Ankara: Turkish Trade Minister Omer Bolat affirmed his country’s private sector’s readiness to effectively contribute to reconstruction and development efforts in Iraq. In a press statement during his participation in the Turkish-Iraqi Roundtable Meeting in Ankara on Thursday, Bolat said that Iraq is one of Turkey’s most important trading partners in the Islamic world, and that the volume of trade between the two countries exceeded $17.5 billion in 2024.

According to National Iraqi News Agency, Bolat pointed out that Turkish President Recep Tayyip Erdogan and Prime Minister Mohammed Shia al-Sudani set a common goal to increase the volume of trade between the two countries to $30 billion. Bolat stressed the importance of implementing the agreements signed between Iraq and Turkey, including encouraging and protecting mutual investments and preventing double taxation, which will create a more attractive legal environment for investors.

Regarding the contracting sector, Bolat confirmed that Turkish companies ha
ve so far implemented projects worth $35.3 billion in Iraq, and that Iraq is the third-largest global market for Turkish contractors. For his part, Minister of Trade Atheer Al-Ghariri affirmed Iraq’s commitment to facilitating the entry of Turkish businessmen by resolving visa issues and working to enhance money transfer mechanisms.

Al-Ghariri indicated that the “Development Road” project represents a promising investment opportunity for exporters and investors from both countries. It is worth noting that the “Development Road” is a 1,200-kilometer-long road and railway extending from Iraq to Turkey and its ports within Iraq. It aims to transport goods between Europe and the Gulf countries.

On April 22 of last year, Turkey, Iraq, Qatar, and the UAE signed a quadripartite memorandum of understanding for cooperation on the “Development Road” project, sponsored by Erdogan and Al-Sudani.