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Jordan, Iraq Set Timeline to Establish Joint Border Industrial Zone

Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)
Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)
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Jordan, Iraq Set Timeline to Establish Joint Border Industrial Zone

Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)
Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)

Jordanian Minister of Industry, Trade and Supply Tareq al-Hammouri and Iraqi Minister of Industry and Minerals Saleh al-Jabouri have agreed on the required practical steps to establish a joint industrial zone on the border between the two countries.

They set a detailed program of the executive procedures to establish the industrial zone that is aimed at reinforcing economic cooperation in all fields.

They stressed that all conditions are adequate to implement this strategic project that is backed by Iraqi President Barham Salih and Jordan's King Abdullah II.

Both parties underlined the significance of engaging the Jordanian and Iraqi private sectors in the process of establishing an industrial zone in order to provide the success factors of this bilateral project.

Hammouri and Jabouri’s discussions included facilitating procedures related to the entrance of Jordanian commodities to the Iraqi market and exempting them from customs, in accordance with the bilateral free trade agreement, following up on the establishment of a commercial center for Jordanian commodities in Baghdad and rehabilitating the Trebil border crossing.

Hammouri said the discussions will give a strong push for economic cooperation between Amman and Baghdad.

Jordan stands by Iraq to move to the stage of construction and reconstruction, as well as achieving stability, peace and security through qualified investors and experienced companies to enable Iraq to merge internationally, regionally and in the Arab region, he added.

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.