Annual exports from Iran to Iraq is projected to reach $12 billion in the current Iranian calendar year, which ends on March 20, IRNA quoted Iranian Ambassador to Iraq Hassan Danaeefar as saying. The figure stood at around $11 billion last year, he noted. In August, the Chairman of the Economic Development Committee of Iran and Iraq, Ali Saeedlou, said the Iran-Iraq trade could reach the $25 billion mark in the next two years, IRNA reported.
"The Islamic Republic of Iran is working in the energy sectors in Iraq, as well as engaging in other projects regarding petroleum products, oil and gas issues," Saeedlou said. He noted that Iranian companies are engaged in major economic activities in Iraq, such as road building and construction, adding that Iran is interested in development of Iraq's private sector and mutual cooperation.
In April, Iranian President Mahmoud Ahmadinejad said in a meeting with Iraqi Prime Minister Nouri al-Maliki that there was no barrier to the development of political, economic and cultural relations between Iran and its western neighbor. Ahmadinejad said Iran and Iraq should use all capacities to develop bilateral relations, solve regional issues in favor of their nations, and establish peace and justice.