An obscure ZIM in Africa traded Down Under Message Board

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Gold/Mining/Energy : An obscure ZIM in Africa traded Down Under

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To: TobagoJack who started this subject	5/6/2003 8:58:48 PM
From: TobagoJack	of 867

Mainland TV producer nets US$50m order from Iraq Wednesday, May 7, 2003 biz.scmp.com WINSTON YAU The mainland's largest television maker, Sichuan Changhong Electric, has landed a US$50 million contract to supply one million digital satellite colour TV tuners to Iraq. The company will be the first on the mainland to resume trade with Iraq after the war with the United States-led coalition ended. Changhong was secretive about the identity of the buyer, but said it was a trading firm. "I was surprised with getting the orders so soon after the war . . . it is quite beyond me to say if the country's foreign trade is being supervised or has to be approved by the US," deputy chief of the sales and planning division Liu Haizhong said. Last Friday, US President George W. Bush declared victory. The US was believed to have become a broker of deals and contracts to companies which wanted a piece of action in Iraq's reconstruction and rehabilitation programmes. Mr Liu said other major foreign TV brands had also begun exporting to Iraq since the war ended. The tuners that Changhong would ship to Iraq would enable users to receive satellite TV broadcasts. The Iraq Satellite Channel was established in July 1998 and was used to broadcast propaganda. TV broadcasts are apparently now under US control. "Perhaps people [in Iraq] have nothing better to do now than watch TV at home . . . just like people in Beijing which is plagued by Sars," Mr Liu said. Changhong will have to finish the orders in two months. The Gulf War of 1991 and the sanctions that followed crippled the Iraqi economy and its ability to pay. As a result, Iraq owes Chinese firms US$1.35 billion, of which US$880 million is for construction contracts and US$466 million for imports, according to official figures. Mr Liu said his company was not worried about obtaining money from the trader of the war-torn country because cash and goods would be exchanged immediately. Changhong started exporting to Iraq last year, when it shipped a small number of TVs there.

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