The Iraqi Federation of Chambers of Commerce announced today, Sunday, the conclusion of an agreement to form business councils with the UAE and Saudi Arabia, which have allocated $6 billion to support their operational activities in Iraq. Abdul Razak Al-Zuhairi, the head of the Iraqi Federation of Chambers of Commerce, emphasized that Iraq should "keep pace with the world and shape its commercial journey globally, in line with the standards of the World Bank," asserting the need to "establish a comprehensive program to organize customs and border operations in the country."
He added that "the first step has begun with registering traders' data and companies, which is a significant support we have received from the Council of Ministers and the United Nations, and we have reached a good stage." He continued, stating, "We have now entered the 'SWIFT' phase, meaning that the transfer of funds in the world of imports and exports is now known, which will make Iraq one of the developed countries."
The same source noted that "establishing business councils and signing agreements" falls within the federation's responsibilities, as he pointed out that Iraq has partnered with Saudi Arabia and the UAE to form business councils aimed at improving trade exchanges with both countries. The spokesperson highlighted that the federation is not only seeking trade exchange but also looks forward to establishing investment projects, noting that "both the UAE and Saudi Arabia have allocated $3 billion each (totaling $6 billion) to support their operational activities within Iraq, whether they are investment or commercial," indicating that "there is a strong desire from both countries to operate within Iraq."
