Iraq and China becoming cozy in international trading

We as Iraqi Dinar investors, may have to realize that Iraq is not necessarily interested in investments from the Western world.  This should not matter to us, as long as the value of their currency increases, and we have access to exchange the currency. 

China's Deputy Ambassador in Baghdad, Xu Haifeng, told Iraqi News Agency (INA) that trade between the two countries is booming:

A Chinese embassy released trade data with Iraq, showing a 48% increase in purchases year-over-year.

In 2022, trade exchange volume reached $53.37 billion, an increase of 43.1% from the previous year.

Deputy Ambassador Xu Haifeng expressed China's keen interest in developing trade and economic relations with Iraq.

A key motivator was Iraq's significant economic position in the world and the Middle East.

Statistics on imports:

There was a 47.8% increase in China's imports from Iraq in 2022, reaching $39.38 billion.  China is the largest buyer of Iraqi oil, according to the report.

Council for Iraqi Chinese Business:

As the first business council established by Chinese and Iraqi companies, Deputy Ambassador Haifeng emphasized the Iraqi Chinese Business Council.

Expressed confidence in its potential to contribute to bilateral relations, especially in the economic and trade sectors.

Commitment of the Embassy:

Information exchange will be enhanced by the Chinese embassy.

Companies should conduct business in accordance with laws and regulations.

Creating a bridge between Iraq and China for cooperation.

This article origin first appeared on Iraq Business News. 

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