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Fuad hussein: Iraq Maintains coordination with KSA and Gulf investors eying security in Iraq

Category: Iraq News

Date: 2021-02-24T07:39:13+0000
Fuad hussein: Iraq Maintains coordination with KSA and Gulf investors eying security in Iraq
Shafaq News/ The Iraqi Minister of Foreign Affairs, Fuad Hussein, said that Iraq sustains high coordination in oil policy with the Gulf oil countries, especially Saudi Arabia, both bilaterally and within the framework of "OPEC".

 Hussein said in an interview with today's Arabic issue of the London-based newspaper, Al-Sharq Al-Awsat, that Saudi Arabia and Iraq are vital players in the Organization of Petroleum Exporting Countries (OPEC), indicating that the two countries maintain effective coordination in all fields related to energy. 

The Iraqi Minister of Foreign Affairs noted that Iraq and the Gulf states signed a memorandum of understanding to import 400 megawatts from the Gulf power grid, adding that talks are being held between both sides to rehabilitate the infrastructure in Iraq. 

"The memoranda of understandings concluded include investment projects in energy and electricity sector, petrochemicals, agriculture, housing, contracting, and others. However, these projects are also related to the political and security situation," he added. 

Hussein referred to the recent attacks that he said it halted the relative improvement of the security situation, "these attacks affect the economic situation and hamper the funds' influx. There are memoranda indeed, but these issues must be considered. Cooperation with the surrounding countries aims to the salvation of these attacks and the groups destabilizing the situation internally."

"(...) Many companies and investors from the Gulf have the willingness to invest in Iraq. In fact, Iraq has a vast potential, as we need investments in agriculture, tourism, energy and petrochemical sectors, services, real estate, and others."

"Investors, especially the Gulf, are waiting for a state of complete stability in Iraq to invest, and Gulf companies can play a role in building the Iraqi economy."

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