Home
Economic ties between Iraq and Sri Lanka
10 Mar 2014
Economic ties between Iraq and Sri Lanka
Iraq and Sri Lanka entered into an economic co-operation agreement covering various activities following two days of meetings last week in Baghdad of the Sri Lanka- Iraq Joint Committee for Economic and Technical Co-operation.
Iraqi Minister of Trade Khairallah Hassan Babakr and Sri Lankan Minister of Trade and Industry Rishad Bathiyutheen signed the agreement during the eighth session of the meetings.
The agreement between the two countries will strengthen economic co-operation between Iraq and Sri Lanka, adding that all previous points of dispute had been resolved prior to the signing.
Iraq mainly imports foodstuffs, rubber, coconut and tea from Sri Lanka. In the past, tea was imported through middlemen, he said, but under this agreement, there will be direct contact with the exporters, which will lower the price and ensure the quality of the tea.
Mr. Babakr said that under the agreement, branches of Sri Lankan banks will be opened in Iraq, in addition to the exchange of tourism and the issuance of travel visas to Iraqis.
Bathiyutheen said, "The agreement includes the opening of doors for investment to Iraqi citizens, the opening of trade representative offices in both countries, in addition to an agreement by both sides to set up a joint businessmen council."
During the recent meetings, "the previous agreements were thoroughly discussed and activated, particularly in the area of energy and scientific, cultural, trade and economic spheres," said Hashim Mohammad, general director of economic relations at the Iraqi Trade Ministry.
Representatives of the relevant ministries in Iraq attended this round of meetings alongside their counterparts on the Sri Lankan side. Under one of the agreements, a delegation from the Iraqi Oil Ministry will discuss the possibility of building oil storage facilities or a refinery to serve the Sri Lankan and East Asian market, he said.
He also stated, "Iraq seeks to target the East Asian markets, and the location of Sri Lanka is considered pivotal." Iraq and Sri Lanka can each benefit in the agricultural field, which prompted the signing of this agreement, said Muthana al-Egaidi, an expert at the Iraqi Directorate of Agricultural Research.
"We prepared a working paper that included which fields in Sri Lanka we could benefit from, particularly in the [agricultural] and cattle sector, which would have a share under this agreement," he told.
"Sri Lanka has a good breeding program for water buffalos, and has conducted numerous studies and research to develop this sector," he said. "We can benefit from this expertise to develop our production of this species."
[You must be registered and logged in to see this link.]
10 Mar 2014
Economic ties between Iraq and Sri Lanka
Iraq and Sri Lanka entered into an economic co-operation agreement covering various activities following two days of meetings last week in Baghdad of the Sri Lanka- Iraq Joint Committee for Economic and Technical Co-operation.
Iraqi Minister of Trade Khairallah Hassan Babakr and Sri Lankan Minister of Trade and Industry Rishad Bathiyutheen signed the agreement during the eighth session of the meetings.
The agreement between the two countries will strengthen economic co-operation between Iraq and Sri Lanka, adding that all previous points of dispute had been resolved prior to the signing.
Iraq mainly imports foodstuffs, rubber, coconut and tea from Sri Lanka. In the past, tea was imported through middlemen, he said, but under this agreement, there will be direct contact with the exporters, which will lower the price and ensure the quality of the tea.
Mr. Babakr said that under the agreement, branches of Sri Lankan banks will be opened in Iraq, in addition to the exchange of tourism and the issuance of travel visas to Iraqis.
Bathiyutheen said, "The agreement includes the opening of doors for investment to Iraqi citizens, the opening of trade representative offices in both countries, in addition to an agreement by both sides to set up a joint businessmen council."
During the recent meetings, "the previous agreements were thoroughly discussed and activated, particularly in the area of energy and scientific, cultural, trade and economic spheres," said Hashim Mohammad, general director of economic relations at the Iraqi Trade Ministry.
Representatives of the relevant ministries in Iraq attended this round of meetings alongside their counterparts on the Sri Lankan side. Under one of the agreements, a delegation from the Iraqi Oil Ministry will discuss the possibility of building oil storage facilities or a refinery to serve the Sri Lankan and East Asian market, he said.
He also stated, "Iraq seeks to target the East Asian markets, and the location of Sri Lanka is considered pivotal." Iraq and Sri Lanka can each benefit in the agricultural field, which prompted the signing of this agreement, said Muthana al-Egaidi, an expert at the Iraqi Directorate of Agricultural Research.
"We prepared a working paper that included which fields in Sri Lanka we could benefit from, particularly in the [agricultural] and cattle sector, which would have a share under this agreement," he told.
"Sri Lanka has a good breeding program for water buffalos, and has conducted numerous studies and research to develop this sector," he said. "We can benefit from this expertise to develop our production of this species."
[You must be registered and logged in to see this link.]
