Azerbaijan, Baku, Apr.20/ Trend F.Karimov/
Iran will establish a cement factory in Iraq with annual production capacity of 2 million tons, IRNA reported.
The factory will be established completely using Iranian expertise and technology.
Some $245 million will be invested in the project and the factory will come on stream in two years time.
The factory's products will be exported under Iranian brand names.
In January, Iran-Iraq Joint Chamber of Commerce Secretary General Jahanbakhsh Sanjabi said the value of annual trade between the two countries was about $10.7 billion in the previous Iranian calendar year (March 2011- March 2012), adding that Iraq is Iran's main trading partner in regard to non-oil goods.
In August 2012, Iranian Industry, Mine, and Trade Minister Mehdi Ghazanfari said Iran was ready to launch joint ventures with Iraq in the trade, transportation, and insurance sectors.
He added that Iran was ready to invest in infrastructure projects in Iraq and to help meet the demands of its neighbor in the industrial, mining, and agricultural sectors.