TPCI to take business delegation to Iraq to revive lost trade
New Delhi, Nov 24 (KNN) In order to revive direct business relationship between India and Iraq, Trade Promotion Council of India (TPCI) is taking a business delegation of 30-odd food and beverage (F&B) companies to Iraq.
The four-day business delegation trip commencing on November 26th will visit businessmen and trade bodies from the cities of Baghdad, Karbala, Najaf and Erbil.
They will also meet the new minister of trade of Iraq.
TPCI is an apex trade body under the Ministry of Commerce & Industry which focuses on promoting and facilitating bilateral trade between India and the world.
India had a thriving trade going with Iraq but that was hit in 2003 when Iraq went into turmoil.
“We are taking the business delegation to Iraq with two objectives: one, to open direct business doors to Iraq as lately whatever trade remained is being routed through Dubai and two, to instill confidence among the Iraqi buyers and Indian sellers regarding the business opportunities that exist,” said, Mohit Singla, Chairman, TPCI.
There used to be a thriving trade with Iraq from Omr Qasr port close to Basra but that is no longer the case.
As of now, there is no banking route between Iraq and other countries, which necessitate trading through Dubai.
Turkey and Iran are the two countries which supplied most of the Iraqi needs during recent times.
With the currency of both Turkey and Iran depreciating, Indian businessmen stand good chance of commencing the trade that got affected if banking route between India and Iraq gets re-established and trade recommences through Omr Qasr port.
Singla added, “We are taking the delegation against odds for confidence imbibing.”
India was the leading supplier of tea to Iraq till 2003 but the trade dropped to virtual zero thereafter.
Export of rice and spices to Iraq too is on high agenda.
Significantly South African countries like Argentina and Uruguay too have started exporting significant amount of rice to Iraq.
The delegation will call on the Minister of Trade of Iraq on the first day of the 4-day itinerary on November 26, 2018.
The meeting will take place in the company of senior officials of food ministry and of foreign economic relations.
The delegation will also be interacting with officials of Federation of Iraqi Chamber of Commerce, India-Iraq Business Council, Najaf Chamber of Commerce and Erbil Chamber of Commerce besides being hosted by leading Iraqi businessmen.