“Tidbits From TNT” Friday 9-15-2023



CandyKisses:  Instead of the president of the republic. Al-Sudani participates in the meeting of the United Nations General Assembly

Baghdad – Mawazine News

Prime Minister Mohamed Shaia Al-Sudani is scheduled to participate in the annual meeting of the United Nations General Assembly next week, a source familiar with the matter said.

The source said in an interview with Mawazine News that “Prime Minister Mohammed Shiaa Al-Sudani instead of President Abdullatif Rashid will participate in the annual meeting of the United Nations General Assembly, next week.”

The United Nations General Assembly meeting to be held, Monday, September 18, 2023, will be held at the organization’s headquarters in New York City, and Sudani will deliver Iraq’s speech there.

Tishwash:  The financial advisor reveals understandings to exclude the dollar in commercial dealings with Iran

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Thursday that “there is an understanding on the horizon with Iran to use a basket of foreign currencies other than the dollar to settle commercial transactions between Iraq and Iran.”

Saleh said in a statement followed by Al-Maalouma, “Allowing an international means of payment other than the dollar and identifying trade flows in a transparent and highly governance manner with the Islamic Republic of Iran within the international trading system will undoubtedly contribute to the stability of the exchange market in Iraq, in addition to enhancing the stability of the payments system.” Foreign Affairs in our country, and leads to high stability in trade and financial movements without negative monetary effects on our national economy.”

He added: “Therefore, there is a high understanding on the horizon in using a basket of foreign currencies other than the dollar to settle commercial transactions with the neighboring country, Iran, without this constituting an international obstacle, and at the same time providing the desired monetary stability in our country, especially the foreign currency market.”

He pointed out, “It is clear that there is a correlation between trade with the Islamic Republic of Iran on the part of the Iraqi private sector and the need to have an international payment currency to settle trade exchanges, at a time when there is a ban by the United States in the field of financial transfers that was imposed on Iran more than a decade ago.” time, and is subject to high degrees of strictness.”

He continued: “Such requirements led, over time, to dealing with commercial settlements in foreign currency, but from outside the official markets, especially in the demand for cash dollars on the local black market.”

Mazhar Muhammad Saleh continued, stressing that “it has become logical to find an alternative international monetary medium for trade settlements with the neighboring country instead of the United States currency.

The alternative monetary medium is used in a transparent and clear manner before the international financial community and at the same time spares the local exchange market from the pressures of international restrictions, their complications and their effects on the economy.” “Our country.” link


Tishwash:  Hong Kong is the bridge between the region’s country and China

As Hong Kong prepares to host the Belt and Road Initiative summit, its focus is increasingly turning to the Gulf region to consolidate ways of investment and trade cooperation.

The Chinese Special Administrative Region has been working to strengthen its ties with the Middle East since 2013, when the Belt and Road Initiative was launched, and Hong Kong seeks to attract more companies from the region, confirming its pivotal role in trade relations between China and the countries of the region.

Analysts reported in an interview with the Arabian Gulf Business Insight platform that one of the topics of the discussion will include a free trade agreement between Hong Kong and the United Arab Emirates.

Albert Wong, CEO of the Hong Kong Science and Technology Parks, said last month that the city’s doors are open to business, especially in the field of innovation, adding: “We want to attract technology companies in the Middle East to enter the market in Hong Kong on a two-way path.”

Ahead of the Belt and Road Initiative summit, Jamie Chiang, acting director-general of investment promotion at state agency InvestHK, highlighted opportunities in biotechnology and artificial intelligence.

A number of sectors such as food, tourism, culture and retail are also in the mix following the launch of a $4 billion government investment fund targeting technology companies in Hong Kong.

The UAE is Hong Kong’s largest trading partner in the Middle East, and the total value of trade exchange for non-oil products reached $11.7 billion during 2022, an increase of 40% over the past five years.

In February of this year, Dubai Chambers announced the opening of an office in Hong Kong, following a visit to the United Arab Emirates and Saudi Arabia by John Lee, the CEO of the region.

Emirates Airlines also announced last week the addition of a third daily flight to Hong Kong starting in November to “meet market demand.”

Redmond Wong, a Hong Kong-based Saxo Bank analyst, told Arabian Gulf Business Insight that the city has flourished as a “commercial hub” for trade and investment services, benefiting from China’s growth in global trade.

He added: “It is expected that this bilateral relationship will continue to develop, especially in light of the decline in trade relations with traditional partners such as the United States and Japan.” “The thriving economic ties between China and the Gulf Cooperation Council countries provide an important pathway for Hong Kong.”

The value of UAE exports to Hong Kong reached $10.7 billion in 2021, exceeding exports to mainland China, which amounted to $9 billion.

Redmond Wong continued: “This confirms Hong Kong’s role in re-exporting UAE imports to mainland China.”

Saudi Arabia is China’s largest trading partner in the Middle East, with bilateral trade reaching $106 billion in 2022. It is followed by the United Arab
Emirates with $72 billion. More than 6,000 Chinese companies operate in the UAE

Vijay Valeisha, chief investment officer at Century Financial, said that the consolidation of Saudi Arabia and the UAE as regional leaders has led to an increase in the volume of trade between Hong Kong and other countries in the region.

He told Arabian Gulf Business Insight that the BRI summit is expected to result in a number of agreements in which technology will play a key role, saying: “The trade relations augur well for the growing technology sector in both the UAE and Saudi Arabia.”

Hong Kong’s role as a nexus with China also represents an ideal location for GCC sovereign wealth funds to establish bases to conduct business from there.

“In essence, Hong Kong is emerging as the backbone that facilitates deeper economic integration between China and the GCC countries,” Redmond Wong said.    link