2023-11-22T13:38:12+00:00
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The Ministry of Industry stated in a statement today that its Minister, Khaled Battal Al-Najm, chaired the first meeting of the commitee to study the establishment of an Iraqi-Saudi border economic zone, which was formed under his chairmanship and with the membership of the undersecretaries of the Ministries of Planning, Oil, and Trade, and in the presence of the Director General of the Industrial Cities Authority.
He added that the meeting discussed the context of performing the tasks of the committee and making decisions related to establishing this city similar to the joint economic city between Iraq and Jordan, and deliberating on the feasibility achieved from establishing this project and how to organize, manage and supervise such cities, overcome obstacles and provide appropriate conditions.
the statement continued that the committee agreed in principle to establish the economic zone on the Iraqi-Saudi border for the gains and advantages that will accrue from it from the economic and other aspects, as it will be an important port between the two countries and a development zone that includes free zones and commercial exchange and contains banks and headquarters of many joint companies.
– What strategic advantages will teh Iraqi-Saudi border economic zone provide for regional trade?
Q&A Interview: Establishing an Iraqi-Saudi Border Economic Zone
Interviewer: Thank you for joining us today. We’re here with Dr. Fatima Jamil, an expert in international economic progress, to discuss the newly announced initiative to establish an Iraqi-Saudi border economic zone. Dr. Jamil, can you start by explaining the importance of this meeting chaired by Minister Khaled Battal Al-Najm?
Dr. Fatima Jamil: Thank you for having me. The meeting is notable as it marks a critical step towards enhancing economic collaboration between Iraq and Saudi Arabia. By setting up an economic zone at their mutual border, the countries aim to foster trade and investment opportunities that can stimulate growth and development in the region.This initiative is expected to align with similar triumphant projects, like the joint economic city between Iraq and Jordan.
interviewer: What are the expected benefits of establishing this economic zone?
Dr. Fatima jamil: The anticipated gains are manifold. This economic zone could serve as a pivotal trade hub, facilitating both free trade and commercial exchanges. It’s designed to include banks and headquarters for multiple joint companies, which will possibly attract foreign investment. Moreover, it aims to create job opportunities and improve infrastructure, which are crucial for economic stability in both countries.
Interviewer: Could you elaborate on the feasibility studies that were discussed during the meeting?
Dr. Fatima Jamil: Certainly. Feasibility studies are essential to determine the practical aspects of establishing such an economic zone. The committee will need to assess various factors including the geographical advantages, market demand, and logistics involved.they will also identify potential obstacles to execution and propose strategies to overcome them, ensuring that the project is both lasting and beneficial.
Interviewer: What challenges do you think they might face in this initiative?
Dr. Fatima Jamil: There are several potential challenges, such as political dynamics, regulatory hurdles, and logistical issues. Ensuring coordinated efforts between the involved ministries and managing different stakeholders’ interests can be complex. Additionally, both countries must address infrastructure upgrades required for the economic zone to function effectively.
Interviewer: How does this initiative fit within the broader context of regional economic integration in the Middle East?
Dr. Fatima Jamil: This is a critical move towards regional economic integration. By enhancing economic ties, Iraq and Saudi Arabia can create a more interconnected market, which is vital for long-term stability and growth in the Middle East. It’s a step that could inspire similar initiatives in other neighboring countries, leading to a more cohesive regional strategy that can tackle broader economic challenges.
Interviewer: what practical advice would you give to stakeholders interested in participating in the economic zone once it is indeed established?
Dr. Fatima Jamil: Stakeholders should begin preparing by conducting thorough market research to identify growth opportunities and risks. They should also consider partnerships with local businesses to enhance their understanding of the market dynamics. Engaging with government entities early on will be vital to navigate any regulatory challenges and to position themselves advantageously in the new economic landscape.
interviewer: Thank you, Dr. jamil, for your valuable insights on this crucial development. What should our readers keep in mind as this initiative unfolds?
Dr. Fatima Jamil: Readers should stay informed and understand that such initiatives can have wide-ranging impacts, not just on the economies of Iraq and Saudi Arabia, but on regional economic stability and growth. Monitoring the progress of the establishment and operations of the economic zone will be crucial for investors and businesses looking to capitalize on new opportunities.
Interviewer: Thank you once again, Dr. Jamil, for sharing your expertise with us. It’s an exciting time for Iraqi-Saudi relations, and we look forward to seeing how this project evolves.