Iraq approves plan for joint economic zone with Saudi Arabia

Shafaq News / The Ministry of Industry and Minerals declared its preliminary approval on Wednesday for the establishment of a shared economic zone with Saudi Arabia along the mutual border of the two countries.

In a statement today, the Ministry of Industry indicated that its Minister, Khalid Battal Najm, chaired the inaugural meeting of the committee studying the creation of an Iraqi-Saudi border economic zone. The committee, led by Najm, comprised representatives from the Ministries of Planning, Oil, and Trade, along with the attendance of the General Director of the Industrial Cities Authority.

It was further noted that the meeting discussed the context of the committee's tasks and the decisions related to establishing this city, resembling the joint economic city between Iraq and Jordan. They deliberated on the realized benefits of initiating this project, the methodology for regulation, administration, supervision of such cities, overcoming obstacles, and ensuring conducive conditions.

The statement continued that the committee preliminarily agreed on establishing the economic zone along the Iraq-Saudi border due to the gains and advantages anticipated, particularly in the economic realm. The zone is projected to serve as a significant gateway between both countries, encompassing free zones, facilitating trade exchanges, hosting banks, and serving as headquarters for numerous joint ventures.