JEDDAH, 10 April 2004 — Dr. Fahd ibn Saleh Al-Sultan, secretary-general of the Council of Saudi Chambers of Commerce and Industry (CSCCI), has called on the Kingdom’s business sector to prepare for an active participation in Iraq’s reconstruction.
In a statement on the eve of a Saudi-American seminar scheduled to open in Riyadh today, Al-Sultan spoke of the huge business opportunities in Iraq with reconstruction work in the war-torn country estimated at $100 billion.
“Iraq requires a development investment of $10 trillion to achieve an annual growth rate of ten percent,” the CSCCI chief said. “I believe that the Iraqi reconstruction program will not be successful without the participation of the Saudi business sector,” he added.
More than 100 businessmen are expected to take part in the seminar organized by the CSCCI in association with the US Embassy in Riyadh. “The seminar is a good chance for Saudi businessmen to know about business opportunities in Iraq,” Al-Sultan said.
“We have already made proposals to US officials on strengthening the Saudi private sector’s role in the Iraqi reconstruction program,” he said.
At the seminar, there will be presentations by US officials on possible participation and registration of Saudi companies in Iraq.
The seminar will focus on investment opportunities in agriculture, health, electricity, communications, the petroleum industry, water and others. US officials will reply to the queries of Saudi businessmen.
Al-Sultan emphasized CSCCI’s efforts to reopen the Arar border crossing on the Saudi-Iraq border to promote Saudi exports to Iraq. According to Dr. Abdul Rahman Al-Zamil, executive president of the Saudi Exports Development Center, Arar would be reopened in July.
“The Iraqi interior minister has promised us that the first decision to be taken by the Iraqi Governing Council after taking over power in June will be the opening of the Arar post,” Zamil said.
The border post, 340 km southwest of Baghdad, has been closed since Iraq’s 1990 invasion of Kuwait. Saudi exporters now send their goods through Jordan, increasing their transport cost by eight to 10 percent.
Zamil said Arar post was ready for trade from both sides.
