Attention entrepreneurs: a market full of high-paying buyers awaits you

Iraq, whose domestic market remains heavily dependent on imports and which purchases nearly $90 billion worth of goods annually from abroad, is opening its doors to the world. Today, Iraq aims to increase its annual trade turnover with Uzbekistan from $20 million to $1 billion.

On January 12, a delegation of nearly 150 major Iraqi business representatives arrived in Tashkent on a working visit to discuss cooperation with Uzbekistan. The delegation is personally led by Iraqi Minister of Trade Atheer Dawood Salman Al-Ghurairy, underscoring the seriousness of Iraq’s intentions.

“This visit is aimed at strengthening economic ties between Iraq and Uzbekistan. First of all, it should be noted that the current trade volume of $20 million does not reflect our true potential at all. We have broad opportunities to increase trade, exchange experience and culture, and expand cooperation in various sectors,” the Iraqi official said.

It was noted that the main goal of the visit is to directly study enterprises operating in the construction, electrical engineering, pharmaceuticals, food production, furniture manufacturing, and automotive sectors, as well as to analyze product quality and production capacity.

At the initiative of the Uzbekistan Chamber of Commerce and Industry, familiarization visits were organized to major companies across different parts of the capital, allowing business representatives to observe production processes firsthand, visit facilities on site, and assess real opportunities.

“To be honest, the food sector attracted my greatest interest, as this is exactly my field of expertise. I own date syrup production plants in Baghdad. The quality of the products manufactured here is very high, and the packaging, in particular, is extremely attractive, modern, and professionally executed. The products that interested me most were jams. I would like to introduce Uzbek jam products into my factories,” said Khuda Hafedh Ahmad, a representative of the Iraqi Women’s Entrepreneurship Development Fund (NGO).

Uzbekistan Chamber of Commerce and Industry Chairman Davron Vakhabov, who visited Iraq officially in December last year and personally assessed demand and opportunities, said the situation in Iraq is not as negative as many people assume.

“The population’s living standards are relatively good, with the minimum income at around $700. There is almost no domestic production in the country, with the main focus placed on oil processing. As a result, many products are imported. Uzbek products have generated strong interest among visitors. Iraq is certainly a promising business platform for our entrepreneurs,” Vakhabov said.

According to the head of the Chamber of Commerce and Industry, logistics and delivery issues do not pose serious difficulties.

“After passing through two countries, the route goes from Bukhara through Turkmenistan and then Iran, allowing goods to reach Baghdad in approximately 15 days. This is very convenient for our entrepreneurs, with transportation costs amounting to around $3,500–4,000. What do entrepreneurs need? To sell their products quickly, while buyers want to receive goods as soon as possible. That is why greater emphasis is being placed on the Afghan and Iraqi markets. We are confident that our entrepreneurs will quickly find their place in these markets,” he said.

For reference, an exhibition is also planned to be held in Iraq in February, where more than 50 manufacturing companies from Uzbekistan are expected to participate and present their products.