Iraqi investors keen to invest in pharmaceutical, leather industry

Iraqi investors are keen on investing in Bangladesh's leather and pharmaceutical sectors, both in sole or joint venture forms, Seerwan Mohammed Mahmood, chairman of the visiting delegates of the Sulaimany Chamber of Commerce and Industry, said.

He also said that Bangladesh's readymade garment (RMG) sector is promising in Iraq due to the high demand. He also stressed on launching direct air flight between Dhaka and Baghdad for smoother communication. 

The Iraqi business leader's proposals came at a meeting on Wednesday when a six-member business delegation led by Seerwan visited the Dhaka Chamber of Commerce and Industry (DCCI) leaders in Dhaka. 

Seerwan said Iraqi market would be a profitable export destination for Bangladesh. He also suggested for signing a Memorandum of Understanding (MoU) between DCCI and Sulaimany Chamber to launch direct flight between the two countries. There are many projects that are currently not in operation in Iraq and if any Bangladeshi company wants to re-start Sulaimany Chamber will facilitate this process.

In response, DCCI President Rizwan Rahman said that the bilateral trade between Bangladesh and Iraq in 2020-21 was $57.23 million. But there is a huge trade gap of about $49.63 million since Bangladesh's export is only $3.8 million against the import of $53.43 million. 

He said Iraq can import vegetables, potatoes,  mangoes, and other agro products from Bangladesh and ICT services. Signing a double taxation avoidance agreement between Bangladesh and Iraq will encourage investment in the diversified manufacturing and service sector. He also invited Iraqi investors to invest in the economic zones and hire our skilled workforce from Bangladesh.