Economy, Domestic Economy

Iraqi Envoy Calls for Iranian Investment

Iraqi Envoy Calls for Iranian InvestmentIraqi Envoy Calls for Iranian Investment

Iranian economic players and merchants are still reluctant to engage in trade and invest in projects in Iraq due to the perceived insecurity in the neighboring country, says Aqeel al-Musawi, Iraq’s commercial attache in Iran. “Iraq’s infrastructure was destroyed in the turbulent situation experienced by the country during the last decade and now this infrastructure needs to be rebuilt and restored,” he was quoted as saying by IRNA. The official noted that the two countries share common land and sea borders, which provide Iranian businessmen and economic players with exceptional opportunities.  “Iran’s industry and market have improved noticeably and the country’s goods and services are highly popular in Iraq,” he said. Musawi said the south of Iraq, the province of Basra in particular, is safe for any kind of economic activity and the Iraqi government is prepared to grant facilities to foreign investments. “These facilities include customs and tax exemptions for the import of production machinery and equipment, and five-year tax exemptions for production on Iraqi soil,” he added. The official noted that holding exhibitions of Iranian goods in Iraq, such as Iran’s upcoming exclusive exhibition in Basra, can greatly help expand bilateral economic ties. Iran’s first exclusive exhibition in Basra is scheduled for May 18 in the fields of food, energy, mining, industry, household appliances, medicines, medical equipment, cosmetics, textile, carpets and rugs, automotive, transportation, construction, urban services, information technology and telecommunications.