Egypt, Iraq take action to foster economic relations

CAIRO – 1 June 2017: An Egyptian-Iraqi Businessmen Council will meet in Baghdad ‘soon’, on the sidelines of the Egyptian-Iraqi Joint Committee, Minister of Investment Sahar Nasr said Thursday.

This came through a meeting between Nasr and Iraqi ambassador to Cairo Habib El-Sadr to discuss economic and investment cooperation between both parties, according to a ministry statement.

Nasr said that the Egyptian infrastructure is ready to host Iraqi investments and projects, while El-Sadr expressed the interest of Iraqi investors to enter the Egyptian market.
The Egyptian-Iraqi Joint Committee was founded in 2009 by the Foreign Ministries of both countries to foster political and economic relations.

Egyptian exports to the Iraqi market recorded $470 million in 2015, compared to $782 million in 2014, in the sectors of electronic, food, agricultural, chemical and fertilizers products.

In November, Egypt participated in the 43rd session of the Baghdad International Fair, where the Egyptian Trade Office signed $12 million worth of export contracts.

Egypt and Iraq are about to seal an agreement to import crude from Iraq, with 90 days of grace period for payments.