BAKU, Azerbaijan, September 17. The trade turnover between Azerbaijan and Iraq has increased by 49 percent from January through July 2024, Azerbaijani Economy Minister Mikayil Jabbarov said at the Azerbaijan-Iraq Business Forum in Baku, TurkicWorld reports.
"Bilateral relations between Azerbaijan and Iraq are becoming stronger as a result of the visionary policy of our countries' leaders. In this regard, I would like to particularly note the official visit of Iraqi President Abdul Latif Rashid to Azerbaijan on November 20, 2023. This visit made an important contribution to the expansion of the legal framework of our relations, and the signing of agreements and memorandums of understanding covering political, social, tourism, and transportation spheres further strengthened our partnership," Jabbarov noted.
According to him, about 170 Iraqi companies operate in Azerbaijan in various sectors.
"There is a wide potential for Azerbaijani companies to operate in Iraq. Azerbaijani companies have participated as contractors in major infrastructure projects in Iraq, and the demand for construction, energy and water supply, roads, and bridges in the country opens new opportunities for our local companies.
Cooperation in the energy sector occupies an important place in the development of economic relations between our countries, and Azerbaijan is interested in assessing potential cooperation opportunities in this field," the Minister emphasized.
He mentioned that it is important to increase mutual contacts between small and medium-sized enterprises to strengthen bilateral economic, especially trade and investment relations.
Jabbarov also added that the Azerbaijan-Iraq Business Council being established will be useful in further expanding cooperation between SMEs.
The Minister believes that Azerbaijan's transport and transit capabilities, regional and world significant projects in which Azerbaijan is an initiator and participant, cooperation potential represented by the Middle Corridor, Baku International Sea Trade Port, as well as Baku-Tbilisi-Kars railway line and other projects, open additional opportunities for mutually beneficial partnership.
Then, the Minister invited Iraqi companies to the Alat Free Economic Zone.
