11 March 2007
TEHRAN: A leading Iranian bank will begin operations in war-torn Iraq within the next few days, the head of the Iran-Iraq Chamber of Commerce said.
Hassan Tiz-Maghz said in a meeting of Iranian and Iraqi officials here that Iran also plans to set up an insurance firm in Iraq, Fars reported.
"Bank Melli Iran will begin operations in Iraq within the next few days in cooperation with an Iraqi development bank," he said, adding that Iran has also paved the way for establishing an insurance company and an inspection facility in Iraq to examine the quality of goods exported by Iranian companies to that country.
Iraqi Trade Minister Abd Al-Fallah Hassan Al-Sudani, who was among the participants at the meeting, said the Iraqi government is seeking to privatize the economy of the oil-rich nation. "Baghdad favors a market economy," the minister said.
He said that Iraq's private sector was badly damaged under former dictator Saddam Hussein, and stressed that efforts were currently underway to revitalize private enterprise in the war-torn nation.
The minister pointed out that last year the Iraqi government allowed private companies to import oil derivatives. Iraq's oil reserves are currently 115 billion barrels.
"Iran possesses great capabilities," he continued, calling for the implementation of previous agreements reached between the two countries.
A senior Iraqi economic delegation was in Tehran earlier this week to explore avenues for cooperation between Iran and Iraq.
Iran, which has exported over $2 billion worth of non-oil goods to Iraq since last March, is the second largest exporter of goods to that country after the United Arab Emirates. Iraq imported a total $13 billion worth of goods in 2006.
The nation's annual budget also increased from $33 billion in 2006 to $41 billion in 2007.
TEHRAN: A leading Iranian bank will begin operations in war-torn Iraq within the next few days, the head of the Iran-Iraq Chamber of Commerce said.
Hassan Tiz-Maghz said in a meeting of Iranian and Iraqi officials here that Iran also plans to set up an insurance firm in Iraq, Fars reported.
"Bank Melli Iran will begin operations in Iraq within the next few days in cooperation with an Iraqi development bank," he said, adding that Iran has also paved the way for establishing an insurance company and an inspection facility in Iraq to examine the quality of goods exported by Iranian companies to that country.
Iraqi Trade Minister Abd Al-Fallah Hassan Al-Sudani, who was among the participants at the meeting, said the Iraqi government is seeking to privatize the economy of the oil-rich nation. "Baghdad favors a market economy," the minister said.
He said that Iraq's private sector was badly damaged under former dictator Saddam Hussein, and stressed that efforts were currently underway to revitalize private enterprise in the war-torn nation.
The minister pointed out that last year the Iraqi government allowed private companies to import oil derivatives. Iraq's oil reserves are currently 115 billion barrels.
"Iran possesses great capabilities," he continued, calling for the implementation of previous agreements reached between the two countries.
A senior Iraqi economic delegation was in Tehran earlier this week to explore avenues for cooperation between Iran and Iraq.
Iran, which has exported over $2 billion worth of non-oil goods to Iraq since last March, is the second largest exporter of goods to that country after the United Arab Emirates. Iraq imported a total $13 billion worth of goods in 2006.
The nation's annual budget also increased from $33 billion in 2006 to $41 billion in 2007.
© Iran Daily 2007
