The Taiwan External Trade Development Council (TAITRA) signed two memorandums of understanding (MOU) with the Iraq Chamber of Commerce and Industry, and the Iraqi Federation of Chambers of Commerce in Baghdad on Nov. 11, in a bid to facilitate cooperation between the two nations, Tiwan news reported on Monday.
The MOUs are expected to develop a framework for Taiwanese businesses to return to the Iraqi market, after TAITRA decided the Middle Eastern nation is becoming stable enough for Taiwanese companies.
At the signing ceremony, Chairman of TAITRA James Huang emphasized that this is only the beginning of economic cooperation between Iraq and Taiwan, adding that he hopes to see Iraqi companies showcasing their products in Taiwan.
Huang went on to say that he hopes that Taiwan can play a role in the redevelopment of Iraq, after a prolonged period of conflict.
The MOUs were signed during the 45th Baghdad International Fair trade show, which is currently underway in the Iraqi capital from Nov. 10 to Nov. 19. The trade show features great variety in exhibitions from food to home appliances, and from construction to insurance.
Huang led a Taiwanese delegation featuring machinery and metal hardware companies, and the Taiwan Pavilion was a popular attraction on the first day of the event. Taiwanese exhibitors said they are optimistic about potential opportunities in Iraq, according to TAITRA.
Huang said this is the first time that Taiwanese companies participated in the event, and next year’s delegation is likely to include more companies from a wider variety of industries.