Trade Secretary announces £1bn to support trade with Iraq

Economy & Politics | Export | International | South East
Dr Liam Fox

The International Trade Secretary Dr Liam Fox MP is in Baghdad, Iraq for a three-day visit where he will meet with the Iraqi Prime Minister and announce that UK Export Finance will make an additional £1bn of support available for British firms operating in Iraq.

In the first visit to Iraq by a cabinet minister for more than a year, Dr Fox will be meeting with senior Iraqis including the Prime Minister and President to discuss our bilateral trading relationship.

Alongside the Iraqi Prime Minister Adil Abdul Mehdi, the Trade Secretary announced that UK Export Finance is making an additional £1bn available to support UK exports to Iraq, bringing its total support for the country to £2bn. The measure is designed to promote Iraq’s economic development and nation-building, ensuring that UKEF can continue to help the Government of Iraq deliver critical infrastructure.

This support is available to UK companies selling to Iraq or investing in the country and will help the Government of Iraq access finance for projects that source goods and services from the UK.

The International Trade Secretary Dr Liam Fox MP said: “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. 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 £1 billion 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.

“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.”

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