The Saudi Minister of Industry, Bandar Al-Khorayef, said there are talks regarding the establishment of an industrial zone in Iraq dedicated to Saudi manufacturers.
Al-Khorayef added, in an interview with Al-Arabiya and Al-Hadath channels on the sidelines of the meeting of the Saudi-Iraqi Coordination Council, which aims to strengthen investment and economic relations between the two countries, that the industrial city may be inside Iraq or in the border area with Saudi Arabia.
Al-Khorayef stressed the existence of new initiatives with the Iraqi side related to the industrial and mining sectors.
He pointed to the signing of 3 agreements with 3 banks to finance exports and imports with Iraq.
“We are working with Iraq on initiatives related to the industrial and mining sectors. Opportunities are available for expansion in Iraq in the industrial and mining sectors. We are also working to increase the volume of trade between the Kingdom and Iraq,” according to Al-Khorayef.
The Saudi Minister of Industry pointed out that work is being done with Iraq to benefit from natural resources such as phosphate and aluminum, and the industrial capabilities in the Kingdom are capable of serving the Iraqi market.
With regard to trade exchange between the two countries, Al-Khorayef said, “The volume of trade with Iraq exceeds 5 billion riyals, of which 3.9 billion riyals goes to the Kingdom, and the field is open for importing and exporting raw products with the Iraqi side.”