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Iran holds 17% share of Iraq’s market

Business Materials 10 December 2014 14:28 (UTC +04:00)

Baku, Azerbaijan, Dec. 10

By Fatih Karimov - Trend:

Iran's share of Iraqi goods market is currently 17.5 percent, Secretary-General of Iran-Iraq Chamber of Commerce Jahanbakhsh Sanjabi-Shirazi said.

Sanjabi-Shirazi said the Iraqi market has a potential to absorb $1500 billion, but the share of Iran is about 17.5 percent in the best case, Iran's Fars news agency reported on Dec. 10.

"We should watch Iraqi market, to not lose it easily," he added. "We are yet to reach the goal of holding 25 percent share there."

Earlier, Sanjabi-Shirazi said Iran's share of Iraq's imported goods market increased by 5 percent this year and our country is Iraq's second top trade partner now, after Turkey.

Speaking about tourism, Sanjabi-Shirazi stated that in accordance with the projections of Iran-Iraq Joint Chamber of Commerce, Iraqi tourists visiting Iran up to the year 2016 will be more than 3.5 million each year.

"A workgroup has been established and commissioned to devise a fundamental program on further expansion of tourism between the two countries," he said.

Iraq was the second leading importer of Iranian non-oil goods in Iranian calendar year 1392 (March 2013-2014), according to the Iran Customs Administration. Iran exported US$5.9 billion worth of non-oil goods to Iraq and imported US$68.5 million worth of non-oil goods from Iraq in the twelve-month period.

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