Economy, Domestic Economy

Confab on Trade Opportunities in Iraq

Confab on Trade Opportunities in Iraq
Confab on Trade Opportunities in Iraq

A conference entitled “Entrepreneurship in Iran and Commercialization of Products in Iraq” was held in Tehran on Monday, ISNA reported on Tuesday.

The conference was organized by Iran-Iraq joint chamber of commerce.

Iraq has offered huge trade opportunities over the past decade but, at its peak, Iran could seize only 13% of the Iraqi market, Jahanbakhsh Sanjabi Shirazi, head of the chamber, said while addressing the conference.

He expressed hope that security issues in Iraq would not threaten bilateral trade.

Also speaking during the event, Aref Abbasi, an official with the Iranian Foreign Ministry, noted that Iran’s total export of different commodities to Iraq is currently below $6 billion in value. “Iraq is the major destination for 70% to 80% of Iran’s engineering and technical services,” he added.

“Future trade with Iraq is promising,” he said, urging officials and the private sector in Iran to improve their advertising strategy in the Iraqi market. “Iraqi consumers are unfamiliar with Iranian brands and manufacturers.”

Iran and Iraq are poised to increase bilateral ties in industrial, mining, and banking sectors. The Export Development Bank of Iran has allocated $300 million to boost exports to Iraq, Sanjabi Shirazi announced earlier this month.

Iranian officials believe there are plenty of trade opportunities in Iraq that can be seized by the Iranian exporters once a project-based approach is adopted to take advantage of these opportunities.