Free trade zones, commercial exchange, and shared ventures

Iraqi and Saudi officials discuss joint economic zone on shared border

BAGHDAD, November 23 — Iraqi Minister of Industry and Minerals Khaled Batal chaired an inaugural meeting on Wednesday to discuss the establishment of a joint Iraqi-Saudi economic zone on the border between the two nations.

The proposed zone would include free trade areas, commercial exchange, and facilities housing shared ventures such as banks and company headquarters.

A statement from the Ministry said:

Minister Khaled Batal led the inaugural meeting on November 22, 2023. The committee, formed with representatives from the Ministries of Planning, Oil, and Commerce, along with the Director-General of the Industrial Cities Authority, discussed the committee’s tasks and made decisions related to establishing this economic zone, drawing parallels with the joint economic city between Iraq and Jordan.

The meeting deliberated on the feasibility of the project, addressing organization, administration, and supervision for such cities. The committee tentatively approved the establishment of the economic zone on the Iraqi-Saudi border, recognizing the economic and strategic advantages it would bring, serving as a crucial gateway between the two nations, featuring free zones, trade exchange, and hosting shared facilities for various companies.