A memorandum of understanding on expanding economic collaboration and related exchanges was inked July 9 in Taipei City by Taiwan External Trade Development Council (TAITRA) and State Company for Iraqi Fairs and Commercial Services.
Under the pact, the two sides will work together in identifying and cultivating mutually beneficial trade opportunities, as well as organizing and staging promotional activities in the Arab nation and throughout the Middle East.
TAITRA President and CEO Walter M. S. Yeh said the agreement underscores the commitment of Taiwan and Iraq to resuming formerly robust relations spanning a broad range of complementary commercial activities.
The move comes at a time when TAITRA is ramping up trade promotion efforts in Iraq and the Middle East, Yeh said, adding that the nonprofit organization under the Ministry of Economic Affairs is planning a series of exciting events this year in Egypt, Israel, Saudi Arabia and United Arab Emirates.
In response, SCIFCS Chairman Hashim Mohammed Hatem al-Sudani said Iraq is a natural partner for Taiwan and offers more than abundant oil reserves. As the country’s political and social environments continue stabilizing, economic activity is on the rise and new avenues for cooperation are opening up, he added.
According to al-Sudani, it is hoped TAITRA will lead a large delegation of Taiwan businesses to take part in the upcoming Baghdad International Fair and help raise the nation’s business profile.
Later in the day at a TAITRA-organized seminar on market developments in the Middle East, al-Sudani detailed a raft of state-backed infrastructure projects available in Iraq. Budgeted at US$88.2 billion, the undertakings encompass sectors like construction, electricity supply, information and communication technology, machinery and transportation.
There is much work to be done in rebuilding Iraq, al-Sudani said. Taiwan firms are strongly encouraged to take part in the tender process and share their considerable expertise and know-how along the way, he added. (SFC-E)
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