Iran-Iraq Chamber of Commerce, Industry and Mines on Wednesday called for establishment of branches of Iranian banks in Iraq on wednesday.
"Establishment of Iranian banks in Iraq would increase the security of trade and foreign currency of the two countries' tradesmen," Mohammad Hossein Tizmaqz said.
Referring to promotion of the two countries' relations, he observed that by expanding bilateral economic, cultural and social relations, the two countries would witness a boost in relations.
Referring to the cultural and religious commonalties between the two countries, Tizmaqz noted that some 650,000 Iraqi Shiites visited Iran during March 2007-March 2008, of whom 500,000 paid pilgrimage to the holy shrine of Imam Reza (AS), eighth Imam of household of Prophet Mohammad (PBUH).
"The Islamic Republic of Iran enjoys cultural, medical, social and tourism potentialities," he stated, noting "we should use such a potential properly for bolstering bilateral ties."
The official further noted that by establishing branches of Iranian banks in Iraq, Iranian tradesmen can easily invest in Iraq.
Earlier, Tizmaqz underlined that trade transaction between Khorasan Razavi and Iraq exceeded dlrs 400 million in 2007.
He noted that to increase bilateral transactions, special facilities have to be made available for transit of goods at the Iran-Iraq border.
Referring to the establishment of chambers of commerce in Khorasan Razavi, West Azarbaijan, Kermanshah and Khuzestan provinces, he noted that the volume of Iran-Iraq trade exchanges could be raised.