The Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, announced today, Thursday, support for Saudi exporters and Iraqi importers through the Saudi Export-Import Bank, and signing with 3 banks to finance, 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: "These lines are available to Saudi exporters and Iraqi importers."
He stressed 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.
The Saudi Minister referred to the readiness of Saudi exporters in light of the presence of productive capabilities and energies in Saudi Arabia, especially since the numbers are modest compared to the size of the ambition of the two countries.
Al-Khorayef added: 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: 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 proposals, works to benefit both sides in exporting products.
Al-Khorayef revealed: There are discussions with the Iraqi side about 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.
He continued: Saudi Arabia and Iraq are united by one geological region full of many minerals, while joint action is expected to benefit from the natural resources of phosphates, fertilizers and aluminum.
Al-Khorayef stressed: There is 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.
Source: National Iraqi News Agency