Saudi Arabia and the United Arab Emirates have earmarked $6 billion to boost their trade and investment operations in Iraq, which is attempting to capitalize on its geographical location in order to stay up with the rise of global commerce.
The Federation of Iraqi Chambers of Commerce (FICC) announced on Sunday that it reached an agreement with both countries to form business councils, according to the Iraqi News Agency (INA).
The President of the FICC, Abdel Razzak Al-Zouhairy, explained that Iraq is trying to have an integrated system for commercial activities to keep pace with the development of global trade, particularly in terms of customs systems related to the entry and exit of goods.
Al-Zouhairy indicated that the FICC received great support from the Iraqi Council of Ministers, where the first step was to register the data of operating merchants and companies.
The Iraqi official clarified that Baghdad, Riyadh and Abu Dhabi are not only focusing on trade exchange but also intend to carry out investment projects.
“The UAE and Saudi Arabia deposited $3 billion each to support their operations in Iraq, which include trade and investment activities,” the FICC’s President said.
Al-Zouhairy added that Iraq’s geographical location gives it great importance in global trade, especially in terms of trade routes from Europe to Asia and vice versa.
