Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Hossein Selahvarzi has emphasized the need for boosting joint investment between Iranian and Iraqi private sectors to increase economic cooperation.

Selahvarzi made the remarks in a meeting with Iraqi Deputy Minister of Commerce Sattar Jaber Al-Jabari in Tehran on Wednesday, the ICCIMA portal reported.

The ICCIMA head said the level of economic relations between Iran and Iraq is lagging behind their political relations, underlining that reaching a $20 billion trade target between the two countries requires more investment and trade exchanges.

He noted that Iranian companies are eager to participate in Iraqi projects, urging the need for the Iraqi side to inform the Iranian companies on the details of the tenders of the projects that are going to be implemented in the country.

The Iraqi official, in the meantime, said that all the issues raised by the Iranian side had been discussed in a joint trade committee session in Tehran over the past couple of days.

He pledged that all these issues would be pursued by the Iraqi government and the country’s prime minister.

Iran and Iraq have set a target of $20 billion in annual trade, and businessmen and authorities of both countries are determined to meet that target, Head of the Iran-Iraq Joint Chamber of Commerce Yahya Ale-Es’haq has stated.

“In general, Iran and Iraq have agreed to improve relations and change the monetary and banking conditions so that the central banks of the two countries will ease the current situation and solve the problems,” he has noted.

The current administration of Iran under President Raisi has shown great interest in broadening and enhancing trade and economic ties with neighboring states, Ale Es’haq has emphasized.