Shafaq News/ The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, revealed on Monday that Saudi Arabia and the United Arab Emirates have jointly allocated six billion dollars to bolster their operations in Iraq.

In a statement, Al-Zuhairi emphasized the importance of Iraq aligning its trade processes globally while adhering to the standards set by the World Bank. He called for full automation in goods entry and exit procedures to streamline operations efficiently.

The announcement followed the successful establishment of business councils through agreements with Abu Dhabi and Riyadh.

The allocated funds, with the UAE contributing $3 billion and Saudi Arabia matching the amount will be utilized to support operational and investment endeavors within Iraq.

"The first step commenced with registering data for merchants and companies, thanks to the generous support from the Council of Ministers and the United Nations. We have now entered a stage of 'Swift,' enabling seamless money transfers in the world of trade between importers and exporters, paving the way for Iraq's advancement as a developed nation," stated Al-Zuhairi.

Al-Zuhairi emphasized that the focus extends beyond trade, establishing investment projects, and fostering mutual economic growth.

"The willingness of both countries to collaborate and invest inside Iraq is evident, making it a positive stage for the region," Al-Zuhairi added.

It is worth noting that Iraq's strategic location as a prominent transit region makes it a key player in global trade, significantly reducing transit time between Asia and Europe to about nine days through ongoing development projects.