(MENAFN- AzerNews)
Akbar Novruz
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Azerbaijan and Iraq are taking steps to boost mutual investments
and expand economic collaboration. Economy Minister Mikayil
Jabbarov provided insights into these efforts, sharing on X about a
meeting with Iraq's Minister of Trade, Atheer Dawood Salman Al
Ghurairi, Azernews reports.
"During the meeting with Atheer Dawood Salman Al Ghurairi,
Iraq's Minister of Trade, we explored opportunities to strengthen
economic and trade relations, promote mutual investments, and
expand cooperation. Additionally, we emphasized the importance of
enhancing collaboration among business entities, increasing trade
turnover, and supporting joint efforts in implementing
infrastructure projects," Jabbarov noted.
Further, Azerbaijan and Iraq are deepening their
economic ties with plans to establish a Business Council aimed at
strengthening cooperation between small and medium enterprises
(SMEs) of both nations .
This development was highlighted by Azerbaijan's Economy
Minister Mikayil Jabbarov during the Azerbaijan-Iraq business forum
held in Baku.
Jabbarov emphasized the importance of enhancing mutual contacts
between SMEs to boost bilateral economic, trade, and investment
relations. He noted, "During the meeting with Atheer Dawood Salman
Al Ghurairi, Iraq's Minister of Trade, we explored opportunities to
strengthen economic and trade relations, promote mutual
investments, and expand cooperation. Additionally, we emphasized
the importance of enhancing collaboration among business entities,
increasing trade turnover, and supporting joint efforts in
implementing infrastructure projects."
The minister also pointed to Azerbaijan's growing transport and
transit capabilities, underscoring the potential for cooperation
presented by the Middle Corridor, the Baku International Sea Trade
Port, and the Baku-Tbilisi-Kars railway line. He highlighted the
Alat Free Economic Zone as a key initiative to attract investors
and boost the production of high-value, export-oriented products
and services.
Jabbarov further noted Azerbaijan's commitment to promoting
private investments in the liberated territories, with favorable
investment conditions in place, including tax exemptions on income,
property, and land for 10 years. "We have introduced concessions on
income, property, land, and simplified taxes for a period of 10
years from January 1, 2023. Techniques, technological equipment,
and devices, as well as raw materials and materials, have been
exempted from VAT and import customs duty for 10 years," he
added.
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