According to Mohammed Al-Khorayef, who spoke at the Saudi-Iraqi Business Forum in Riyadh, Saudi Arabia and Iraq have developed a data center for all the opportunities, solutions, and decisions that assist the business community in the two nations.
Both countries are working on establishing an annual business summit to encourage bilateral trade and investment, said Al-Khorayef, who chairs the Saudi-Iraqi Business Council at the Council of Saudi Chambers.
Minister of Commerce, Majed Al-Qasabi's statement on the forum also said that small investors are unaware of the prospects that exist in both nations, as well as the possibility of developing the two countries' relations to their full potential.
According to Ajlan Al-Ajlan, President of the Federation of Saudi Chambers of Commerce, the volume of economic exchange between the Kingdom and Iraq increased by 15% in 2020, reaching SR3.4 billion ($1 billion).
Several meetings with official authorities were conducted in the Saudi-Iraqi Business Council, and other efforts were started in order to achieve the desired aims of encouraging investment and commercial interchange between the two nations.