter, is known, which will make Iraq one of the developed countries."
He pointed out that "the federation is among its tasks to establish business councils and conclude agreements, as we have reached with Saudi Arabia and the UAE the formation of business councils, to improve trade with the two countries," noting that "the desire is not only in trade, but in the establishment of investment projects."
He explained, "The UAE has put 3 billion dollars in its fund, and Saudi Arabia has also put 3 billion dollars to support its operational operations inside Iraq, whether they are investment or commercial," noting that "there is a good desire from the two countries to work inside Iraq."
He pointed out, "The location of Iraq is important, and it is considered the greatest (transit) region in the world, as the world is shortened in only 9 days from Asia to Europe through the development project, so we are in a phase
positive.”
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