Azerbaijan, Iraq establish Business Council

A Business Council was established between Azerbaijan and Iraq within the framework of the Azerbaijan-Iraq Business Forum held in Baku.

According to Report, the two countries have signed an agreement in this regard.

The document was signed by Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA) under the Economy Ministry of Azerbaijan, and Abdul Razzaq al- Zuhairi, President of the Federation of Iraqi Chambers of Commerce.

Speaking at the forum, the Azerbaijan's Economy Minister Mikayil Jabbarov noted that the Business Council will prove beneficial in strengthening collaboration between small and medium-sized enterprises (SMEs) of both countries. He stressed the importance of enhancing mutual contacts among SMEs to fortify bilateral economic relations, particularly in trade and investment.

“Azerbaijan's growing transport and transit capabilities, coupled with its proactive involvement in regional and global projects of significance, such as the Middle Corridor, the Baku International Sea Trade Port, and the Baku-Tbilisi-Kars railway line, present additional opportunities for mutually beneficial partnerships,” he added.

According to the minister, the Alat Free Economic Zone (AFEZ) of Azerbaijan has already begun attracting investors, organizing the production of high value-added, export-oriented products and services, and increasing the country's transit capacity and cargo transportation.

“Azerbaijan actively encourages the attraction of private investments in the development of its liberated territories, where a favorable investment climate has been created. To enhance the appeal of these territories, Azerbaijan has introduced tax incentives on income, property, land, and simplified taxes for a period of 10 years, starting from January 1, 2023. Additionally, equipment, technological facilities, raw materials, and supplies have been exempted from VAT and import customs duties for 10 years. Furthermore, dividend income of legal entities' shareholders has been exempted from taxation for a decade, effective from January 1, 2023,” Jabbarov highlighted.