- Uzbekistan and Iraq renew diplomatic engagement to strengthen economic cooperation and expand bilateral trade opportunities.
- High-level business forums and delegations aim to promote investments partnerships, and private sector collaboration bilaterally.
- Both countries seek long-term cooperation linking Central Asia and Middle East markets strategically together globally.
Uzbekistan and Iraq will develop their business and Economic cooperation as a result of new processes for diplomacy and trade between both countries. The Iraqi Minister of Trade led a large business delegation from Iraq to Uzbekistan in January of this year to participate in the forum to promote a better relationship in business and trade between both countries.
Both countries intend to build a more structured Economic collaboration and move forward from their past interactions.
There was an overall consensus reached among all attendees at the forum that the primary goal was to promote trade between the two nations, encourage increased investment opportunities, and increase the technical collaboration between the two countries' respective business communities through practical means.
Participants included governmental representatives from key ministries, national industry trade associations, Chambers of Commerce, private sector representatives, and other entities that reflected a strong commitment to fostering an atmosphere conducive to building joint ventures and trade partnerships among Uzbek and Iraqi firms.
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Uzbekistan's hosting of the Iraqi delegation is part of a larger effort by Uzbekistan and Iraq to diversify and strengthen their economic relations internationally. By hosting this delegation visiting Uzbekistan, Uzbekistan wanted to highlight its location and placement in the Central Asia and Middle East regions as well as display on a global level, Ukraine's growing market.
During this forum, businesses from governments, business communities, and private sectors were able to view and identify specific project opportunities through the signing of agreements and pursuing collaboration for the support of Long-Term Economic Growth in market sectors such as Trade, Investment, and Industrial Cooperation.
Optimism was high among officials from both sides regarding the potential of transforming their dialogue into actions that will increase the volume of trade between countries and create further economic integration.
There were also significant efforts in building stronger business-to-business connections between both countries through reciprocal visit and mission exchanges, and continued private sector participation in both countries.
The revival of the economic relationship between Uzbekistan and Iraq illustrates the growing trend in many parts of the region to create new trade partnerships and develop increased cooperation between nations through trade to generate sustainable economic development and enhance mutual benefit in specific industries.