Shafaq News / China announced, on Wednesday, that trade exchange with Iraq is more than 30 billion dollars in 2020.
On the economic relations between China and Iraq, the commercial advisor at the Chinese embassy in Baghdad, Xu Chun said in a virtual press conference attended by Shafaq News Agency that "trade exchange between China and Iraq is about 30,200 million dollars in 2020, while it was 53,300 million dollars in 2019," indicating that" the dropping is due to the decrease in global oil prices.”
The most prominent information about trade exchange between the two countries in the year 2020, which was reported by the Chinese advisor:
A decrease in Chinese exports to Iraq by 15.5% during 2020 to 10,924 million dollars.
An increase in China's oil imports by 16.1% at to reach 60,120 thousand tons (422,940 thousand barrels), which represents 11% of the total Chinese imports of oil, thus Iraq is still the third-largest source of oil to China.
On Chinese investment in Iraq, Xu Chun pointed out that "Iraq is the largest investment site in the region or among Arab countries;" noting that "Chinese companies have invested in the oil sector during the past 15 years, as they launched the first oil investment project with Iraq in the Ahdab field after 2003 as well at the Halfaya oil field.
“China operated the project at Ahdab field and reached the wanted production.” He said.
He said, "The Chinese companies that have invested in Iraq contribute to promoting the economic development of Iraq and improving the lives of the people in Iraq," for several reasons. During the past ten years, Chinese companies operating in Iraq:
Spent more than $ 50 million on charitable projects from education and water supply.
Created more than 40,000 job opportunities for the Iraqis, (the percentage of Iraqi workers working in these companies exceeds 88% of the total workers on the Chinese projects)
Paid 1,780 million dollars as taxes to the Iraqi side.
Achieved capacity of 7,400 megawatts has been achieved in the electricity sector, especially the Wasit Power Station, which meets 70% of Baghdad's electrical energy needs and 30% of Iraq's energy needs.