Iran and Iraq have agreed to invest in several industries, including the petrochemical sector, Mr. Mohebat Raeesi, managing director of Iran’s Arvand Free Trade Zone (FTZ) has announced.
After a meeting with director general of Iraq’s free zones, Mr. Raeesi said both sides agreed to invest in the industrial sector, especially in the petrochemical sector and its downstream industries, FARS News Agency reported.
Iran-Iraq bilateral trade during the current Iranian calendar year that ends on March 19, 2013, has already touched US$ 10.7 billion, according to Mr. Jahanbakhsh Sanjabi, Secretary-General of Iran-Iraq Joint Chamber of Commerce.
Speaking at a seminar on trade and investment opportunities in the Iraqi Kurdistan region last week, Mr. Sanjabi said the bilateral trade between the two neighbouring countries is likely to reach US$ 12 billion during the current calendar year.
The bilateral ties between Iran and Iraq have significantly improved since the overthrow of the Saddam Hussein regime in 2003.
