KARACHI, Feb 5: Baghdad Chamber of Commerce President Al-Haj Mohammad Hasan Al-Qazaz on Saturday underlined the need for exchange of businessmen delegations between Pakistan and Iraq to promote trade and joint ventures.

He was speaking at the signing of a memorandum of understanding (MoU) with the Karachi Chamber of Commerce and Industry at the Karachi Expo Centre.

Mr Al-Qazaz also called for exchange of information on investment and trade and the need for identifying products where businessmen of both the countries can trade. He said Iraq was completely a free country and businessmen could import every item and enter into joint ventures.

He invited Pakistani businessmen for joint venture in Iraq, as the country offered a tax holiday of five years to every investment. After five years, a tax of 3.2 per cent would be imposed, he added.

Mr Al-Qazaz said Iraq possessed good engineers and workforce, but needed technical assistance from Pakistan. He said import and export were almost duty-free and the highest customs duty was five per cent.

He said Iraq was interested in textile, rice, food items and heavy-duty machinery, while it could offer petrol on government-to-government basis. At present Iraq could export only dates to Pakistan, he added.

Mr Al-Qazaz appreciated the product range at the Expo Pakistan, but suggested that the organizers needed to do more to improve organization of such exhibition in future.

KCCI President Khalid Firoz said that his chamber wanted a fast interaction with the Baghdad chamber and boost in bilateral relations. He said the MoU would help in accelerating trade relations with Iraq through exchange of information and promotion of cooperation.-APP