Iran to raise trade with Iraq to $10bn

Monday, 11 July 2011 00:00 - - {{hitsCtrl.values.hits}}

Iran aims to boost trade and investment with neighbouring Iraq to $10 billion this year as it looks to further strengthen economic ties, especially in the oil sector, an Iranian official said.

Relations between the two countries, which fought an eight-year war in the 1980s, have improved since the ousting of Saddam Hussein in the 2003 US-led invasion and after a Shi'ite-led government came to power in Iraq.

Iran is now Iraq's second-biggest trading partner after Turkey. 'The big Iranian companies have the ability to engage in trading and investment in Iraq in oil, gas, petrochemicals, agriculture, heavy industries, electricity and religious tourism,' said Hassan Kazemi Qomi, head of the Iraq-Iran economic development committee and Iran's former ambassador to Iraq.

'Trading between Iraq and Iran reached $6 billion last year... We're looking to make it $10 billion this year and $20 billion in the coming five years,' he said. - Reuters