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Iraqi steel market has potential of $4 billion for Iran

Tehran, The secretary general of the Joint IranIraq Chamber of Commerce said the Iraqi steel market has at least $4 billion potential for Iran, and the Iranian companies need to be more active in branding, product quality and holding exhibitions in this country.

Seyyed Hamid Hosseini said on Tuesday at the Fifth International Conference of Steel Price in Tehran, '2018 was very suitable for Iran's trade with Iraq, and export of steel productions to the country has a good growth.'

The official made the remarks that the Islamic Republic of Iran should be thinking of diversifying its export markets and the best of these markets is Iraq.

'The combination of mine and energy due to cheap gas in our country could be the best strategy for development, and would save the Islamic Republic from dependence on oil, so that wherever the government uses this policy, we succeeded in that industry.'

The secretary general of the Joint Chamber of Commerce of Iran and Iraq referred to the great advantages of the Iraqi market and went on to say that the destruction of Iraq's infrastructure, its high financial ability and the need for goods and services, the lack of efficient manpower, Iran's competitive advantage in the construction materials and food industry, petroleum, chemical, petrochemical, technical and engineering services, medical and therapeutic, lack of security and favorable business environment, lack of banking system and efficient insurance are among the advantages that have attracted the Iranians to Iraqi market.

He said the Iraqi population survey shows that 65 percent of the country is under 45, while Iraq's population under the age of 20 has a share of over 45 percent, which is a demographic characteristic of their desire for consumption.

Hosseini noted that the development of construction and infrastructure is the fourth priority of the central plans of the Iraqi government, which should be addressed by Iranian exporters of Iranian goods and services.

Iranian economic figure highlighted that the Islamic Republic of Iran by the year 2017 was the third largest exporter to Iraq with $6.4 billion, but last year, due to foreign exchange rate and events in the Iraqi government, our exports reached $8,700 million and Iran was ranked first in exports to this country.

Source: Islamic Republic News Agency IRNA

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