Armenia–Iraq Business Forum to give new impetus to bilateral economic cooperation

On August 26, following the fourth session of the Joint Intergovernmental Commission on Economic Cooperation between the Republic of Armenia and the Republic of Iraq, held in Yerevan, a number of documents were signed, including a Memorandum of Cooperation between the Union of Manufacturers and Businessmen of Armenia (UMBA) and the Federation of Iraqi Chambers of Commerce.

“The signed memorandum aims to give fresh impetus to the development of Armenian–Iraqi economic relations, and to promote bilateral trade and investment cooperation,” stated UMBA Vice President Nerses Karamanukyan during the Armenia–Iraq Business Forum organized the same day at the Ani Plaza Hotel in Yerevan. According to him, trade and economic ties between the two countries are showing steady growth; nevertheless, there remains significant untapped potential that business communities should work to realize. He recalled the impressions UMBA members had gained during the Armenian President’s visit to Iraq last year, where they became acquainted with that country’s economic capacities. Some of those members, he noted, are already expressing genuine business interest. Karamanukyan expressed confidence that both the commission’s session and the business forum would serve to stimulate bilateral economic cooperation.

“Our presence here today reflects the importance of Armenia–Iraq relations and proves our determination to develop economic cooperation for the benefit of both countries’ expectations and interests,” said Haider H. Jasim Al-Husseini, President of the Najaf Chamber of Commerce, representing the Iraqi Federation of Chambers of Commerce. He stressed that the memorandum of understanding signed between UMBA and the Federation was a strategic step in bilateral cooperation, intended to foster engagement and constructive partnership between the two sides. In this respect, he highlighted the importance of joint projects in the fields of investment, agriculture, and tourism. Al-Husseini also emphasized the exchange of technological and innovative expertise in areas such as industry, agriculture, and the promotion of small and medium-sized enterprises. These, he noted, are cornerstones for ensuring domestic economic development and creating jobs. He assured that the Federation of Iraqi Chambers of Commerce would work toward implementing the agreed commitments, practical measures, and realistic projects, which would contribute to the economic development of both countries and deepen cooperation between Iraqi and Armenian businesses.

“We consistently attach importance to the development of trade and economic relations with friendly Iraq. By trade volume, Iraq is Armenia’s second-largest trading partner in the Middle East,” said Armenia’s Ambassador Extraordinary and Plenipotentiary to Iraq, Ruben Sadoyan, in his address to the forum participants. According to him, current trade turnover is approaching around $250 million, with trade indicators in 2024 alone showing an increase of about $70 million. “We are exploring broader opportunities in the Iraqi market and are optimistic that these figures will continue to grow,” he added. The Ambassador urged Armenian and Iraqi entrepreneurs to pay greater attention to the mutual potential available, stressing that Armenia could serve as a transit hub for Iraq toward northern and Eurasian markets.

Charge d’Affaires of Iraq in Armenia, Mohammad Omer Salah Ad-Din, assured participants that the Iraqi government is committed to advancing multi-sectoral cooperation with Armenia. He assessed that joint efforts by Iraq and Armenia at the highest level toward developing bilateral economic ties have already produced tangible results, first and foremost reflected in the dynamic growth of mutual trade turnover. In this context, he highlighted the importance of the fourth session of the Joint Intergovernmental Commission, the signed agreements, and the business forum.

Armen Deroyan, Head of Investment Promotion and External Relations at the “Investment Support Center” Foundation, presented Armenia’s investment opportunities to the participants.

At the conclusion of the forum, business representatives were given the opportunity to hold bilateral meetings and negotiations.