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Iranian Investment in Iraq to Reach 1.8 Billion Dollars

Tehran, Feb 17, IRNA - Iranian investment in Iraq will reach dlrs 1.8 billion in the next Iranian year (starting on March 21), co-chairman of Iran-Iraq Chamber of Commerce said on Saturday.

Hassan Tizmaghz said in a symposium titled of 'Study of development of Iranian economic and industrial relations with Iraq' that currently the value of Iran's investment in Iraq has reached 1.3 billion dollars.

He described the current budget of Iraqi government as promising which provides the ground for speeding up implementing development projects in that country.

He noted that northern part of Iraq is secure and other states can invest in that area like Iraqis.

He also gave a proposal for opening of Iranian representative offices in northern and southern Iraq to secure Iran's economic interests.

The one-day symposium was held at Iran chamber of commerce in the presence of chief of Iran chamber of commerce, industries and mines as well as a group of businessmen.

Khamoushi calls for more extensive trade exchanges with Iraq

Head of Iran's Chamber of Commerce and Industries Alinaqi Khamoushi called for development of of economic exchanges with Iraq and improvement of the relevant laws and regulations.

The statement was part of a speech delivered at a one-day conference on expansion of economic and technical ties with Iraq, which was held at Iran's Chamber of Commerce and Industries Building.

Khamoushi said that trade exchanges with Iraq are mostly centered at border provinces, where unfortunately there are no chambers of commerce.

He called for establishment of customs offices at border markets, adding that this will prevent the export of non-standard products to Iraq.

"Given that Iraqis are willing to consume Iranian goods, export of high standard products to Iraq will help Iran to maintain its market," he added.

Concerning transport of oil, he said that just five kilometers into the territory of Iraq, the Iranian oil tankers transfer their product to other trucks, imposing high expenses on Iran.

"Establishment of low-cost economic units such as plaster and brick production factories among others across 1,420 kilometers of common borders between the two countries will provide the ground for continuous activities.

Tradesmen from private sector attending the conference brought up the obstacles facing them concerning investment in Iraq and exchanged views on the issue.

... Payvand News - 2/17/07 ... --

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