Ankara: A Turkish economic official announced plans to increase trade exchange with Iraq from $20 billion last year to $30 billion by 2025. Khalid Acar, head of the Turkish-Iraqi Business Council under the Turkish Foreign Economic Relations Board (DEIK), emphasized the strengthening trade relations between the two nations, driven by their commitment to enhancing trade volumes.
According to National Iraqi News Agency, Acar highlighted that Iraq was the fifth-largest market for Turkish exports last year, with trade reaching $20 billion. The target for 2025 is to deepen cooperation further, aiming to elevate this figure to $30 billion. Key sectors such as construction, agriculture, energy, food processing, health, and logistics have seen significant trade activities, aided by Iraq’s increasing infrastructure needs, which have opened opportunities for Turkish companies in contracting projects.
Acar noted that Turkey’s largest exports to Iraq last year were in the grains, legumes, oil seeds, and derivatives sector, totaling $2.147 billion. Istanbul led as the largest exporter of Turkish goods to Iraq, with a value of $3.089 billion, followed by Gaziantep, Mardin, Sirnak, and Mersin.
The two countries are also focusing on establishing land and rail corridors linking Basra in Iraq to Turkey through the “Development Road” project. This project is a crucial element in connecting Turkey to the region and is among the shortest routes linking the Arabian Gulf to Europe. It aims to enhance economic integration between Turkey, Iraq, and regional countries by reducing trade time from the Arabian Gulf to Europe by 12 to 15 days, thereby lowering transportation costs.
Discussing the “Development Road” project, Acar described it as a significant economic opportunity not only for Iraq and Turkey but also for the entire region. The project is expected to foster high-level cooperation in strategic areas such as energy projects, port investments, railways, and logistics. Acar also mentioned that the Turkish-Iraqi Business Council organized approximately 40 events in 2024 to bolster trade and economic relations, including key meetings during official visits.