The government has declared an extra £1bn of sponsoring to support UK exports to Iraq and British firms financing in the country. International Trade Secretary Liam Fox is in the Iraqi capital Baghdad for a three-day visit, the first to the country by a UK cabinet minister for more than a year. He will meet both prime minister of Iraq, Adil Abdul Mehdi and President Barham Salih for discussing the trading relationship between the two countries.
Dr. Fox will also declare UK Export Finance is making an additional £1bn available to support UK exports to Iraq, increasing its total support to the country to £2bn. The cash is available for the UK companies trading to Iraq or financing in the country and will help the Iraqi government to access finance for the projects which origin goods and services from the UK.
UKEF targets to confirm, no applicable UK export fails for lack of finance or insurance and overstates of operating at no net cost to UK taxpayers.
Dr. Fox told, “the atmosphere in Baghdad is one of optimism – it is a country which is having an increasingly stable period at a time of significant unrest in the wider region ”.
He also added, “the British government, working closely with the UK private sector and our Iraqi partners, have a key role to play in the country’s long-term prosperity. the £1bn we have announced today will significantly strengthen our ability to do just that.”
He included, “the £1bn we have announced today will significantly strengthen our ability to do just that. Iraq’s future is bright, and my international economic department will continue to work tirelessly to ensure it maintains this stability, allowing the hard work of its talented citizens to flourish for the benefit of all.”
“Iraq’s future is bright, and my international economic department will continue to work tirelessly to ensure it maintains this stability, allowing the hard work of its talented citizens to flourish for the benefit of all.
“Trade is about more than economic self-interest, it is the means through which we deliver the mutual prosperity that underpins our collective security.
“That is the true prize of trade policy and promotion done right.”
The Iraqi government declared the massacre of terror group Islamic state in the country in December 2017.
It led three years of fighting during which the extremists, at one point, directed one-third of Iraq’s territory.