Iraq seeks joint venture projects with India

Iraq is looking at increasing its crude oil and fertiliser exports to India, and will explore setting up joint ventures worth $2 billion (Rs 10,000 crore) by 2010-end, its industry and minerals minister said.

Iraq is looking at increasing its crude oil and fertiliser exports to India, and will explore setting up joint ventures worth $2 billion (Rs 10,000 crore) by 2010-end, its industry and minerals minister said on Tuesday.

HT Image

"I have discussed various issues concerning expansion of exports and imports of goods with the minister," Iraq's minister of Industry and Minerals, Fawzi F Fariri told IANS after meeting commerce minister Anand Sharma in New Delhi.

"We are particularly looking at expanding our crude oil and fertiliser exports to India," Fariri added.

The Iraqi minister said he had invited India for high-level talks in his country to discuss setting up of joint venture companies.

"We are also interested that Indian companies invest in our country in sectors like transport, railway, shipping and hospitality," said Fariri.

Currently, the export basket to Iraq consists of iron, steel, electrical machinery, equipment and parts, cereals, meat, sugar, and vehicles.