Secretary General of Iran-Iraq Chamber of Commerce Seyed Hamid Hosseini underlined that a sum of $500 million has been allocated for financing projects of Iranian companies in the neighboring country of Iraq.
"Iraq is a big regional market for Iran and it needs different products and services, specially railway construction, telecommunications, electricity, oil swap and tourism development," Hosseini said.
He underlined that Iran's Resistance Economy Headquarters has recently allocated a 500-million-dollar budget to supply the Iranian companies in Iraq.
In February, Iran agreed with Iraq to help the Arab country design and build industrial townships in some Iraqi provinces.
The agreement was signed in a meeting between Iranian Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh with his Iraqi counterpart al-Sudani in Baghdad.
“Industrial townships will provide the opportunity for the Iraqi investors to invest in these regions,” Nematzadeh said during the meeting.
He said that there a total of 750 industrial townships where over 40,000 industrial and producing units are active, adding, “We are ready to build several sample industrial townships in this regard in Iraq."
The Iranian industry minister also voiced his country’s willingness to invest in industrial and technological areas as well as supplying of manufacturing machinery in Iraq.
The Iraqi industry minister, for his part, said that construction of industrial townships is among priorities of the Iraqi industry and mining ministry.
"Given Iran’s experiences in construction of such townships Iraq is willing to cooperate with Iran in this field,” al-Sudani added.