Iran and Iraq In The Last Week News
Iran to transfer capital market knowledge, experience to Iraq
A group of representatives from Iranian and Iraqi capital markets are set to cooperate in a joint project in which the Iranian side is going to share its knowledge and experience in this field with the Iraqi counterpart.
According to Iran’s Securities and Exchange Organization ( SEO ), a 10-member delegation from Iraq’s capital market has recently visited Iran and held talks in this regard.
There will be two working groups, one from the Iranian capital market and one on the Iraqi side.
They will work on mutual projects and prepare them to be ope-rationalized during a visit of Iranian delegation to Iraq in the next month.
In these projects, SEO is going to help the Iraqi side in the financing structure.
The official noted that for the time being Iran is not financing any projects in this field in Iraq.
The cooperation are only at the knowledge transfer level so far but the two sides could continue discussing such matters in the future.
Iran, Iraq to open three border commercial centers
Tehran and Baghdad have been looking to augment their trade volume and consolidate their trade ties.
New commercial centers will help strengthen local markets as well.
Iran and Iraq have agreed to open three border markets on their shared frontier as the two neighbors are eager to increase their bilateral trade volume.
Iranian and Iraqi governments agreed to establish three commercial centers in three points of their joint border.
Also, one of those centers will be set up on Kermanshah Province’s border with Iraq.
It’s been mentioned that out of Iran’s $9bn exports to Iraq, Kermanshah share stood at $3bn.
The two countries are seeking to increase their bilateral annual trade volume to $20bn.
Iraq can be the place to reexport products to Iran under the US sanctions.
Iranian entrepreneurs install their factories in Iraq to create jobs in the country and also help the Iranian businesses to use the customs exemptions for reexport of their products.
Iranian private sector opens International Rice Trade Center & Export Terminal
The center has been established to cut intermediaries from the production and supply chain of this widely-popular grain and find potential markets for the Iranian rice.
A private-sector-funded International Rice Trade Center and Export Terminal (ICRIR) has been inaugurated in northern Iran in a bid to cut the intermediaries off the production and supply chain.
First Vice President Es’haq Jahangiri opened the center last week in the northern city of Amol, in Mazandaran Province.
The center has been established with private investment amounting to over 1 trillion rials ($8.58 million) over 17 hectares of land aimed at eliminating intermediaries in the production and distribution chains of rice and find international markets from Iranian rice.
The first development phase of the center will help create 2,000 jobs.
The upcoming phases include the establishment of a modern sorting and packaging factory with an annual capacity of 24,000 tons, establishment of a rice processing factory and establishment of a tourism complex, among others.
Iranians consume more than 3 million tons of rice each year.
The deficit between domestic production and demand is imported from the UAE, India, Pakistan, Thailand, Turkey and Iraq, according to Financial Tribune.
Every year and during the rice harvest season, the government bans rice imports in support of local farmers and domestic production.
The Ministry of Industries, Mining and Trade has recently lifted its seasonal ban on rice imports.
Source
Iran Chamber Of Commerce Industries, Mines and Agriculture.
Iran Chamber Of Commerce Industries, Mines and Agriculture.
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