http://www.arabnews.com/page=1§ion=0&article=84738&d=3&m=7&y=2006
Saudis to Invest in Iraq
JEDDAH, 3 July 2006 — Iraqi Prime Minster Nuri Al-Maliki yesterday called on Saudi businessmen to invest in Iraq during a visit to the Jeddah Chamber of Commerce and Industry (JCCI).
Accompanied by a delegation of businessmen and government officials, the Iraqi prime minister met Saudi businessmen headed by acting JCCI Chairman Ziad Al-Bassam. “The security problems are not in all of Iraq, but rather they are confined to Baghdad,” Maliki reassured businessmen, inviting Saudi firms to seek contracts in infrastructure projects.
Al-Bassam said the Saudi businessmen wanted to deal directly with their Iraqi partners, which would reduce the cost of products and would benefit the consumer.
He added that this would also ensure the spread of Saudi products in the massive Iraqi free market.
The prime minister emphasized the historical and geographical bonds between the two countries. The two sides, he said, were partners in building the present and future. He pointed out that there were major investment opportunities in the fields of oil, gas, industry, agriculture, construction and services.
“We are preparing a new law on investment that will be applied soon,” said Maliki. He said the new law would protect investors’ rights and their financial transactions completely. This was in sharp contrast to the policies of previous Baath party rule, he added.
The prime minister said that the diversity in Iraq’s natural environment, people, professions and high level of education provided a wide variety of opportunities for successful investment.
Maliki said Iraq and Saudi Arabia were looking into reopening the Arar border crossing. He called for businessmen to support the reopening of the crossing which he said would help in boosting trade between the two countries.
Maliki, who performed Umrah earlier yesterday, is on his first foreign trip since being sworn in as prime minister on May 20. His delegation, which includes several government ministers, will also visit Kuwait and the UAE.
Saudis to Invest in Iraq
JEDDAH, 3 July 2006 — Iraqi Prime Minster Nuri Al-Maliki yesterday called on Saudi businessmen to invest in Iraq during a visit to the Jeddah Chamber of Commerce and Industry (JCCI).
Accompanied by a delegation of businessmen and government officials, the Iraqi prime minister met Saudi businessmen headed by acting JCCI Chairman Ziad Al-Bassam. “The security problems are not in all of Iraq, but rather they are confined to Baghdad,” Maliki reassured businessmen, inviting Saudi firms to seek contracts in infrastructure projects.
Al-Bassam said the Saudi businessmen wanted to deal directly with their Iraqi partners, which would reduce the cost of products and would benefit the consumer.
He added that this would also ensure the spread of Saudi products in the massive Iraqi free market.
The prime minister emphasized the historical and geographical bonds between the two countries. The two sides, he said, were partners in building the present and future. He pointed out that there were major investment opportunities in the fields of oil, gas, industry, agriculture, construction and services.
“We are preparing a new law on investment that will be applied soon,” said Maliki. He said the new law would protect investors’ rights and their financial transactions completely. This was in sharp contrast to the policies of previous Baath party rule, he added.
The prime minister said that the diversity in Iraq’s natural environment, people, professions and high level of education provided a wide variety of opportunities for successful investment.
Maliki said Iraq and Saudi Arabia were looking into reopening the Arar border crossing. He called for businessmen to support the reopening of the crossing which he said would help in boosting trade between the two countries.
Maliki, who performed Umrah earlier yesterday, is on his first foreign trip since being sworn in as prime minister on May 20. His delegation, which includes several government ministers, will also visit Kuwait and the UAE.
