MANILA, Philippines – Iraq is shaping up to be a promising export destination and potential investment and joint venture partner for Philippine enterprises.
This comes about after the two countries recently agreed to explore bilateral opportunities in trade and investment.
Iraq has expressed interest in importing from the Philippines raw and finished products including electronics, auto parts, polypropylene granules, furniture, processed foods, fresh and frozen agricultural products, garments, raw and refined sugar, vegetable oil, coconut oil, dairy products, baby milk formulas, tobacco leaves, and yellow corn.
Additionally, the Middle East country seeks technical assistance and joint-venture agreements in the production of fertilizers, petrochemicals, cigarettes, sugar, automobile tires, raw rubber, and cement.
There are also opportunities for Philippine service companies wishing to tap the Iraqi market. The nation needs providers of training courses in strategic planning, data gathering, and preparing statistical reports.
As part of their cooperation, the Philippines is inviting Iraqi businessmen to attend trade fairs and conferences in the country, such as the Manila FAME in October this year.
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There are also exploratory talks on opening a Philippine commercial center in Baghdad for exhibiting Filipino commodities and products.
To promote private-sector collaboration, the two countries will facilitate the establishment of a joint business council of Iraqi and Filipino industry representatives.
On the investment side, Iraq is encouraging Filipino companies and entrepreneurs to invest in the country and avail themselves of incentives under the Iraqi investment law.
The Philippines, for its part, will hold seminars on investment openings in the country, especially those in the free trade zones.