Chinese Ambassador: Trade with Iraq Reaches $50 Billion, Yuan Transactions in Early Stages

Baghdad – INA
 
Chinese Ambassador to Iraq, Cui Wei, confirmed on Sunday that trade between Iraq and China reached $50 billion over the past 11 months. He also noted that transactions in Chinese yuan between the two countries are in their early stages.
 
Speaking at a press conference attended by  the reporter of the Iraqi News Agency (INA), Cui said, “The trade cooperation between Iraq and China since the beginning of last year until November has totaled $50 billion.”
 
He explained that “monetary transactions between the two countries are currently in the initial stages,” adding that “in the coming period, this will be developed as it is an important source for both countries.”
 
Cui highlighted that “a large number of Chinese companies are operating in Iraq due to the safety and stability the country is experiencing, as well as government support and facilities for foreign companies.”
 
He also pointed out that “the government has clearly focused on reconstruction and development, as well as reducing unemployment and poverty rates,” confirming that “a report published by a global agency indicates that Iraq’s growth rates will rise by 4.1% this year.”
 
The ambassador noted that “Iraq’s efforts in revival, development, and progress are clear, and there is potential for aligning the Development Road project with the Belt and Road Initiative.”
 
He also mentioned that “the work being carried out by Chinese companies at the Faw Port will be completed by October this year, which includes dredging operations.”