(MENAFN- Trend News Agency)
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, Trend 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.
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