Iraqi business people are interested to invest in Bangladesh's pharmaceutical and leather sectors either through forming joint ventures or on their own, said a business leader from the Middle Eastern country. 

Seerwan Mohammed Mahmood, chairman of the Sulaimany Chamber of Commerce & Industry, made the remarks during a meeting with the Dhaka Chamber of Commerce & Industry (DCCI) in the capital today.

Mahmood, head of a six-member business delegation from Iraq, said that Bangladesh's readymade garment sector may have a good prospect in the Middle Eastern country.

For a smoother communication, he called for a direct air flight between Dhaka and Baghdad.

"The Iraqi market will be a profitable export destination for Bangladesh," he said, according to a press release of the DCCI.

Mahmood suggested signing a memorandum of understanding between the DCCI and the Sulaimany Chamber of Commerce.

"Iraqi investors are also interested in forming joint ventures in the pharmaceutical sector in Bangladesh. They also showed keen interest in the leather sector," he said.

There are many projects that are currently not in operation in Iraq, and if any Bangladeshi company wants to re-start them, the Sulaimany Chamber will facilitate the process, he added.

The bilateral meeting also discussed doing business environment, the investment policy eco-system, trade and investment opportunities of Bangladesh and Iraq. 

Bilateral trade between Bangladesh and Iraq stood at $57.23 million in 2020-21, with the balance tilting towards the Middle Eastern country. 

In the financial year, Bangladesh's export was $3.8 million against the import of $53.43 million.

"Iraq can import vegetables, potatoes and mangoes from Bangladesh. And in the service sector, they can import our ICT," said DCCI President Rizwan Rahman, speaking at the meeting.

He said the signing of a double taxation avoidance agreement between Bangladesh and Iraq would encourage investment in the diversified manufacturing and service sectors.

He invited Iraqi companies to invest in the economic zones of Bangladesh and hire skilled workforce from the country.  

DCCI Vice-president Monowar Hossain was also present at the meeting.