Nearly 170 Iraqi-owned companies are currently operating across various sectors of the Azerbaijani economy, Mikayil Jabbarov, Azerbaijan's Economy Minister said at the Azerbaijan-Iraq Business Forum in Baku, Report informs.
Jabbarov emphasized the vast potential for Azerbaijani companies to expand their operations in Iraq as well.
He noted that Azerbaijani firms have already participated in major infrastructure projects in Iraq as contractors, and the growing demand for construction, energy, water supply, and road and bridge construction in the country presents new opportunities for these companies.
The minister also pointed out that the trade turnover between the two countries rose by 49% year-on-year in January-July of 2024.
Jabbarov attributed the deepening ties to the visionary leadership of both nations, specifically mentioning the official visit of Iraqi President Abdul Latif Jamal Rashid to Azerbaijan on November 20, 2023.
He underlined that this visit played a crucial role in expanding the legal framework of the relationship, with the signing of an agreement and a Memorandum of Understanding covering various areas, including political, social, tourism, and transport sectors.