Made in Saudi program gets a shot in the arm from Iraq trade ties

  • 4/11/2023
  • 00:00
  • 7
  • 0
  • 0
news-picture

RIYADH: The Made in Saudi program is expected to widen its scope in the region through the Kingdom’s improving trade partnerships with Iraq. The Saudi Export Development Authority has initiated engagements at the Saudi-Iraqi trade mission in Jeddah as part of the Kingdom’s goal to increase the share of non-oil exports in the non-oil gross domestic product to 50 percent by 2030. The trade mission’s Saudi Exports initiative will target many sectors, including construction, food and medicine collaborating 40 Saudi firms with over 40 Iraqi importing firms. This development will aid in the spread of Saudi goods and improve their regional footprint. Last week, Saudi Arabia welcomed the resumption of air connectivity with Iraq, with the first flynas flight landing at Jeddah’s King Abdulaziz International Airport. Regular flights between Saudi Arabia and Iraq have resumed as a consequence of the continuous efforts of the Saudi-Iraqi Coordination Council, as well as the support and leadership of Crown Prince Mohammed bin Salman. Last February, Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud affirmed the significant developments in the economic relations with Iraq at a joint press conference with his Iraqi counterpart Fuad Hussein. Hussein said Riyadh was ready to back Saudi companies investing in Iraq and welcomed it. “We hope Iraq will be supplied with electricity via the Saudi network or in the Gulf,” he said. Industry reports show Iraq suffers from insufficient infrastructure and public services after decades of conflict and endemic corruption. Baghdad heavily depends on the region for its electricity and gas and has sought to diversify its energy sources. Moreover, Iraq suffers from chronic electricity shortages, especially when summer temperatures reach scorching levels of over 50 degrees Celsius. The high temperatures subsequently push citizens to consume very high amounts of power. Last December, Prince Faisal also said that the Kingdom stands alongside Iraq in preserving stability and sovereignty and is committed to restoring the country’s historic status as a cradle of civilization, science and knowledge. He added that the Kingdom will “spare no effort” to support Iraq’s economic and developmental advancement, claiming that the country’s success is “tied to the prosperity of the whole region.” He noted that the two countries cooperate through the Organization of the Petroleum Exporting Countries and OPEC+ to stabilize global oil markets. Moreover, the foreign minister stated that the Saudi and Middle East Green Initiatives and the Green Belt initiative in Iraq continue to be significant areas of collaboration in building bilateral ties.

مشاركة :