High-ranking officials of Iran Mercantile Exchange in Iraq;

Iran, Iraq tendency to expand economic ties

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Tehran (ISNA) - A high-ranking delegation from IME traveled to Iraq aimed at talking with Iraqi officials to investigate solutions to strengthen economic ties between the two countries over the platform of Iran Mercantile Exchange.

According to a report by IME international affairs and PR, after long time of meticulous investigation and promoting IME's plans in this regard on the media, IME finally sent a delegation of senior managers to Iraq in order to evaluate the situation on the ground while visiting markets in important cities of the country like Baghdad, Kerbela and Najaf.

Decision-makers in IME are of the opinion that the company will rekindle trade of Iranian commodities in Iraq by establishing an office there and play a vital role in continuous provision of Iranian goods, preparing the groundwork for Iranian companies to appear more actively in the strategic market of Iraq. On the one hand, the promising future of some commodities like bitumen and iron ore in Iraq and on the other the potentials of IME for supplying such commodities for export creates an optimistic attitude towards the whole project. Yet, the trades are to still be operated on IME and goods delivered to Iraq via gateways.

During the visit, IME senior officials, along with visiting warehouses and cold storages, paid an official visit as well to Iran's ambassador in Iraq and Iran's commercial counselor of Iran in Iraq and elaborated on the business models and mechanisms practiced in IME.

"As a vast country with a population of 34 million, Iraq has 12 border customs with Iran, which makes it an ideal business goal for us", stated Masjed Jame'ie, insisted to the fact that to enter Iraq's market they will be in need of investment, long-term presence in Iraq, introducing Iranian goods and good publicity.

“Iran's embassy in Iraq will do whatever it takes to support IME's business actives in Iraq as he believes a powerful and advanced Iraq is more preferred. With rivals like Turkey, Saudi Arabia, Jordan, UAE and even Egypt, Iranian merchants and investors have no other choice but to strive for winning its fair share of Iraq's market,” he mentioned.

As the meeting went on, Ebrahim Mohammad Reza Zade, Iran's commercial counselor in Iraq, appreciated IME's plans for playing an active role in Iraq's market and pointing to the vigorous spirit of enterprise among Iraqi businessmen.

“IME's mechanism to  guarantee the quality of purchased products and its capacity for continuous offering of commodities  will pave the way for more effective presence of Iran's export commodities in Iraq if the issues pertinent to pricing are taken into consideration as too, as competitive pricing models carry lot of weight in this market,” he said.

At the end of the meeting, he added, “there have new windows opening to the banking system of Iran after lifting of sanctions, which makes the transaction with Iraqi banks carried out more smoothly adding to the potentials of Iran's presence in Iraq's market”.

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