Spanish-Iraqi Chamber of Commerce on exponential trade growth between nations
Madrid, Spain – The Spanish-Iraqi Chamber of Commerce was founded in 2008, to strengthen existing and create further commercial relations between entrepenurs and businesses in Spain and Iraq.
Amanch Yajatun, the president of the Spanish-Iraqi Chamber of Commerce, discusses with the Iraq International News Agency the focus and recent developments of the organisation. According to data from the website trading economics, Spanish imports from Iraq reached an all time high in 2022 totalling over $3.5bn, over double the reported import value in 2021.
What business opportunities are available in Iraq for Spanish businesses?
Recently there has been more focus on transport, specifically in the railway sector. Consultrans, is currently working in the Kurdish region to develop railway networks. The Chamber of Commerce has also been trying to expand railway projects in the South; either to build new lines or renovating pre-exisiting ones and is in contact with the Iraqi Minister of transport to achieve this.
What business opportunities does Spain offer to Iraq?
Iraq has been developing the agro-food sector with imports from Spain. The Chamber of Commerce will host a conference with ministers from the Kurdish region as well as the Iraqi Federal Government to discuss a development project that has been ongoing for four years. This should expand business opportunities on both sides.
What products does Spain export to Iraq?
Iraqi businesses mainly import factory machinery, food items such as olive oil as well as cosmetic items.
What products are imported from Iraq to Spain?
At the moment we are mainly importing dates and working on expanding Iraqi businesses to be able to import more, for instance Iraq is currently working on developing solutions for plants diseases which can later be exported to Spain.
Would you be able place a monetary value to the trade relation between Spain and Iraq?
At the beginning it was very low, around €8m. In more recent years, we have had projects reach €200m, but I am unable to give an accurate figure due to the limited data monitoring in Iraq.
Can you tell us about your organisation’s networking events?
We organise events between political entities, entrepeneurs and businesses to discuss areas of development and opportunities. In 2018, we hosted a conference which included the Spanish Prime Minister’s officials, World Bank representatives, and major enterprises working between Iraq and Spain.