Iran Targets Iraq for Investment

The Head of Tehran’s Chamber of Commerce, Industries and Mines, Yahya Al-Ishaq, said Iran regards Iraq as one of the major investment locations in the Middle East region, the local satellite Press TV reported on Monday.

Iraq’s market and economic relations with Iran is a great opportunity for Tehran, and any failure to grasp this opportunity would be loss to the country, Al-Ishaq told reporters.

Meanwhile, Al-Ishaq called on the Iranian government to prepare the ground for the increased presence of Iranian banks in neighboring Iraq, which involves efforts in such areas as banking, insurance, and letters of credit, according to Press TV.

He said Iran enjoys good infrastructure, including technology and expertise, making it possible for the country to have a permanent presence in the region’s markets, the report said.

“Currently 750 projects are underway in Iraq by Iranian contractors,” the report quoted him as saying.

In April, Iraq’s Central Bank approved applications by two Iranian banks, Parsian and Karafarin, to operate in the country and open branches in the Iraqi capital of Baghdad.

(Source: Xinhua)

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