Iraq Welcomes Chang Shin Delegation: A Step Towards Global Investment Opportunities
In a significant move signaling an economic shift, Mohammed Shia’ Al-Sudani, the Prime Minister of Iraq, has welcomed a delegation from Chang Shin, a leading Chinese investment company. The meeting marks a significant step towards enhancing Iraq’s position as a promising investment hub, offering a wealth of opportunities to global investors.
Emphasizing Iraq’s Investment Attractiveness
During the meeting, Al-Sudani emphasized Iraq’s potential as a hotbed of investment opportunities, committed to providing all necessary facilities for major companies, irrespective of their nationalities. This move aligns with the country’s economic policy of implementing the principle of monetary sovereignty, as confirmed by Mazhar Muhammad Salih, the financial advisor to the Prime Minister. The aim is to leverage Iraq’s large commercial arms while reforming its banking system.
Chang Shin’s Investment Plans
Chang Shin plans to embark on a significant project: establishing an advanced industrial city in the Basra province of Iraq. The city will specialize in the production of steel using direct reduced iron (DRI), often referred to as sponge iron. This initiative aligns with the company’s ambition to explore and invest in untapped potentials. Furthermore, Chang Shin is in the process of contracting for a project aimed at investing in sulfur in Iraq, with the intention of exporting it globally.
Iraq – A Major Investment Destination for China
Describing Iraq as his country’s largest investment destination, the Chinese Embassy Counselor Xu Haifeng revealed that Iraq ranks third among the largest oil exporters to China in 2023. These data underline China’s growing interest in Iraq, further corroborated by the recent renewal of an agreement between China and the UAE to exchange their local currencies for a period of five years.
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