RIYADH — The head of the Saudi-Iraqi Business Council at the Council of Saudi Chambers (CSC) Mohammed Al-Khorayef said that business owners are keen to strengthen trade relations and invest in the two countries as they offer them comparative advantages.

Al-Khorayef made the remarks during his participation in the Saudi-Iraqi Business Forum, which was held recently in the Iraqi capital, Baghdad.

He said that at the forum a number of working papers were presented, proposing the establishment of a commercial exchange area at the Jadidat Arar Port, and a working paper focusing on investment opportunities and challenges, in addition to a Saudi initiative to register 100 Saudi companies in Iraq.

He also said that Iraq possesses water resources, fertile lands, and agricultural experiences that enable it to meet the needs of the Arab region and the world in agricultural and animal production, food industries, and other productive areas.

He highlighted the potentials of the Saudi economy in fields, like hydrocarbon industries, mining, energy, pharmaceutical and food industries, building and construction materials industries, and health care.

Eng. Al-Khorayef stressed the importance of speeding up the pace to remove the challenges facing commercial dealings between the two countries, including banking and transportation, and to identify investment opportunities commensurate with the capabilities to benefit from the Saudi loan.

He stated that the Saudi-Iraqi Business Forum witnessed the signing of bilateral agreements that promote development projects, to take advantage of promising investment opportunities in the two countries and boost the bilateral trade.