The trade exchange volume between Saudi Arabia and Iraq amounted to SR17.7 billion ($4.71 billion) during the past five years with the two sides engaging in major joint projects, a report said.

The areas of cooperation include energy, petrochemical industries, transportation, logistics services, irrigation systems, agricultural equipment, food industry, contracting sector, and real estate development, reported Saudi Press Agency (SPA).

Saudi-Iraqi relations, in light of the follow-up by the leaderships in the two countries, are at their best and witnessing significant growth, Dr Majid bin Abdullah Al-Qasabi, Saudi Arabia’s Minister of Commerce and Chairman of the Saudi-Iraqi Coordination Council, was quoted as saying by SPA.

Speaking on the occasion of the Saudi-Iraqi Business Forum being held in Riyadh, Dr Al-Qasabi said that the leaderships of the two countries are keen to take the relations to new heights in various fields and invest all capabilities and opportunities for the benefit of the two sides.

The Saudi Iraqi Coordination Council is keen to boost cooperation in various fields, including economic, development, security, investment, tourism, cultural, and media, he added.

Dr Al-Qasabi stressed the council's endeavour to remove all obstacles to encourage investment, provide an opportunity for businessmen to learn about the advantages of the commercial and investment sectors, and adopt effective means that contribute to the development of border areas and stimulate promising investment opportunities.

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