Iraqi investors keen on Bangladesh pharma, leather industries

DCCI holds business meeting with delegation from Baghdad

Published : 16 Nov 2022 08:55 PM

A 6-member business delegation from Sulaimany Chamber of Commerce & Industry from Iraq visited Dhaka Chamber of Commerce & Industry (DCCI) on Wednesday led by Seerwan Mohammed Mahmood, Chairman of Sulaimany Chamber of Commerce & Industry. 

The bilateral meeting discussed doing business environment, investment policy eco-system, trade and investment opportunities of Bangladesh and Iraq.  

During the meeting DCCI President Rizwan Rahman said that the bilateral trade between Bangladesh and Iraqin 2020-21 was USD 57.23 million. But there is a huge trade balance of about USD 49.63 million since Bangladesh’s export is only USD 3.8 million against the import of USD 53.43 million. 

He said that Iraq can import vegetables, potato and mango from Bangladesh and in the service sector they can import our ICT.

Signing double taxation avoidance agreement between Bangladesh and Iraq will encourage investment in diversified manufacturing and service sector.

He also invited the Iraqi investors to invest in our economic zones and hire our skilled workforce.   

Seerwan Mohammed Mahmood, Chairman of Sulaimany Chamber of Commerce & Industry said that Bangladesh’s RMG sector may have a good prospect in Iraq.

For smoother communication he also urged upon direct air flight between Dhaka and Baghdad.

He said Iraqi market will be a profitable export destination for Bangladesh.  He also suggested for signing a Memorandum of Understanding (MoU) between DCCI and Sulaimany Chamber of Commerce. Iraqi investors are interested to do joint ventures in pharmaceutical sector in Bangladesh.

They also showed keen interest for leather sector of Bangladesh.

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.

DCCI Vice President Monowar Hossain and Members of the board of directors of DCCI were also present during the meeting.