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Turkish-Iraqi Trade Relations Poised for Growth as Export Targets Set at $30 Billion
The head of the Turkish-Iraqi Business Council, associated with the Turkish Foreign Economic Relations Council (DEIK), Khaled Ajar, announced the ambitious objective for Turkey to elevate its exports to Iraq to $30 billion during the fiscal year 2025. In a recent interview, Ajar emphasized the strengthening commercial ties between the two nations, attributing this growth to both countries’ commitment to enhancing their mutual trade.
Last year, Iraq emerged as the fifth-largest market for Turkish exports, with a notable share of Turkey’s total exports reaching 4.73%. Ajar highlighted key sectors driving this trade, including construction, agriculture, energy, food processing, health services, and logistics. He pointed out that Iraq’s expansive infrastructure needs have bolstered the involvement of Turkish companies in regional contracting projects. “Turkey continues to strengthen its friendly relations with Iraq through robust commercial partnerships,” Ajar stated.
Ajar further elaborated on the increasing collaboration between Turkey and Iraq across various sectors, particularly in energy, agriculture, logistical services, healthcare, infrastructure, and technology.
In specific terms, Turkish exports to Iraq for the previous year underscored a significant focus on the grain sector, including legumes and oilseed products, totaling approximately $2.147 billion. Notably, Istanbul was the primary source of these exports, accounting for $3.089 billion, followed by the provinces of Gaziantep, Mardin, Hennak, and Marin.
Strategic Infrastructure Projects: The Road of Development
Both countries are actively working on establishing land corridors that connect the Iraqi city of Basra to Turkey, notably through the “Road of Development” initiative. Ajar described this project as a crucial link connecting the Persian Gulf to Turkey and Europe, which presents significant economic opportunities not only for Iraq and Turkey but also for the wider region.
This initiative is expected to enhance cooperation between the two nations at higher strategic levels in sectors such as energy, port investments, railways, and logistical projects in the years to come.
Over the past year, the Turkish-Iraqi Business Council has taken proactive steps to foster commercial ties, organizing approximately 40 key events in 2024 aimed at enhancing trade relations, including significant meetings held alongside official visits.