The economic and trade relations between India and Iraq slowed down after the invasion of Iraq in March 2003. In addition to import of crude in bulk, India also imports small quantities of commodities like raw wool and sulphur from Iraq. The two way trade has been growing actively in recent times. Our imports from Iraq were US$18,520.86 million and Exports were US$918.03 million in 2013-14.
Indian exports to Iraq consist of agro chemicals, cosmetics, rubber manufactured products, paints, gems and jewellery, ceramics, manufactures of metals, machine tools, electrical machinery and instruments, transport equipment, electronic goods, handicrafts, cereals, sugar, tea, garments and pharmaceuticals. A significant volume of exports also takes place through Dubai.
Iraq which used to be the largest project export destination for Indian companies has again seen Indian companies’ presence albeit in a small way. M/s. Mokul – Shriram JV has won a US$235 Million contract to rebuild the sewerage system for Basrah, M/s. Shapoorji Pollonji has won a US$ 85 Million contract to rebuild a Hotel in Basrah and M/s. Lanco Infratech has won a US 81 Million EPC contract to build the Akaaz power project. M/s BGR Energy signed a US$246 Million EPC contract to build the Nassiriyah Power Project. Tata Steel has announced a multi million pound order with Korean Gas Corporation (Kogas) for supplying of 110 KM pipeline coatings for their Baiji Dry Gas Project in Iraq.
Joint Commission for Economic and Technical Cooperation
The 17th Joint Commission Meeting was held on July 7-8, 2013 in Baghdad chaired by Dr. M. Veerappa Moily, Minister of Petroleum & Natural Gas and Mr. Abdul Kareem Luaibi Bahedh, Minister of Oil, Government of Iraq. MPNG was accompanied by a 25 member’s delegation. The Joint Commission reviewed the current status of cooperation in different areas and agreed to intensify the ongoing cooperation and also agreed to initiate cooperation in other areas.
MPNG called on PM Nouri Al-Maliki, and Deputy. PM Dr. Saleh Al Mutlaq who hosted a lunch in honour of MPNG and accompanying delegation and had detailed discussions with his counterpart Mr. Abdul Kareem Luaibi Bahedh, Minister for Oil, Government of Iraq. He also met Dr. Humam Hammudi, Chairman of External Relations Committee of the Council of Representatives.