Reuters quotes the Iranian Consul to Basra as saying that Iran hopes to double trade with Iraq to $8 billion this year, mostly in the construction, food and industrial sectors. Meanwhile, 60 companies participated in an exhibition of Iranian trade and industry in Basra City.

The consul also told Aswat al-Iraq that, “Iran is working to open a bank in Basra as a step toward the development of commercial and economic [ties] between Iran and Basra”.

In Diwaniya, Chairman of the council signed a number of initial agreements with Iranian companies on Monday, saying, “The Iranian companies have allocated $ 10 billion to implement a number of investment projects throughout Iraq, … [including] cement factory and oil refineries”.

Further north, a delegation of Iranian businessmen met with officials of the Kurdish Region to discuss to opening of a free trade zone along the border.

(Source: Reuters, Aswat Al Iraq, Iraq Directory, Iran Daily)

A Chinese delegation has visited the Shiite city of Karbala, and expressed its readiness to conduct several projects there, Karbala’s first deputy governor said on Thursday.

“The delegation, led by a Chinese businesswoman who owns a number of industrial companies, has finished its visit to Karbala,” Abbas al-Moussawi told Aswat al-Iraq news agency.

The delegates have been updated with the security and economic situation in the city, Moussawi pointed out.

The delegation expressed its willingness to carry out several projects, which it said will provide job opportunities for local residents.

The holy Shiite city of Karbala lies 110 km southwest of the Iraqi capital Baghdad.

According to a report from Reuters, Iraqi Kurdistan’s investment body says the region has attracted more than 12 billion US dollars from local and foreign investors in non-oil sectors over the last three-and-a-half years, mainly in housing.

Of this $12 billion, $3.1 billion was from foreign sources, and this would been higher had a $6 billion deal with the UEA not fallen though.

Said Kamaran Mufti, director general of the Kurdistan Regional Government’s Board of Investment: “Those who come early will get more benefits.”

The relatively stable, and largely autonomous, northern region is trying to lure investors into real estate, banking and industry.

Kuwait and Lebanon were the biggest foreign investors, according to the board’s figures, with the capital Erbil the most popular location.

These figures do not include the oil sector, where firms such as Norway’s DNO, Turkey’s Genel Enerji and Jersey-based Heritage have signed contracts.

About 1,200 foreign companies, just over half of which are from Turkey, are working in Kurdistan, mostly in banking, construction, cement, and agriculture.

“We want to tell investors that we need them … it doesn’t make a difference if they are local or foreign investors,” Mufti said.

(Source: Reuters)

A number of German companies presented a proposal to build low-cost housing units in Baghdad, the Investment Commission of Baghdad said on Wednesday.

The proposal was made during an investment conference held between German and Iraqi businesses.

The Chairman of the Commission stressed the need for more investment in residential developments.

(Sources: Aswat Al Iraq, Eye Media Company)

Basra’s Investment Commision is reportedly in discussions with an American company on a possible new factory to make oil pipelines and valves. The deal may involve a joint venture with Ibn Majed Iraqi Engineering Company.

Aswat Al Iraq reports that an Indian contracting company met with officials from the Basra Investment Commission on Tuesday to discuss possible ventures in the area.

“The company has put forward several investment projects in the fields of housing, oil and agriculture to be implemented in the province,” the Commission told Aswat al-Iraq news agency.

The projects include the establishment of two residential cities and an oil refinery, Waheed indicated.

(Source: Aswat Al Iraq)

Six projects involving roads, bridges and a water unit, have been approved for Wassit province. Total value is approximately $26m. Additionally, the provincial council has signed a contract with a number of foreign companies to build housing units for teachers.

The Iraqi Council of Ministers has approved an amendment to the law no. 12 of 1995 related to the maintenance of irrigation networks.

“The decision comes to show the government’s determination to preserve irrigation networks,” Dr. Ali al-Dabbagh, the official spokesperson for the Iraqi government, said in a release on Monday.

He said that the decision offers fair irrigation shares to farmers, and thus improves agricultural production.