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Iraq and Canada discuss cooperation in the energy and productive sectors
Economical 12/05/2023
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Baghdad: Hussein Thaghb Al-Tamimi
Iraq and Canada are studying ways to enhance economic cooperation in all sectors for the benefit of both countries, especially since the Canadian side possesses advanced technology in the energy and productive sectors, at a time when Iraq enjoys an abundance of natural resources.
President of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, said during his meeting with the Trade Commissioner of the Canadian Embassy in Baghdad, Ali Aziz: We discussed ways to enhance economic cooperation between the two countries and the country’s keenness to enhance cooperation with Canada in various fields.
Al-Zuhairi added in an interview with Al-Sabah that Iraq is going through a stage of economic transformation, which provides great investment opportunities for Canadian companies. He also expressed the Union's readiness to provide the necessary support to Canadian companies wishing to invest in Iraq, pointing out that Iraq represents an important destination for the specialized global private sector, as the country has a promising labor market, in addition to natural resources that can be invested in a way that benefits the country.
He added that communication with the Canadian side is an important step that can be used to serve the local economy, which needs a large and broad workload, pointing out that the coming period will witness the holding of subsequent meetings between representatives of the Federation of Iraqi Chambers of Commerce and the Canadian Embassy to discuss ways to enhance trade and economic cooperation between the two countries in a way that employs Economic potential in a feasible manner.
In turn, Canadian Trade Commissioner Ali Aziz gave an explanation to a number of Iraqi companies and businessmen regarding investment and trade methods between the two countries, reviewing the opportunities available on both sides.
He stressed that Canada is interested in strengthening trade and industrial relations with Iraq, noting that the two countries have great potential for cooperation in several fields, including energy, as Iraq possesses huge reserves of oil and gas, making it one of the most important countries exporting these resources in the world. On the other hand, Canada has extensive experience and advanced technology in the field of renewable energy, which enables it to contribute to Iraq's efforts to diversify energy sources.
He pointed to Canada's progress in industrial fields, as Canada has strong industrial sectors in many fields, such as agricultural industries, mining, and manufacturing. Iraq also has an advanced industrial infrastructure, which enables it to attract Canadian investments, pointing out that Canada has a strong agricultural sector, as Canada is one of the largest countries exporting agricultural products in the world. Which enables Iraq to benefit from this joint by investing the largest area of fertile agricultural land, in cooperation with Canada in the field of agriculture.
In the field of services, Canada has a developed services sector, especially in the health field and the pharmaceutical industry. In contrast, Iraq has large consumer markets, which enables it to attract Canadian investments in the services sector.
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