Iran exports some 2,200 products, valued at $12 billion, to neighboring Iraq annually, the head of the Department of Spatial Planning and Regional Planning of the Iranian Plan and Budget Organization said.

According to The Iran Project, Speaking in a meeting entitled “Reviewing opportunities and challenges of attracting Iraqi investors and strengthening trade relations between the two countries in line with demarcating Iran in the regional value chain”, Jafar Hosseini said that Iraq, benefiting from $85 billion foreign exchange reserves, 130 tons of gold reserves, and 147 billion barrels of proven reserves of crude oil, is among the richest countries in West Asia.

He went on to say that Iran’s exports to Iraq have increased 15-fold over the past 20 years, rising from about $600 million in 2003 to more than $10 billion last year (ended March 19, 2024).

Currently, Iran exports over 2,200 various types of goods and products to Iraq, he said, adding that more than half of the active Iranian traders are present in the Iraqi market.

Developing the trade infrastructures to facilitate trade between the two countries, encouraging traders to invest in Iraq, promoting trade through dispatching and admitting trade delegations and participating in exhibitions of the two countries, etc. are suggested to strengthen the trade and economic relations between Iran and Iraq, he underlined.