Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within the next two years.

Speaking at a TV program on Wednesday, Rahmani stressed the need to exploit the potential of Iran and Iraq for industrial and trade cooperation.

He added that the $20-billion annual trade target that the two neighbors have set is expected to be met in the not-so-distant future.

Rahmani, who was part of Iranian President Hassan Rouhani’s entourage during a landmark visit to Iraq earlier this week, said the two governments have agreed to get the most out of economic opportunities by 2021.

During the presidential visit to Iraq, the two countries’ official signed five deals to promote cooperation in various fields.

The documents entail cooperation between Iran and Iraq concerning the Basra-Shalamcheh railroad project, visa facilitation for investors, cooperation in the health sector, and agreements between the Ministry of Industry, Mines and Trade of Iran and Ministry of Trade of Iraq, and another one in the field of oil between the petroleum ministries of the two countries.

In February, governors of the central banks of Iran and Iraq signed an agreement to develop a payment mechanism aimed at facilitating banking ties between the two neighboring countries.

A few days ago, secretary of Iran-Iraq Chamber of Commerce said the obstacles to banking interaction between the two neighbors have been settled and the bilateral trade exchange is fairly normal.

He said a large number of technical and engineering projects worth 7 to 8 billion dollars which Iranian private sector companies were carrying out in Iraq have remained unfinished since the rise of the Daesh (ISIL) terrorist group in 2014.

(Source: Tasnim, under Creative Commons licence)

Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within the next two years.

Speaking at a TV program on Wednesday, Rahmani stressed the need to exploit the potential of Iran and Iraq for industrial and trade cooperation.

He added that the $20-billion annual trade target that the two neighbors have set is expected to be met in the not-so-distant future.

Rahmani, who was part of Iranian President Hassan Rouhani’s entourage during a landmark visit to Iraq earlier this week, said the two governments have agreed to get the most out of economic opportunities by 2021.

During the presidential visit to Iraq, the two countries’ official signed five deals to promote cooperation in various fields.

The documents entail cooperation between Iran and Iraq concerning the Basra-Shalamcheh railroad project, visa facilitation for investors, cooperation in the health sector, and agreements between the Ministry of Industry, Mines and Trade of Iran and Ministry of Trade of Iraq, and another one in the field of oil between the petroleum ministries of the two countries.

In February, governors of the central banks of Iran and Iraq signed an agreement to develop a payment mechanism aimed at facilitating banking ties between the two neighboring countries.

A few days ago, secretary of Iran-Iraq Chamber of Commerce said the obstacles to banking interaction between the two neighbors have been settled and the bilateral trade exchange is fairly normal.

He said a large number of technical and engineering projects worth 7 to 8 billion dollars which Iranian private sector companies were carrying out in Iraq have remained unfinished since the rise of the Daesh (ISIL) terrorist group in 2014.

(Source: Tasnim, under Creative Commons licence)

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th March 2019).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD604 (+1.6%) / $651 (+1.6%) (weekly change) (-8.4% YTD change). The number of weekly traded shares was 27.5 bn and the weekly trading volume was IQD10.8 bn ($9.0 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,383,562 on Sunday (Mar. 17, 2019). [Table: 2.3]
  • ISX will suspend trading of Investment Bank of Iraq (BIBI) starting Mar. 26, 2019 due to the GA that will be held on Mar. 30, 2019 to elect 7 new original board members and 7 alternative members. The bank will resume trading on Mar. 31, 2019.
  • Ashour Hotel (HASH) will hold an AGM* on Mar. 17, 2019 to discuss and approve 2013 annual financial results. The company has been suspended from trading since Aug. 8, 2018 for not disclosing 2017 annual financial results.
  • United Bank (BUND) will resume trading on Mar. 17, 2019 by the CBI decision to remove the bank from its custody due to completing the procedure of electing new board members.
  • Al-Mansour Bank (BMNS) held its AGM* on Mar. 14, 2019. In the meeting, the bank decided to distribute 7% cash dividend (IQD0.07 dividend per share, 9.7% dividend yield).
  • Original shares of International Islamic Bank (BINT) resumed trading on Mar. 12, 2019 after approving to increase the capital from IQD100 bn to IQD250 bn through 150% rights issue.
  • ISX requested Union Bank of Iraq (BUOI) to provide its AGM* minutes which was held on Mar. 6, 2019.
  • Credit Bank of Iraq (BROI) resumed trading on Mar. 10, 2019 after discussing and approving 2017 annual financial results and deciding to distribute 2.5% cash dividend (IQD 0.025 dividend per share, 6.4% dividend yield).

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th March 2019).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD604 (+1.6%) / $651 (+1.6%) (weekly change) (-8.4% YTD change). The number of weekly traded shares was 27.5 bn and the weekly trading volume was IQD10.8 bn ($9.0 mn).

