Iraq is attempting to take advantage of its geographic location to stay up with the growth of international trade and has allotted $6 billion to boost Saudi Arabia and the UAE's trade and investment activity there.
The Federation of Iraqi Chambers of Commerce (FICC) declared that it has struck a deal with both nations to establish business councils, according to sources.
Abdel Razzak El-Zouhairy, the president of the FICC, outlined Iraq's efforts to build an integrated system for commercial activities in order to keep up with the growth of international trade, notably in terms of customs procedures connected to the entry and exit of commodities.
El-Zouhairy claimed that the Iraqi Council of Ministers gave the FICC a lot of support, with the registration of functioning businesses' and merchants' contact information being the initial step.
The Iraqi official made it clear that investment initiatives are in addition to commerce exchange with Baghdad, Riyadh, and Abu Dhabi.
“The UAE and Saudi Arabia deposited $3 billion each to support their operations in Iraq, which include trade and investment activities,” the FICC’s president said.
El-Zouhairy continued by stating that Iraq is extremely significant in terms of international trade, particularly in terms of trade routes from Europe to Asia and vice versa.