17:02 - 17.09.2024

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September 17, Fineko/abc.az. About 170 Iraqi companies are working in various industries in Azerbaijan, ABC.AZ reports, quoting Azerbaijani Economy Minister Mikayil Jabbarov during the Azerbaijani-Iraqi business forum in Baku.

"There is a wide potential for Azerbaijani companies to operate in Iraq. Azerbaijani companies have participated as contractors in large infrastructure projects in Iraq, and the demand for construction, energy and water supply, roads and bridges in the country opens up new opportunities for our local companies.

Cooperation in the energy sector occupies an important place in development of economic relations between our countries, and Azerbaijan is interested in assessing the potential opportunities for cooperation in this area," Jabbarov said.

He added that for Jan-Jul 2024, trade turnover between Azerbaijan and Iraq increased by 49%.

"As a result of the far-sighted policy of the leaders of our countries, bilateral relations between Azerbaijan and Iraq are becoming stronger. In this regard, I’d like to highlight the official visit of the President of Iraq, Mr. Abdullatif Jamal Rashid, to Azerbaijan on November 20, 2023. This visit made an important contribution to expansion of the legal framework of our relations, and the signing of agreements and memoranda of understanding covering the political, social, tourism and transport sectors further strengthened our partnership," the minister stressed.

He mentioned that it is important to increase mutual contacts between small and medium-sized businesses in order to strengthen bilateral economic, especially trade and investment relations.

Jabbarov added that the Azerbaijan-Iraq Business Council being created will be useful in further expanding cooperation between SMEs.

The minister believes Azerbaijan's transport and transit opportunities, regional and global significant projects in which Azerbaijan is an initiator and participant, potential for cooperation represented by the Middle Corridor, the Baku International Sea Trade Port, as well as Baku-Tbilisi-Kars railway line and other projects open up additional opportunities for mutually beneficial partnership.

Then the minister invited Iraqi companies to the Alat Free Economic Zone.