Trade cooperation between Iraq and China has reached $50 billion from January to November 2024, according to Chinese Ambassador Cui Wei. This significant milestone underscores the deepening economic ties between the two countries, driven by Iraq’s growing stability, government-backed foreign business incentives, and shared priorities in development and infrastructure.
Trade Achievements and Prospects
At a recent press conference, Ambassador Wei highlighted the progress and future potential of Iraq-China trade relations:
- Trade Volume: $50 billion over 11 months.
- Monetary Transactions: Still in early stages but expected to expand in the near future.
The ambassador credited Iraq’s stable and supportive environment for fostering a strong presence of Chinese companies, reflecting the country’s commitment to international partnerships.
Key Areas of Focus
1. Infrastructure and Development
Iraq’s emphasis on reconstruction has led to:
- Reduced unemployment and poverty rates.
- Major projects like the Port of Al-Faw, where Chinese companies are clearing the shipping channel, with completion expected by October 2025.
2. Alignment with the Belt and Road Initiative
The ambassador highlighted opportunities for collaboration between Iraq’s Development Road project and China’s Belt and Road Initiative, especially in logistics, trade, and infrastructure.
Economic Outlook
Iraq’s economy is forecasted to grow by 4.1% in 2025, driven by:
- Ongoing infrastructure investments.
- Reforms to enhance economic development and attract international investors.
Strategic Partnership for Modernization
The $50 billion trade milestone exemplifies the transformative potential of Iraq-China cooperation. As Iraq aligns its projects with global initiatives like the Belt and Road and strengthens its economy, both nations stand to benefit from deeper ties and expanded collaboration.
This growing partnership marks a pivotal moment in Iraq’s journey toward modernization and global integration.
