Azerbaijan, Iraq mull opportunities for mutual investments & cooperation

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.