Iran, Iraq private sectors say $20 billion bilateral trade is not out of reach

Top private sector representatives of Iran and the Iraqi province of Kirkuk underlined that it is not a far-fetched plan to seek a $20 billion bilateral trade between the two countries.

8 December 2021
ID : 33319
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Top private sector representatives of Iran and the Iraqi province of Kirkuk underlined that it is not a far-fetched plan to seek a $20 billion bilateral trade between the two countries.

President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei and President of Kirkuk Chamber of Commerce Sabahattin Salihi, in a meeting in Tehran on Tuesday, explored ways for bilateral cooperation.

Speaking during the meeting, Shafei said that Iraq is the second biggest destination for Iranian products.

Noting that Iran’s exports to Iraq accounts for the lion’s share of trade between the two neighboring countries, he said that trade is “a two-way road”, voicing Iran’s readiness to balance bilateral trade with Iraq.  

He referred to Kirkuk’s huge oil production capacity and its exports of crude oil, adding that the Iraqi province can make use of refinery capacity of Iran in this regard.

He also said that Iran can process the Iraqi oil into gasoline and re-export it to the country.  

The Iran Chamber chief also said that the two countries can also make joint investments on pharmaceuticals, agriculture and small and medium-sized enterprises (SMEs).

He referred to housing, road and power plant construction as other areas for cooperation.  

President of Kirkuk Chamber of Commerce, for his part, said that Kirkuk is the heart of Iraq’s economy.

Noting that Kirkuk’s economic capacities are not limited to its oil wells, he said that the province has both metal and non-metal mineral resources which are not being excavated yet.  

There are also hundreds of thousands of hectares of fertile agricultural land in Kirkuk that have not yet been exploited due to insecurity, Salihi said, adding that ISIS forces destroyed many barley, wheat and corn fields in the Iraqi province.

He said that he is interested in direct cooperation and the presence of Iranian companies in Kirkuk.

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