Iraq Aims to Enhance Investment Climate for Turkish Business Interests
The Ambassador of the Republic of Iraq to Ankara, Majid Al-Lajawi, has affirmed the embassy’s ongoing efforts to streamline entry procedures for businessmen and investors, particularly from Turkey. This initiative is part of Iraq’s commitment to fostering a favorable and stimulating investment landscape.
In a recent statement, Ambassador Al-Lajawi articulated the primary objective of these enhancements: to bolster economic and commercial ties between Iraq and Turkey and facilitate the influx of Turkish investors eager to leverage the investment opportunities available in Iraq. He emphasized the embassy’s dedication to providing necessary support and simplifying processes for all investors seeking entry visas.
The ambassador underscored Iraq’s strategic intent to improve its business environment and attract foreign investments through the implementation of streamlined measures. This approach is designed not only to bolster economic growth but also to establish sustainable strategic partnerships with neighboring countries.
Trade relations between Iraq and Turkey are currently valued at approximately $20 billion. However, Ankara’s officials are targeting an increase in this figure, aiming to elevate it to $30 billion. This ambition highlights the significance of Iraq as a key market for Turkish exports.
It is important to note that Iraq predominantly imports goods from neighboring countries, with Turkey and Iran being the primary sources. This trend marks a shift from the 1990s, when Jordan served as a major market during the economic sanctions imposed on Iraq.
By facilitating entry for Turkish investors, Iraq is positioning itself as an attractive destination for foreign investment, signaling a proactive approach to economic development and regional collaboration.
