Iraq, Saudi Arabia explore economic cooperation prospects in a meeting in Riyadh

Shafaq News/ The head of Iraq's National Investment Commission, Haider Mohammad Makkiya, met with Saudi Arabia's Minister of Commerce, Majid bin Abdullah al-Qasabi, on Sunday to discuss economic, investment, and trade cooperation between the two countries.

As part of the Iraqi delegation's visit to Saudi Arabia, Makkiya emphasized the importance of "strengthening economic and investment relations with regional and global countries, including Saudi Arabia," an official statement said.

The meeting focused on identifying investment opportunities and enhancing economic cooperation and trade relations between Iraq and Saudi Arabia, according to the statement.

For his part, al-Qasabi highlighted the interest of Saudi institutions in developing levels of cooperation with Iraq and pursuing strategic agreements that serve the economic, trade, and investment sectors of both countries.

The talks come amid increased efforts by Iraq to attract foreign investment and diversify its economy away from oil. Saudi Arabia has also been exploring investment opportunities in Iraq as part of its Vision 2030 plan to reduce its reliance on oil exports and expand its non-oil sectors.

The two countries have historically had a strained relationship, but have taken steps in recent years to improve ties. In 2019, they reopened a border crossing that had been closed for almost three decades, and in 2020, they signed agreements to cooperate in the fields of energy, trade, and investment.