‎Saudi Arabia considers feasibility of building industrial city in Iraq: Alkhorayef

‎Saudi Arabia considers feasibility of building industrial city in Iraq: Alkhorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef said that the volume of trade exchange between Saudi Arabia and Iraq amounts to SAR 5 billion, of which Saudi exports account for SAR 3.5 billion.

In statements to Al-Arabiya TV, Alkhorayef added that there is a great opportunity to more than double the volume of trade exchange between the two countries quickly, as there is political will in addition to the presence of infrastructure such as ports, which are overhauled constantly.

Moreover, the industrial capabilities in Saudi Arabia can serve the Iraqi market and compete with several imported products. Saudi Arabia is keen to help Iraq build local capabilities in industry and in some raw materials. The Saudi Export-Import Bank can be tapped by both sides in exporting Saudi products to Iraq or vice versa, according to the minister.

Alkhorayef also indicated that the existing joint work aims to benefit from the Saudi expertise in the industrial sector, such as industrial cities, adding that there are talks with the Iraqi side about the feasibility of creating an industrial city that will embrace Saudi industries in order to facilitate the entry of Saudi investors on the one hand, and to build capacities inside Iraq on