Latest news with #MinistryofTrade
Shafaq News
11 hours ago
- Business
- Shafaq News
Iraq approves Baghdad gold city project
Shafaq News – Baghdad Iraq's Ministry of Trade announced on Wednesday that the Economic Ministerial Council has approved a proposal to establish a Global Gold City in Baghdad, describing the move as a 'strategic step' to localize the gold and jewelry industry and boost domestic production. Trade Minister Atheer Dawood Al-Ghurairi stated that the initiative marks a qualitative leap in developing national industries. The city will feature an integrated complex of specialized industrial units, advanced training centers for gold craftsmanship aligned with international standards, as well as a modern gold and jewelry market and exchange. For his part, Riyadh Fakher Al-Hashemi, Director General of Foreign Economic Relations, said the project aims to support the private sector and expand its role in Iraq's economy. The city will be established within the Integrated Economic City in Baghdad and is intended to position the capital as a regional hub for gold manufacturing and trade. He added that the ministry has already begun coordination with the National Investment Commission to finalize land allocation and issue investment licenses as preliminary steps toward launching the project.
Korea Herald
3 days ago
- Automotive
- Korea Herald
S. Korea's 1st intl. carbon emission reduction project approved in Cambodia
South Korea will join hands with Cambodia to distribute electric motorcycles and charging stations in the Southeast Asian nation, marking Seoul's first-ever international carbon emission reduction project, the industry ministry said Monday. The project, aimed at reducing 680,000 tons of carbon emissions in Cambodia, is South Korea's first international carbon reduction initiative established under the Paris Agreement, according to the Ministry of Trade, Industry and Energy. The project was officially approved by the Cambodian government Friday. Under the Paris Agreement, a host country can sell internationally transferred mitigation outcomes, or carbon credits, to a buyer country in exchange for investments, support for carbon reduction capacity building and access to related technologies. Of the 680,000 tons of projected carbon reductions, carbon credits worth 400,000 tons will be transferred to Korea and used for the country's nationally determined contribution for achieving carbon neutrality, the ministry explained. South Korea has pledged to reduce its greenhouse gas emissions by 40 percent from 2018 levels by 2030 and to achieve carbon neutrality by 2050. The ministry said Seoul will also work to expand cooperation with Phnom Penh in the transportation sector to further reduce carbon emissions. "This project is Korea's first internationally approved carbon reduction initiative," an official at the ministry said. "By combining Cambodia's commitment to carbon reduction with the technological expertise and investment of Korean companies, the project can evolve into a win-win intergovernmental cooperation model for the two countries." (Yonhap)
Iraqi News
3 days ago
- Business
- Iraqi News
Iraq concludes 2025 wheat marketing season with over 6.5 million tons stored
Baghdad ( – Iraq's General Company for Grain Trading, under the Ministry of Trade, announced on Sunday (July 20, 2025) the successful conclusion of the 2025 wheat marketing season. The country has secured a strategic reserve sufficient to meet domestic needs for over a year. Haider Nour Al-Karaawi, Director General of the company, stated that the total quantity of wheat received up to July 19, 2025, the final day of the marketing season, reached 5.119 million tons. With an additional 1.4 million tons remaining from the previous year, Iraq's current total strategic reserve stands at approximately 6.5 million tons. Al-Karaawi emphasized that this volume provides enough wheat to cover local consumption, including the ration card system and emergency reserves, for a period of one year and four months. Despite the significant surplus, he noted that the current volatile regional situation prevents Iraq from considering exports. All stored quantities are securely held in the company's warehouses across all governorates, with some quantities already being moved to silos and mills for grinding in anticipation of the rainy season. Al-Karaawi assured that the wheat storage facilities are fully insured against incidents and fires, with no losses recorded this season. He highlighted 2025 as one of the most successful seasons due to the absence of storage fires, which had plagued previous seasons. The successful harvest is attributed to the perseverance of Iraqi farmers, particularly their adoption of modern irrigation systems like sprinklers, despite climate challenges. Al-Karaawi noted that Iraq achieved high production this year, contrasting with significant declines in wheat production in other major producers such as Russia, Turkey, Iran, and Syria, which faced severe drought conditions. Wheat is considered one of Iraq's most crucial crops and a primary contributor to its agricultural economy.
Qatar Tribune
6 days ago
- Automotive
- Qatar Tribune
S Korea's auto exports grow over 2% in June despite US tariffs
Agencies SEOUL South Korea's automobile exports rose from a year earlier in June as a sharp rise in shipments to Europe and Asia more than offset a decline in shipments to the United States caused by US tariffs, data showed on Thursday. The value of outbound shipments of automobiles grew 2.3 percent on-year to US$6.3 billion in June, marking the highest monthly figure in history for any June, according to data from the Ministry of Trade, Industry and Energy. In terms of volume, exports fell 8.8 percent on-year to 244,427 vehicles. The ministry attributed the rise in value despite a drop in volume to an increase in shipments of high value-added vehicles, such as sport utility vehicles (SUVs) and electric vehicles (EVs). Cars for export pack a port in Pyeongtaek, south of Seoul, on April 2, 2025, as US President Donald Trump was due to announce reciprocal tariffs the same day, with an additional 25 percent tariff on all cars made outside of the United States to take effect as planned on April 3. Exports to the United States fell for the fourth consecutive month, dropping 16 percent on-year to $2.7 billion. The US began imposing 25 percent tariffs on all imported vehicles and auto parts in April. Shipments to the European Union and Asia surged 32.6 percent and 35.6 percent on-year to $770 million and $620 million, respectively, partly offsetting the decline in exports to the US. Vehicle exports to the Middle East grew 11.9 percent to $520 million. 'Notable growth was seen particularly in Germany and the Netherlands, where exports nearly doubled,' the ministry said. At home, sales of automobiles rose 5.8 percent on-year to 145,843 units in June. Domestic production remained flat at 353,233 units. More than 72,000 units of eco-friendly vehicles were sold in South Korea in June, up 36 percent from a year earlier, according to the ministry.
Shafaq News
6 days ago
- Politics
- Shafaq News
Iraqi Trade Ministry denies links to Wasit fire
Shafaq News – Wasit On Thursday, the Iraqi Ministry of Trade clarified that it has no connection to the hypermarket where a devastating fire broke out in Wasit. In a statement, Ministry Spokesperson Mohammed Hanoun expressed condolences to the victims' families, stressing that the commercial center 'is not affiliated with the Ministry in any form.' He also urged "accuracy in the handling of public information." Earlier, a massive fire swept through a major shopping complex in the city of Kut, the capital of Wasit province. According to the Civil Defense, the blaze killed over 60 people, including women and children.
