News ID: 220301
Published: 0301 GMT August 24, 2018

Official: Iran eyes $15b annual exports to Iraq

Official: Iran eyes $15b annual exports to Iraq

Iran is seeking to boost its annual exports to Iraq to $15 billion, said the secretary of Iran-Iraq Joint Chamber of Commerce.

Hamid Hosseini further told IRIB News that Iran's exports to the Arab nation stood at $4 billion in the four months to July 22.

Iran, he noted, is currently implementing development projects worth $1.8 billion in Iraq and the Islamic Republic will play a more active role in Iraq's engineering and technical projects.

Earlier, Hosseini said Iran exported goods worth $55 million to Iraq on August 20, setting a daily record in trade exchanges. He noted that Iran exported goods valued at $40 million a day on average in the four months to July 22.

Iran exports a wide range of goods to Iraq including construction materials and food products.

Iraq is also the biggest importer of electricity from Iran. It needs more than 23,000 MW of electricity to meet domestic demand but decades of war and blockade following the US invasion have left its power infrastructure in tatters and a deficit of some 7,000 MW.

The two neighbors are also working on the supply of Iranian gas to Sadr, Baghdad and al-Mansuriya power plants through a 270-kilometer pipeline and to Basra, near the Iranian border, via a separate pipeline.

Iran and Iraq have forged close political, economic and cultural ties following the toppling of the former dictator Saddam Hussein.


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