Chapter Iraq Investment by Dinar Experts Opinion
03-10-2013 T123 Expert Justin Steave: What are the recent targets of Iraq for the export of crude oil?
03-10-2013 IDD Expert Jeff: Iraq is producing 3.5 million barrels per day of crude oil and expecting to reach the target of 3.7 million barrels per day till the end of the year. Shahristani the deputy prime minister for energy is committed to achieving the target till the end of the year. According to energy minister the Majnoon oil field will play a crucial role to achieve this goal.
03-10-2013 IDD Expert Colin: What do you know about the deal of military robots between Iraq and United States?
03-10-2013 ID info Expert Basil: United states of America want to stabilize the Iraq after their withdrawal from Iraq. For this purpose, we have seen a number of deals between Iraq and United States of America for the military equipment. The recent deal between the United States of America and Iraq is $20 million to buy new military robots. This is the fixed price contract between Iraq and United States.
03-10-2013 Iraqi Dinar News Expert Tony: What are the present business relationships of Iraq and Iran?
03-10-2013 T123 Expert Justin Steave: For the last few years, Iran Iraq relations are improving regularly in the different sectors of mutual interests. The recent deal between Iran and Iraq to enhance the defense cooperation between both of the countries is the positive step between the relationships of both countries. Iraq imports more than 70% of its goods from Iran and this is a big figure.
03-10-2013 Iraqi Dinar News Expert Tony: Why Iraq is the biggest importer of Iranian products?
03-10-2013 IDD Expert Colin: It is true that Iraq is the biggest importer of the Iranian goods. Iraq does not import the oil from Iran and except this everything is being imported from Iran. Agricultural products are also the part of these imported goods because Iraq did not take an interest in the agricultural sector at all. Therefore, it has to import a large number of agricultural products from Iran per year.
03-10-2013 ID info Expert Basil: Can we consider it as the sympathy of Iraq with Iran?
03-10-2013 IDD Expert Jeff: Yes, you say this that Iraq should sympathy by importing most of its goods from Iran because Iran is facing international sanctions of trade due to its nuclear programs. The trade minister of Iraq also calls it as the sympathy of Iraq to import the goods from Iran, further he added that the other countries did not show this kind of sympathy when Iraq was under the international sanctions in 1990.
03-10-2013 IDD Expert Colin: Why Iraq is supporting Iran, they have fought a big war in the past?
03-10-2013 T123 Expert Justin Steave: I think both of the countries have understood the results of the war very well. Therefore they both want to enhance the relationships to enhance the trade and infrastructure. Another technical reason is the Shia administration of Iraqi government. Saddam was a Sunni Muslim who was against the Shia administration of Iran. Now both of the country heads are Shia Muslims, therefore they are cooperating with each other.
03-10-2013 IDD Expert Jeff: What is the volume of trade between both of the countries?
03-10-2013 ID info Expert Basil: After the invasion of Saddam Husain, the Iraqi government started business with Iran on a regular basis. The volume of trade between both countries was 3 billion dollars in the beginning. Now the trade volume between both countries is more than 12 billion dollars, and the trade ministers from both of the countries are trying to enhance its volume up to 15 billion dollars till 2015.
03-10-2013 T123 Expert Justin Steave: What is the major interest of Iran in order to export in Iraq?
03-10-2013 IDD Expert Jeff: More than 40% of Iraq have no electricity in most of its regions. Iran wants to export the electricity to Iraq. For this purpose, 1200 megawatt electricity is being transferred to the Iraqi Kurdistan and the volume of its export will be enhanced till 2014. According to Iranian media reports, more than 150 megawatt electricity will be added in the circle till 2014.
03-10-2013 Iraqi Dinar News Expert Tony: What about memorandum of understanding between Iraq Iran and Syria?
03-10-2013 IDD Expert Colin: Iraq is the country that is badly affected by the United States war. The infrastructure of Iraq has been ruined. The memorandum of understanding is the joint agreement between Iran Iraq and Syria government to rebuild the country’s infrastructure, the roads, dams and energy sectors of the country. The agreement was officially signed in 2012 by all of these countries.