Thursday, August 16, 2007
Iran - Iraq trade on the rise
Trade
(Press TV) - 97 percent of the $2 billion worth of bilateral trade with Iraq consists of Iranian exports to that country, Iran's envoy to Baghdad says. Iran has a significant potential to participate in Iraq's reconstruction, the Iranian ambassador, Hassan Kazemi Qomi said, adding that presently the contracts to build Baghdad's 300 Megawatt power plant and 2 pipelines to transfer 350 thousand barrels of crude oil per day from Basra to Abadan are also underway.
The 400 Megawatt electricity power transmission line from Abadan to Al-Hares is among the most important projects being implemented by Iran, Kazemi Qomi said. Iran's ambassador to Iraq noted that Iran's Pars Wagon Company has adequate capabilities to have a positive role in development of Iraq's rail network.
Signing 65 other technical cooperation documents for the expansion of Iraq's railroad is among the future cooperation in this field. The Iranian envoy referred to these projects as a clear sign of Iran's willingness to contribute to Iraq's reconstruction, mentioning that Iranian pilgrims visit to Iraq by train is another important issue.
The 400 Megawatt electricity power transmission line from Abadan to Al-Hares is among the most important projects being implemented by Iran, Kazemi Qomi said. Iran's ambassador to Iraq noted that Iran's Pars Wagon Company has adequate capabilities to have a positive role in development of Iraq's rail network.
Signing 65 other technical cooperation documents for the expansion of Iraq's railroad is among the future cooperation in this field. The Iranian envoy referred to these projects as a clear sign of Iran's willingness to contribute to Iraq's reconstruction, mentioning that Iranian pilgrims visit to Iraq by train is another important issue.
Labels: crude oil, electricity, Hassan Kazemi Qomi, Iran, Iraq, Pars Wagon Company, rail links, trade
Monday, August 06, 2007
Turkey new safe haven for Iraqi investors
Humanitarian
(Azzaman) - Turkey is the new haven for Iraqi investors who are fleeing the country in droves due to worsening security conditions. And Istanbul is the destination where reports say investments worth millions of dollars are being made in the form of new ventures and start-ups. Latest figures released by Istanbul’s Chamber of Commerce show Iraqis topping foreign investors in Turkey with substantial contributions to at least 54 major Turkish businesses.
Amman has traditionally been Iraqi investors’ venue but latest restrictions on residency and cross-border travel curbs have turned Turkey into a favorite destination. The exodus comes as allocations for development are shrinking with the government giving security and the army the highest priority. Foreign investors have all but left the country and local allocations for projects are drying up.
With mounting insecurity, many Iraqi investors are selling their businesses and take the money out of the country. Others are reluctant to start up new businesses amid the upsurge in violence. Turkey is also emerging as among Iraq’s top traders with exports worth $1.259 billion last year. Trade with the U.A.E. ballooned to $1.2 billion and the U.K. to $1.4 billion.
Iraq has good commercial and trade relations with Iran with Iraqi shops in the south and north brimming with Iranian goods. But both Tehran and Baghdad have so far declined to issue the worth of their increasing trade exchange. Privately, Iraqi officials say Iran is currently Iraq’s number one trade partner.
Amman has traditionally been Iraqi investors’ venue but latest restrictions on residency and cross-border travel curbs have turned Turkey into a favorite destination. The exodus comes as allocations for development are shrinking with the government giving security and the army the highest priority. Foreign investors have all but left the country and local allocations for projects are drying up.
With mounting insecurity, many Iraqi investors are selling their businesses and take the money out of the country. Others are reluctant to start up new businesses amid the upsurge in violence. Turkey is also emerging as among Iraq’s top traders with exports worth $1.259 billion last year. Trade with the U.A.E. ballooned to $1.2 billion and the U.K. to $1.4 billion.
Iraq has good commercial and trade relations with Iran with Iraqi shops in the south and north brimming with Iranian goods. But both Tehran and Baghdad have so far declined to issue the worth of their increasing trade exchange. Privately, Iraqi officials say Iran is currently Iraq’s number one trade partner.
Labels: Iran, Iraqi investors, trade, Turkey
