Turkey-Iraq Trade Relations | Significant Development Across Various Sectors

Turkey and Iraq are on the verge of a new phase of economic cooperation, with ambitious plans to increase trade exchange to $30 billion and strategic projects connecting East to West. Stay tuned for more details with Imtilak Real Estate.

Turkey and Iraq: Trade Exchange Approaches $20 Billion

During his participation in the Turkish-Iraqi forum on trade and contracting in Baghdad, Turkish Trade Minister Ömer Bolat confirmed that Iraq is Turkey's third-largest trade partner, with trade volume nearing $20 billion. Economic cooperation between Turkey and Iraq is characterized by a growing strategic partnership. In this context, Bolat emphasized Turkey's commitment to enhancing economic relations with Iraq based on partnership and mutual benefit. He noted that the two countries plan to hold the first meeting of the Joint Economic and Trade Committee (JETCO) in Turkey within two weeks.

The minister also highlighted the pivotal role of Turkish companies in developing Iraq's infrastructure, transportation, and energy sectors, with investments amounting to approximately half a billion dollars, significantly boosting trade relations between the two nations.

Turkish Exports to Iraq Reach Approximately $11 Billion

On developmental projects, Bolat stressed the importance of the Development Road Project, aiming to connect Europe with Gulf countries via Iraq and Turkey, pointing out that this project is not just a road or a railway, but rather a comprehensive vision for Iraq's development, including new logistical and industrial centers.

Turkish Exporters Assembly Chairman Mustafa Gültepe stated that one in every ten Turkish exporting companies has trade ties with Iraq. He confirmed that Turkish exports to Iraq amounted to about $11 billion this year.

Increasing Bilateral Trade Volume to $30 Billion

Trade exchange between Turkey and Iraq stands out as a key area of economic cooperation. Both countries aim to boost bilateral trade to $30 billion in the near future, reflecting their mutual commitment to developing trade and investment relations. This falls within the framework of a robust economic partnership that includes joint projects in infrastructure, energy, and transportation.

Iraqis Lead Foreign Real Estate Ownership in Turkey

Iraqi nationals rank among the top foreign buyers of real estate in Turkey, benefiting from many advantages including simplified legal procedures, lower costs compared to other countries, and strong cultural and social ties between the two peoples. This makes Turkey a preferred destination for residence and investment. Iraqi-owned properties include residential apartments and commercial projects in major cities such as Istanbul, Antalya, and Bursa. Additionally, many Iraqis seek Turkish citizenship through real estate investment, strengthening their position in Turkey's real estate market.