China is currently the largest business partner to Iraq mainly in construction and energy

KARABEYOGLU ENTERPRISES started to operate in Hong-Kong last year and already concluded the first phase of a large scale contract in Iraq which proved to be sound business strategy. I would like to thank to our business partners both in China and Iraq.

China is currently the largest business partner to Iraq mainly in construction and energy. SOMO of Ministry of Oil of Iraq just announced that Chinese companies were the largest in number among other international companies in purchasing Iraqi oil, with 12 companies out of 44 companies purchasing oil during the month of last December.

"Indian companies came second with seven companies, South Korean companies came third with four companies, Turkish companies came third with three companies, and American, Italian, Japanese, UAE and Greek companies came fourth with two companies each. The rest were Spanish, Dutch, British, Jordanian, Kuwaiti, Russian, Malaysian, Azeri, and French companies.

China was also the largest buyer of Iraqi oil the previous month. Chinese and Indian firms were the top purchasers of Iraqi oil in December 2022.

Ties between Baghdad and Beijing have improved significantly recently, and Chinese firms have increased their presence in Iraq.

In 2019, Iraq signed a 20-year contract, agreeing to supply Chinese firms with 100,000 barrels per day (bpd) of crude oil, with the revenue earmarked for funding various development projects in Iraq undertaken by Chinese firms.

Following the deal, Chinese firms built 1,000 schools, developed the Nasiriya city airport, erected power plants, and completed several other infrastructure projects.

China has accelerated its investment in Iraq and other West Asian nations as part of its Belt and Road Initiative (BRI), announced in 2013.

Last month, Iraq began work on 30,000 housing units near Baghdad as part of a $2 billion project in partnership with Chinese firms to build five new cities across Iraq.

So, again we need to emphases that it is crucial and elementary to be physically at the location and complete the work without excuses and keeping promises.. this is the more important than attending luxury venues far from the geography and its people.