ISX Company Announcements

  • According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,383,562 on Sunday (Mar. 17, 2019). [Table: 2.3]
  • ISX will suspend trading of Investment Bank of Iraq (BIBI) starting Mar. 26, 2019 due to the GA that will be held on Mar. 30, 2019 to elect 7 new original board members and 7 alternative members. The bank will resume trading on Mar. 31, 2019.
  • Ashour Hotel (HASH) will hold an AGM* on Mar. 17, 2019 to discuss and approve 2013 annual financial results. The company has been suspended from trading since Aug. 8, 2018 for not disclosing 2017 annual financial results.
  • United Bank (BUND) will resume trading on Mar. 17, 2019 by the CBI decision to remove the bank from its custody due to completing the procedure of electing new board members.
  • Al-Mansour Bank (BMNS) held its AGM* on Mar. 14, 2019. In the meeting, the bank decided to distribute 7% cash dividend (IQD0.07 dividend per share, 9.7% dividend yield).
  • Original shares of International Islamic Bank (BINT) resumed trading on Mar. 12, 2019 after approving to increase the capital from IQD100 bn to IQD250 bn through 150% rights issue.
  • ISX requested Union Bank of Iraq (BUOI) to provide its AGM* minutes which was held on Mar. 6, 2019.
  • Credit Bank of Iraq (BROI) resumed trading on Mar. 10, 2019 after discussing and approving 2017 annual financial results and deciding to distribute 2.5% cash dividend (IQD 0.025 dividend per share, 6.4% dividend yield).

The president of Iran voiced the country’s readiness to expand trade ties with Iraq and increase exports to the neighboring state.

“We are ready to have our tradespeople more active in Iraq and supply the required goods so that we can reach a good balance,” Iranian President Hassan Rouhani said at the Economic-Trade Forum of Iran and Iraq in Baghdad on Monday, his website reported.

Extensive economic and trade cooperation between Iran and Iraq would benefit the both nations and the region, the president stressed, adding, “The two Iranian and Iraqi nations have always been together in recent years in creating security and stability.”

“The Iranian nation and government are very happy that they have been alongside the Iraqi nation and army from the beginning in their fight against terrorism,” Rouhani noted.

Referring to the achievement of stability and security in Iraq, Rouhani said, “Iranian economic and trade executives have stood by the Iraqi nation even when the country was insecure.”

As regards the agreement reached during his meeting with Iraqi official, Rouhani said, “It was also decided that visas still remain in place, but the fees were decided to be removed and visas be issued free of charge.”

“Iran is ready to develop relations in different fields such as energy, and supplying power and gas to Iraq,” he emphasized.

Stressing that Iran is determined to increase trade relations with Iraq to $20 billion from $12 billion, Rouhani said, “Facilitating banking relations can create a historic opportunity for the two nations.”

“Today, we are witnessing the closest relations between the two countries… This historic opportunity can be a turning point in the relations between the two countries,” he concluded.

Heading a high-ranking delegation, Rouhani arrived in Baghdad on Monday at the official invitation of the Iraqi government. It is Rouhani’s first official visit to Iraq during his tenure.

(Source: Tasnim, under Creative Commons licence)

The Secretary of Iran-Iraq Chamber of Commerce said the obstacles to banking interaction between the two neighbors have been settled and the bilateral trade exchange is fairly normal.

In comments at a televised program on Sunday night, Hamid Hosseini said the problems with banking relations between Iran and Iraq have been resolved and the process of exports to Iraq as well as trade exchange with the Arab country has become stable and much better than before.

Iranian exporters’ concerns about trade with Iraq under a currency agreement have been addressed, the official noted, expressing hope that the process of steady trade exchange with Iraq would continue in the coming Iranian year.

Hosseini pointed to a 32-strong delegation of Iranian private sector’s business people accompanying President Hassan Rouhani in an ongoing trip to Iraq, saying the presidential visit will produce perfect results for the private sector.

A large number of technical and engineering projects worth 7 to 8 billion dollars which Iranian private sector companies were carrying out in Iraq have remained unfinished since the rise of the Daesh (ISIL) terrorist group in 2014, the official said, hoping that Rouhani’s trip would help address the issue.

Heading a high-ranking delegation, Rouhani left Iran for Iraq at the official invitation of Baghdad.

It is Rouhani’s first official visit to Iraq during his tenure.

In February, governors of the central banks of Iran and Iraq signed an agreement to develop a payment mechanism aimed at facilitating banking ties between the two neighboring countries.

Speaking at a joint press conference with Iraqi President Barham Salih in Tehran in November, Rouhani said the value of trade and economic interaction between Tehran and Baghdad stands at around $12 billion, adding that the two neighbors have the potential for a $20-billion trade target.

(Source: Tasnim, under Creative Commons licence)