Iranian carmaker Iran Khodro (IKCO) is to open a 30,000-units-per-year assembly line in Iskandariya [Alexandria], south of Baghdad, by the next month.

Iran Khodro deputy director for exports, Abdol’azim Sa’dian, told IRNA that the preliminary agreements were made three years ago, and Iran Khodro has been exporting its products to Iraq for about a decade.

The new plant will produce the Samand (pictured) and Rana models.

(Sources: al Bawaba, AIN)

The event is part of the Chamber’s CEO Insight Series, held in cooperation with the U.S. Consulate in Basrah, the U.S. Department of State, and the U.S Department of Commerce.

“There’s a big role to be played by small and medium-sized enterprises in Iraq in terms of supporting Iraq’s economy, forging international business partnerships, and pushing for more reforms,” said Mr. Naufel Al Hassan (pictured), Commercial Counselor for Iraq, who served as keynote speaker for the event. “Small and medium-sized enterprises are the key to sustaining Iraq’s economic growth, and Iraq needs committed partners who share in the vision for our future, and who recognize the country’s potential.”

According to Hassan, in 2012, trade in goods (not counting services or certain private-sector activities) between the U. S. and Iraq reached $21.3 billion. In the first quarter of 2013, trade volume between the U.S. and Iraq increased more than 23% compared to the first quarter of 2012.

(Source: Bilateral US-Arab Chamber of Commerce)

Iraq’s Council of Ministers has ruled that the Ministry of Oil is to supply the owners of private electricity generators with fuel from 1st June to 30th September.

Owners will receive 30 litres of gasoil per KVA of generator capacity each month.

(Source: AIN)

Adil Abdul-Mahdi, the former Iraqi vice president who resigned from his post, vehemently criticized Iraq’s economic policy, describing it as a failure. Abdul-Mahdi warned that tampering with the balances of nature of the economy could lead to “tsunamis, desertification and misinterpreted fluctuations.”

Abdul-Mahdi is one of the most prominent figures of the Islamic Supreme Council headed by Ammar al-Hakim. He assumed the post of minister of economy during the mandate of former Iraqi Prime Minister Ayad Allawi, and was later appointed vice president before presenting his resignation due to political conflicts.

On his personal Facebook page, Abdul-Mahdi wrote about the dramatic fluctuation in the exchange rate of the Iraqi dinar against the US dollar since the beginning of April. “The high demand for the US dollar that we have seen for months has been widening the gap between supply and demand, at about $60 million-$70 million per day. A black market has emerged, in addition to two different exchange rates with a difference of 8%-10%.”

Since the beginning of April 2013, the exchange rate of the Iraqi dinar has entered a phase of decline against the US dollar, which hit its nadir last week when the dinar dropped from 1,200 per US dollar — the exchange rate registered in March — to 1,300 per US dollar.

Yet, the value of the dinar improved this week following news about a proposal presented by the parliamentary Financial Commission, which stipulates disbursing half of all state employees’ salaries in dollars.

The reception was attended by representatives from several French companies looking to invest in Kurdistan, government officials, Regulator of Insurance Authority, the French Embassy, the President of the French Business Council and Bin Shabib representatives – Michael Kortbawi, Partner in the Dubai office and Estelle Rami, Head of the Erbil office.

Michael Kortbawi commented ‘Erbil is the ideal platform to explore Iraq and we believe that several investment opportunities for French companies will materialize over the next six months, mainly in tourism, food & beverage, security, logistics and construction. We are delighted to welcome the French Business Council of Dubai and Northern Emirates in Erbil and guide their members in their future endeavors in Kurdistan and Iraq’.

The Bin Shabib Erbil office opened in November 2012, expanding their current network of offices within the Middle East. The office marked a significant step in Bin Shabib’s plan to serve regional and international clients throughout the MENA region and acts as a gateway to providing a full range of legal services in the whole of Iraq.

Estelle Rami has recently been appointed as the new Head of Office in Erbil. Estelle has extensive knowledge of the MENA region and used to act as Legal Counsel for Solidere in Beirut, with legal expertise in real estate, corporate and tax. Estelle’s previous experience includes restructuring a group of companies, establishing financial schemes for development projects, monitoring new investments and advising on corporate and personal tax issues. Previously to joining Bin Shabib, Estelle was a legal consultant for Solidere Beirut and Solidere International.

(Source: Bin Shabib)

In a push to boost UK business in Iraq UKTI and the IBBC will take 100 UK companies to Baghdad, Basrah and Erbil in mid-June.

The mission will be led by David Willetts, Minister of Universities and Science and Baroness Winterbourne of the IBBC. Delegates on the mission will meet with senior Iraqi politicians and officials, supported by the British Ambassador, Embassy and UKTI teams.

In a speech at the IBBC’s Mansion House conference, Foreign Office Minister Alistair Burt praised the mission saying that trade between Iraq and Britain has increased by 40% in the last year and is now worth £1 billion annually.

The mission, which is aimed primarily at small to medium sized enterprises will focus on a variety of sectors, with a particular focus on healthcare, higher education, oil and gas, power, construction and infrastructure and the financial and professional services.

(Source: UK FCO)

Foreign Minister, Mr. Hoshyar Zebari, received on 15th of May 2013, the Japanese Ambassador to Iraq Mr. Masato Takaoka.

During the meeting, they discussed bilateral relations between two countries, and the desire of the Iraqi government and the Iraqi Sports audiences to set up the home game between the Iraqi and Japanese team in Baghdad, as part of qualifying for the World Cup football to the finals which be held in Brazil 2014, and the authorities readiness to provide all the supplies needed.

Also they discussed Iraqi – Japanese economic relations and overcome the obstacles that hinder the participation of Japanese companies in the reconstruction of Iraq.

(Source: MoFA)

Foreign Minister Hoshyar Zebari has met with the Kuwaiti Ambassador to Iraq, Ali Mohammed Al Mu’min.

The Minister received a written letter from the Kuwaiti Deputy Premier and Foreign Minister, Sheikh Sabah Khalid Al Sabah, on bilateral relations.

During the meeting, the positive progress achieved between the two parties due to their cooperation was reviewed.

Mutual visits of officials of the two countries were also discussed.

(Source: MoFA)