Iran, Iraq eye joint investment projects
Baku, Azerbaijan, Feb. 18
By Farhad Daneshvar - Trend:
Iran welcomes proposals put forward by Iraqi merchants calling for joint investment with Islamic Republic, Iranian minister of Industry, Mining and Trade, Mohammad Reza Nematzadeh said.
At a meeting with Iranian minister of industry in Baghdad, a number of Iraqi merchants and manufacturers have called for the expansion of trade ties through joint investment projects with Iranian private sector, IRNA news agency reported.
The trade ties between Tehran and Baghdad were restricted to purchasing and selling of goods before the implementation of the Joint Comprehensive Plan of Action (JCPOA/ nuclear deal), but today with the removal of international sanctions against Tehran, the way for joint cooperation has been paved, the head of the Federation of Iraqi Chambers of Commerce, Jaafar al-Hamdani said.
He further added that the removal of sanctions against Iran has laid the groundwork for joint investment in agricultural, commerce as well as industrial sectors.
According to the Iraqi delegation, Baghdad has allocated about $4.5 billion to give support for private sector in a bid to boost the Arab state's economy.
According to Iran's Minister of Economic Affairs and Finance Ali Tayebnia the current volume of trade turnover between Iran and Iraq stands at $12 billion but Tehran and Baghdad are capable of increasing the figure to $20 billion.