Austria is intensifying efforts to strengthen economic cooperation with Iraq, aiming to expand investments and trade opportunities. Economic cooperation with Iraq highlights the central focus of this growing partnership.
Austrian Foreign Ministry Secretary-General Nicolas Marschke met with Iraq’s Ambassador Mohammad Hussein Mohammad Bahr al-Uloom in Vienna on Saturday. During the meeting, both sides emphasized the importance of ongoing coordination to advance existing agreements. They also discussed strategies to foster broader cooperation beneficial to both nations. Economic cooperation with Iraq, they agreed, could unlock significant potential for regional growth and bilateral prosperity.
Trade between Austria and Iraq has steadily increased in recent years. According to Iraq’s Ministry of Trade, Austria’s exports to Iraq grew from $79.9 million in 2018 to $110 million in 2023. In 2024, exports reached $133.7 million, showing strong upward momentum. Key goods traded include machinery, pharmaceuticals, and electrical equipment, reflecting Iraq’s growing demand for industrial and medical products.
Both countries emphasized the importance of expanding investment opportunities. Austria expressed interest in supporting Iraq’s infrastructure and industrial projects. Meanwhile, Iraq highlighted its commitment to creating a favorable investment climate, including legal frameworks and regulatory reforms designed to attract foreign investors.
Furthermore, Marschke and Bahr al-Uloom agreed to establish joint working groups to monitor progress on existing initiatives and explore new areas for collaboration. They underlined that continued dialogue is essential for sustaining momentum and maximizing mutual benefits.
Experts note that economic cooperation with Iraq provides opportunities for Austrian companies to enter new markets in the Middle East. Conversely, Iraq benefits from access to European technologies, expertise, and capital, helping the country diversify its economy beyond oil and gas.
The meeting concluded with both parties reaffirming their commitment to expanding bilateral ties. They pledged to strengthen economic cooperation with Iraq through practical measures, targeted investments, and ongoing consultations.
In summary, Austria and Iraq are moving toward a more integrated and mutually beneficial economic partnership. Continued collaboration, transparent policies, and shared goals are expected to drive future growth, ensuring economic cooperation with Iraq remains a priority for both nations.
