President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei said on Tuesday that investment organizations in Iran and Iraq should set up a joint executive committee to help create a safe environment for investors from both sides.
Shafei, who is on a visit to Iraq at the head of a top-ranking delegation, made the remarks during a meeting with the Head of Iraq's National Investment Commission Suha Najjar.
In his visit to Iraq, the Iran Chamber chief is accompanied by four Members of Parliament, head of Iran-Iraq Joint Chamber of Commerce, and a number of Iranian private sector activists.
Speaking during the meeting, the head of Iraq's National Investment Commission said that the commission cooperates with different ministries in the countries and with different provincial officials to prepare the ground for investments in Iraq.
One of the duties of the commission is to create a proper environment for addressing the problems on the way of investment and finding a settlement for them, she said.
The Iran Chamber chief, for his part, underlined the need for making investments in the two neighboring countries.
Shafei called on the Iraqi official to let Iran Chamber know about the regulations and incentives for investment so as to provide the Iranian investors with the necessary information for making investments in Iraq.
Some Iranian companies have made nearly $3 billion of investment in constructional or technical and engineering sectors of Iraq but they have faced different problems which need to be addressed, Iran Chamber of Commerce president said.
During their stay in Iraq, the Iranian economic delegation has already visited Iraq Federation of Industries, the Iraqi Federation of Chambers of Commerce, and have had talks with the Head of Iraq’s Border Ports Authority.
According to the latest data released by the Islamic Republic of Iran Customs Administration, Iraq with 23.16 million tons worth $6.84 billion was Iran’s second top trade partner in the region after the UAE during the current fiscal year’s first eight months (March 21-Nov. 21).
Iran exported 21.64 million tons of goods worth $6.13 billion to Iraq and imported 1.51 million tons worth $706.86 million from the neighboring country.