Taiwan, Iraqi trade group ink MOU to boost investment

Taiwan sees significant potential in doing business with countries in Middle East and Africa

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Taiwan, Iraqi trade group ink MOU to boost investment

Taiwan, Iraqi trade group ink MOU to boost investment (CNA photo)

TAIPEI (Taiwan News) – The government-sponsored Taiwan External Trade Development Council (TAITRA) signed a memorandum of understanding (MOU) with the Sulaimany Chamber of Commerce & Industry (SCCI) of the Iraqi Kurdistan region on Tuesday (Nov. 12), in a bid to promote bilateral trade.

The document was inked by SCCI President Sirwan Mohammed Mahmood and TAITRA Executive Vice President Leonor F. M. Lin (林芳苗), reported LTN. The Iraqi mission is visiting Taiwan for the procurement of machine tools, ICT products, food packaging machinery, and more.

While some Taiwan firms may harbor concerns about doing business with Iraqi companies, as the country is mired in unrest, Lin suggested inviting commercial delegations to the island nation would be a good start. Whether to hold more sales events targeting Iraq next year is being assessed, Lin said, adding the Middle East and Africa have long been important markets for Taiwan, wrote CNA.

According to TAITRA, automobile components, machinery, and construction materials account for the three major exports from Taiwan to the Middle Eastern country.

Sulaymaniyah, the second largest city in Kurdistan Region, has ramped up efforts to develop industry and commerce. Established in 1967, SCCI has 30,000 company members and is one of the most important trade associations in Iraq, said TAITRA.