Iran to double exports to Iraq

Business Materials 20 November 2018 18:07 (UTC +04:00)

Baku, Azerbaijan, Nov.20

By Elnur Baghishov, Leman Zeynalova – Trend:

It is possible to bring the volume of trade turnover between Iran and Iraq to $20 billion, said Chairman of Iran-Iraq Chamber of Commerce Yahya Ale-Ishaq.

Bilateral trade between Iran and Iraq is expected to reach $12 billion by the end of the current Iranian calendar year which started on March 21, 2018, IBENA news agency quoted him as saying.

Yahya Ale-Ishaq noted that exports from Iran to Iraq in the first six months of the current year stood at $6.6 billion.

“Iraqi government focuses on ensuring joint investments and production of the necessary products in the country. In accordance with the long-term program, instead of exporting products to Iraq, Iran will take part in production in this country. Currently, part of Iranian investments in Iraq is made for supporting the production of dairy products,” he said, adding that joint investments in free economic zones is more beneficial for the two countries.

Yahya Ale-Ishaq said that industrial parks will be created on the border of the two countries.

“There are no customs duties for import and export at free economic zones. These zones create great opportunities for expansion of Iranian-Iraqi relations. Iraq needs construction materials, food products and household items.”