Azerbaijan-Iraq business forum strengthens ties and expands cooperation potential

The Azerbaijan-Iraq business forum was held in Baku through the support of Azerbaijan's Ministry of Economy and Iraq's Ministry of Trade, as well as the Export and Investment Promotion Agency of the Azerbaijan Republic (AZPROMO) and the Iraqi Federation of Chambers of Commerce.

Around 100 businessmen from both countries, representing such sectors as agriculture, food, logistics, construction, consulting, and shipping, alongside officials from both countries attended the event, Caliber.Az reports.

During the forum, Azerbaijani Economy Minister Mikayil Jabbarov highlighted that the long-standing Azerbaijan-Iraq relations are advancing due to the forward-thinking policies of the leaders of both countries. The agreements and memorandums of understanding signed between the countries, covering political, social, tourism, and transportation sectors, further solidify their partnership.

From January to July 2024, trade turnover between the two countries increased by 49 per cent. Currently, around 170 Iraqi companies are operating across various sectors in Azerbaijan. Azerbaijani companies have participated as contractors in significant infrastructure projects in Iraq. The demand in such areas as construction, energy and water supply, and road and bridge building presents new opportunities for Azerbaijani firms. 

The minister of economy highlighted Azerbaijan's transport and transit capabilities, the favourable conditions created in industrial zones, and the incentives offered to entrepreneurs in the liberated areas. Iraq’s Trade Minister Athir Dawood Al-Ghurairi emphasised the deep historical connections between the two countries and expressed Iraq's interest in expanding relations with Azerbaijan.

He outlined potential areas for developing economic partnership and highlighted the significant economic reforms underway in Iraq, which have created a favourable investment climate. The minister extended an invitation to business representatives to engage in active collaboration. Head of AZPROMO Yusif Abdullayev emphasised the significance of business connections between Azerbaijan and Iraq and outlined efforts to promote the "Made in Azerbaijan" brand. 

President of the Federation of Iraqi Chambers of Commerce Abdul Razzaq al- Zuhairi discussed the organization’s activity, Iraq’s investment climate, and the prospects for expanding collaboration between the two countries across various economic sectors. Chairman of the Small and Medium Business Development Agency (SMBDA) Orkhan Mammadov provided an overview of the initiatives in Azerbaijan aimed at advancing small and medium-sized enterprises (SMEs), the Agency’s activity in this sector, and potential collaboration opportunities with Iraqi organisations and businesses in the field of SMEs. 

Chairman of the Iraq-Azerbaijan Business Council Mohammed Al-Dawoodi emphasised the importance of meetings between business communities for strengthening economic relations and achieving new agreements, particularly in the transport and logistics sectors. Business representatives discussed coordination efforts and explored potential cooperation in the private sector, trade, energy, and tourism during the forum. During the event, SMBDA and the Federation of Iraqi Chambers of Commerce signed an agreement to establish the Azerbaijan-Iraq business council. 

This council is expected to be a significant step in strengthening economic ties and expanding trade opportunities, providing a platform for collaboration and experience exchange among entrepreneurs. The forum also featured bilateral meetings between business leaders from both countries.