Head of Iran-Iraq Joint Chamber of Commerce Yahya Al-Eshaq said that the Iranian private sector can increase its trade with Iraq over the next year.
Speaking in a conference in Tehran on Monday, Al-Eshaq said that the Iranian private sector can develop a $10-11 billion share of next year trade with Iraq, excluding the exports of gas and electricity, and technical and engineering services.
Iraq will be the best country in the region for making investments in the next 10 to 15 years, the businessman said, adding that Iran will have a big chance for investments in the neighboring country for different reasons.
Iraq plans to attract $300 billion of investment over the next two years, 85% of which has to be inbound investments from foreign countries, he said. “We can make 30% of this opportunity ours.”
Al-Eshaq said that the Iranian private sector will have no problem for receiving the money of selling services and products to Iraq.
He added that the Iraqi debts to Iraq are mainly those related to gas and electricity exports to the country by Iranian state companies.
Iraq has paid its overdue debts to Iran to the Iraqi TBI Bank and the two countries have agreed that there will no problem for using the money for non-sanctioned reasons such as the purchase of medicine, he said.