Iraq has billions in capital – opportunities must be seized

A forum held in Tashkent on January 14, 2026 brought together more than 150 entrepreneurs and business representatives from Uzbekistan and Iraq. The event was attended by Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov, Chairman of the Chamber of Commerce and Industry Davron Vakhabov, heads of relevant ministries and agencies, representatives of chambers of commerce and industry, sectoral associations, and business circles from both countries.

During the forum, representatives of the Iraqi side, including Iraqi Minister of Trade Atheer Dawood Al-Ghurairy, as well as leadership of the Iraqi National Investment Commission and the Iraqi Economic Council, delivered speeches expressing strong interest in intensifying direct business ties with Uzbekistan and developing institutional cooperation with the Uzbekistan Chamber of Commerce and Industry. This forum marked the second business forum in the history of Uzbek–Iraqi business cooperation. The first was held in Baghdad in December 2025. The consistent organization of such events demonstrates a systematic and step-by-step strengthening of dialogue between the business communities of both countries, as well as mutual interest in moving from initial contacts to practical trade, economic, and investment initiatives.

Iraqi entrepreneurs view the Uzbek market as a space of significant opportunity, while Uzbek business representatives are actively seeking reliable partners and new production destinations in Iraq. According to Davron Vakhabov, chairman of the Uzbekistan Chamber of Commerce and Industry and one of the forum’s organizers, cooperation with Iraq is primarily focused on food production, construction materials, electrical equipment, and light industry. Responding to questions from journalists about the recent surge in business engagement with Iraq, Vakhabov noted that both sides had previously lacked sufficient awareness of each other’s markets, and that no structured platform for trade interaction had existed.

“Following the president’s instructions, we visited Baghdad in December to study the available opportunities. The correctness of this approach and its effectiveness have already been demonstrated by tangible results,” he said.

According to Shada Zuairi, chairwoman of the Iraqi Businesswomen Council, she participated in the Tashkent forum on behalf of businesswomen across Iraq. Zuairi represents multiple sectors and holds the authority to sign numerous agreements.

“I work separately with businesswomen across various sectors. Discussions are currently underway to sign two additional agreements with representatives of the furniture association and construction materials sector. I am also involved in the oil, petrochemical, construction, furniture, and engineering industries,” she said.

During the forum, potential challenges and their solutions were openly discussed. Representatives of relevant institutions stated their readiness to work closely with entrepreneurs under all circumstances. Islam Mutalov, managing director of Promeat, welcomed this support and noted that logistical and transportation issues had largely been resolved.

Valijon Solikhov, founder of the Ermak brand, highlighted Iraq’s abundant resources, strong purchasing power, and high demand for products, describing the country as an attractive, promising, and forward-looking market for Uzbek entrepreneurs.

Akil Abdulwahid Fakhriddin, adviser to the Iraqi Economic Council, expressed satisfaction with the warm hospitality shown by the Uzbek people during the Iraq–Uzbekistan Economic Forum. He emphasized that the peoples of Iraq and Uzbekistan are connected by shared history, civilization, and cultural values. According to him, the Tashkent meeting laid the groundwork for cooperation and partnerships in pharmaceuticals, automotive manufacturing, construction materials, and the food industry.

“The Uzbek side has expressed its readiness to become a full and active partner in Iraq’s economy and market. In turn, we have invited Uzbekistan to participate in an international exhibition to be held in Baghdad this August. We are grateful to Uzbek entrepreneurs and the government of Uzbekistan for the high level of organization and warm reception,” he said.

According to Alisher Shaikhov, adviser to the chairman of the Uzbekistan Chamber of Commerce and Industry, Iraq has a high import potential in food products, automotive manufacturing, construction materials, and pharmaceuticals, making it a particularly attractive market for Uzbek exporters.

“There is enormous potential for exports from Uzbekistan to Iraq. The volume of goods supplied to foreign markets could reach several billion dollars. This applies not only to food and construction materials, but also to the energy and leather industries,” Shaikhov said.

The full version of this report can be viewed via the video player above or on QALAMPIR.UZ’s YouTube channel.