Baghdad (Iraqinews.com) – Efforts are underway to increase the volume of trade exchange between Egypt and Iraq to six billion dollars a year from the current $1.4 billion, an Iraqi diplomat was quoted as saying.
Speaking to Shafaq News website Tuesday, Iraq’s commercial attaché in Cairo Haidar Nouri expected economic ties between Baghdad and Cairo to witness a steady growth in the coming period, particularly after his country’s victory over Islamic State last year.
According to Nouri, several Egyptian giants, topped by Orascom, will take part in the investment conference that will be held in Iraq on April 26-27 to probe means of promoting the Iraqi economy.
“The conference will be preceded by a meeting between Egyptian businessmen and the head of the Reconstruction Fund of the Areas Affected by the Terrorist Operations on April 25 to discuss the rehabilitation of cities devastated by the anti-Islamic State war,” Nouri added.
The Egyptian delegation taking part in the conference will be made up of 28 figures, topped by President of the Federation of Egyptian Chambers of Commerce (FEDCOC) Ahmed El Wakil.
Last January, Iraqi Minister of Planning Salman al-Jumaili said that his country will require a massive amount of funds to rebuild the areas liberated from Islamic State (IS) control.
Jumaili estimated the amount at around $100 billion, adding that this figure “includes all the areas that were damaged during the presence of IS, either by direct occupation or due to terrorist acts.”