A Business Council was established between the two countries within the framework of the Azerbaijan-Iraq business forum held in Baku.
The “Report” informs that a relevant agreement was signed between the two countries in this regard.
The document was signed by Orkhan Mammadov, Chairman of the Board of Directors of the Small and Medium Enterprise Development Agency under the Ministry of Economy of Azerbaijan, and Abdulrazaq Al Zuheiri, Chairman of the Federation of Chambers of Commerce of Iraq.
“It is planned to create a business council between Azerbaijan and Iraq.”
“Report” According to reports, Economy Minister Mikail Jabbarov said this at the Azerbaijan-Iraq business forum in Baku.
According to him, the Council will be useful to strengthen cooperation between small and medium-sized enterprises (SMEs) of the two countries.
The Minister noted that it is important to increase mutual contacts between SMEs in order to strengthen bilateral economic relations, especially trade and investment. He added that the growing transport and transit opportunities of our country, the important regional and global projects in which he is the initiator and participant in this field, the potential for cooperation presented by the Middle Corridor, the Baku International Sea Trade Port, the Baku-Tbilisi-Kars railway line open up additional opportunities for a mutually beneficial partnership.
According to him, the Alat Free Economic Zone has begun to organize the production of high value-added products and services aimed at exports by attracting investors, expanding the country’s transit opportunities and increasing cargo transportation.
“We are actively promoting the attraction of private investments for the development of the liberated territories, and a favorable investment climate has been created in these territories. In order to increase the attractiveness of the liberated territories, for 10 years starting from January 1, 2023, concessions on rent, property, land and simplified taxation will be provided. Technological equipment, equipment and installations, as well as raw materials, are exempt from VAT and import customs duties for a period of 10 years,” added M. Jabbarov.
