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Trade volume between Iraq and China expected to increase
Economic 10/28/2024
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Chairman of the Iraqi-Chinese Cooperation Council Haider al-Rubaie expected the necessity of regulating trade relations between the two friendly countries, noting that the volume of trade exchange between the two friendly countries may exceed what it recorded last year when it touched the $54 billion barrier.
He called for the necessity of regulating the reality of financial transfers with China, which is one of the most important markets that achieves integration with Iraq and can employ its capabilities in the development trends sought by the country.
He said: In light of the large volume of trade exchange between the two countries and real trade, it has become necessary to speed up the completion of financial transactions, after the process of verifying the validity of transactions has become known and the commercial process can be verified, starting from the factory and transportation routes to the country.
Al-Rubaie stressed the inevitability of addressing fictitious financial transfers and their negative impact on the commercial reality in Iraq and the national economy in general, noting that developing economic performance requires the existence of real transactions, and then, on the basis of them, the funds are transferred to their rightful destinations.
Al-Rubaie pointed out that there are Iraqi funds accumulated in the "Chinese Century Bank", which can be invested in important projects inside Iraq with the aim of activating the production and service sectors in cooperation with the Chinese private sector, which now possesses advanced technologies that can shorten the time and effort when implementing various projects in all regions of the country.
He stressed that we have the right to invest the funds in the "Chinese Century Bank" that come from crude oil sales and save projects through them, and we can invest the Chinese effort in implementing projects in partnership with the Iraqi private sector.
Al-Rubaie stated that the important Iraqi-Chinese partnerships in the oil sector, which achieve their goals and are of great benefit to both countries, can be reflected in other sectors in light of the existence of the elements of success on both sides, as Iraq is a fertile ground for work, while the Chinese side possesses the technologies required to develop the reality of performance inside Iraq and in various sectors, especially since the decline witnessed by the country requires a real stand and great effort to revive various sectors, and this requires cooperation with the countries of the world that own technology and capital.
He said that the Iraqi-Chinese Cooperation Council and the Iraqi-Chinese Friendship Association are working to protect the Iraqi merchant and the Iraqi community and increase cultural exchanges, in addition to economic cooperation and protecting commercial work.
In the human resources section, Al-Rubaie said: The Iraqi-Chinese Friendship Association, which I chair, has established a twinning agreement between the economic cities of Baghdad and Guangzhou, and signed a memorandum of understanding to transfer expertise and train human resources, which aims to increase its expertise in more than one section. The Chinese side can also benefit from the elections of Iraqi scientists, which is very important.
He pointed out that the development path that Iraq is implementing with international partnerships, and works to link the poles of the Arab and Eastern worlds, can localize Chinese industries inside Iraq and launch them towards the countries of the world and the intended markets.
He stated that strengthening economic relations with the countries of the world is important, and requires that we have important agreements with various countries, including China, and that there are memoranda of understanding similar to what the Kingdom of Saudi Arabia has done, which signed nearly 400 memoranda of understanding with China in various fields, during the Arab-Chinese summit.
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