(MENAFN- Iraq Business News) By John Lee.
Iraq and China have set the Iraq-China Business Council , with a view to increasing trade and investment between the two countries.
With trade valued at around $53 billion in 2022, according to a statement from Iraq's Ministry of Trade, China is Iraq's largest trading partner.
Full statement from the Ministry of Trade:
Iraq's Minister of Commerce, Atheer al-Ghareeri, announced significant joint investments between Iraq and China on Saturday. Highlighting Iraq's desire to leverage China's Political and economic capabilities, al-Ghareeri made the announcement during the establishment ceremony of the Iraq-China Business Council.
Speaking at the event under the patronage of Prime Minister Mohammed Shia al-Sudani, al-Ghareeri conveyed congratulations on the 65th anniversary of diplomatic relations between Iraq and China. He expressed hope for further progress and prosperity in bilateral ties.
Al-Ghareeri underscored the economic and trade connections between Iraq and China, citing the 1997 agreement that led to a joint committee holding 13 sessions, the latest in 2016. The areas of cooperation discussed ranged from politics and economics to culture, education, and health.
Pointing out that the People's Republic of China is Iraq's largest trading partner, with a trade volume of around $53 billion in 2022, al-Ghareeri emphasized Prime Minister al-Sudani's keen interest in bilateral relations. He highlighted the Iraqi Development Road project, aiming to boost the region's economy and facilitate the transit of goods between Europe and the Gulf through Iraq.
Al-Ghareeri expressed Iraq's aspiration for increased cooperation with China, emphasizing the utilization of China's political and economic capabilities to address economic and developmental challenges. He noted the ongoing government program focused on openness and establishing improved relations with all countries, particularly China.
Highlighting China's significance as a major and essential partner with the world's second-largest economy, al-Ghareeri emphasized the importance of the Iraq-China Business Council in facilitating Chinese investments in Iraq and vice versa.
The President of the Iraq-China Friendship Association and the Iraq-China Business Council, Haider al-Rubaie, celebrated the 65th anniversary of Iraqi-Chinese relations and the establishment of the Iraq-China Business Council. He described the council as a vital platform for enhancing trade and investment between Iraqi and Chinese companies, fostering economic cooperation between the two nations.
(Source: Ministry of Trade)
The post New Iraq-China Business Council to foster Trade, Investment first appeared on Iraq Business News .
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