The head of Iran-Iraq Chamber of Commerce, Yahya Al-e Es'haq, has advocated that Iranians should invest in the neighbouring cement market of Iran.

"During a meeting with Iraq's minister of industry and minerals, the Iraqis said they intend to make their industries self-sufficient and that they do not want to be a sole importer of goods [such as cement] from Iran," Mr Al-e Es'haq added.

"Close to 70 per cent of Iraq’s cement plants are working below capacity and can be revitalised through investments," he said.

"The improvement in Iraq’s security condition is a hopeful sign. We can turn the country into one of our main technical and engineering service export markets for the next 10-15 years, if we can improve bilateral trade relations."

Mr Al-e Es’haq stressed that Iranian investors have to move fast, since improved conditions in Iraq will definitely attract other global competitors. In July 2010 Iraq’s Industries Ministry signed a contract with the French company Lafarge to renovate Karbala Cement Factory and raise output from 300,000tpa to 1.8Mta. The French company (now LafargeHolcim) also invested in three other factories in the province of Sulaymaniyah.