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Economic Information Center: improving relations between Iraq and Saudi Arabia will revive investment in Iraq

Economic Information Center of Iraq expected that the Iraqi-Saudi economic relations after Jeddah Conference will improve relations between the two countries.

The head of the center, the economist, Dergham Mohammed Ali told the National Iraqi News Agency / NINA / that "the improvement in official relations between Iraq and Saudi Arabia would have a positive impact on the improvement of trade between the two countries, in the presence of boycott campaigns currently exist in several Iraqi provinces, in addition to the possibility of entry of Saudi companies to the Iraqi market in the field of investment, especially in the petrochemical industry. "

Mohammed Ali said that "Saudi Arabia currently represents one of the largest global producers petrochemical Industries and the improvement relationship with Iraq will contribute to the recovery of the economy of the two countries," adding that "Iraq is on the verge of investment in the gas sector, which provides opportunities for the emergence of petrochemical industries in Iraq."

He added, "The trade exchange between Iraq and Saudi Arabia is one billion and 300 million dollars annually," likely to rise to more than three billion dollars in the event of improvement in bilateral relations, in addition to the possibility of entering Saudi investments of billions of dollars in the sectors of manufacturing, housing, construction and extractive sectors.

Iraq participated in Jeddah Conference to combat terrorism with a delegation headed by Foreign Minister, Ibrahim al-Jaafari.
Updated 01 Oct 2014 | Soruce: NINA |
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