The Prime Minister’s Advisor summarizes the importance of activating the partnership between the Iraqi and Saudi private sectors, 9 DEC

The Prime Minister’s Advisor summarizes the importance of activating the partnership between the Iraqi and Saudi private sectors

Mazhar Muhammad Salih, the Prime Minister’s Advisor for Financial Affairs, highlighted the significance of establishing a solid partnership between Iraq’s and Saudi Arabia’s private sectors. In a statement on Friday, he emphasized that the economic geography of both countries lays a strong foundation for collaboration in the Gulf and Middle East regions. Salih also pointed out the economic benefits that this partnership can bring about.

Saleh informed the official agency that the economy of the Kingdom of Saudi Arabia holds a significant position in the Group of Twenty countries, which is the world’s largest group in terms of economic growth and prosperity. Moreover, the economic geography of Iraq and Saudi Arabia plays a crucial role in the region’s economies, particularly in the Gulf and the Middle East, where they have a pioneering economic role in managing the world’s energy market.

Saleh mentioned that the oil production of Iraq and Saudi Arabia is second to none, making both countries essential players in global oil production. Additionally, both countries occupy the top position in religious tourism, further increasing these two giant economies’ economic attraction and relative advantages. This leads to a high degree of economic interconnection, particularly in the industrial and digital investment fields, as well as other areas of economic progress.

He highlighted, “The identification of the strongholds of the two adjacent nations is a significant step towards merging markets and collaborating in economic and investment ventures. These pillars of strength have been acknowledged by the Prime Minister as crucial factors in shaping the partnership between our two nations.”

“The Kingdom has experienced stability and economic growth over the last half century, which has led to economic prosperity in two areas. Firstly, there has been high economic diversification outside of the energy sector, with a focus on manufacturing industry. Secondly, the Kingdom has integrated into the global economy, embracing the latest technologies and taking advantage of opportunities for economic progress.”

Saleh said, “It is well-known that Saudi Arabia holds a prominent position in ensuring the quality control of its products and all supplies related to production and development. Its production standards are considered among the best in the world.”

During his speech, he emphasized the importance of joint cooperation between Iraq and its neighboring economies. He mentioned that Iraq’s economic future is based on the Development Road Project and the Iraq Fund for Development, and that these projects need to be initiated to activate the national market. The goal is to achieve expected balanced benefits and interests that will benefit both Iraq and its neighbors.

The speaker ended by stating that given the factors mentioned above, it is unavoidable that the competitive market, investments, technological advancements, and knowledge transfer available in a large economy like Saudi Arabia would encourage the establishment of strong foundations for long-term strategic economic partnerships between the two neighboring countries.

It is necessary for the government and men in society to uphold the rights Islam has given women to live freely and with respect.