Shafaq News/ On Wednesday, Turkish Trade Minister Omer Bolat announced that an agreement had been reached with Iraqi officials to increase the volume of trade between the two countries. He made the announcement after returning from a two-day visit to Iraq, where he participated in the Iraqi-Turkish Forum on Trade and Contracting.

"Turkiye places great importance on Iraq’s goals for economic development, prosperity, and security. We will work to diversify areas of cooperation with Iraq," Bolat stated.

Bolat said he met with Iraqi Prime Minister, Mohammed Shia Al-Sudani, and agreed to enhance bilateral trade. He also spoke with his Iraqi counterpart, Atheer Al-Ghurairi, and they agreed to hold the first meeting of the "JETCO" (Joint Economic and Trade Committee) mechanism in Istanbul in December, Anadolu Agency reported.

During his visit, a roundtable meeting was also held, bringing together Iraqi officials and representatives of companies from both nations.

Bolat expressed Turkiye's readiness to cooperate on construction projects in Iraq, highlighting the preparedness of Turkish companies with their advanced expertise and technology to participate in significant projects.

He noted that Turkiye provides substantial support for the Al-Faw Grand Port and Development Road projects, both under construction in Iraq.

"These projects will make major contributions to relations between the two countries and the development of regional and international trade," the Turkish Trade Minister said. Bolat also described the "Development Road" project, which begins at the Grand Faw Port in Basra, as "a grand vision of historical importance for Iraq."

About Development Road Project

Iraq’s Development Road project, officially launched during Turkish President Tayyip Erdogan's visit to Baghdad in April, is set to become a cornerstone of regional trade and economic growth.

The project features a 1,275-kilometer (792-mile) rail and road network designed to streamline the movement of goods between Europe and the Gulf region. It is anticipated to significantly reduce trade costs between China and Europe, with energy playing a crucial role due to Iraq's substantial oil reserves.

Iraq holds approximately 10% of global oil reserves and contributes 5% of global production. This strategic advantage is expected to enhance the project's impact on regional trade.

The investment budget for the project is estimated at $17 billion, with $6.5 billion allocated for highways and $10.5 billion designated for an electrified railway.

In addition to transforming regional trade dynamics, the Road Project is forecasted to create 100,000 jobs in its first phase and potentially up to one million jobs upon completion.

About Al-Faw Grand Port

Strategic project, with an estimated cost of approximately 4.6 billion euros (about $4.9 billion), is projected to have a capacity of 99 million tons annually, positioning it as one of the largest ports in the Gulf and the tenth largest worldwide.

Being one of the most significant projects within the Development Road initiative, the port has sparked substantial debate across Iraq, especially due to repeated delays in its completion. Members of Parliament have accused successive governments of making compromises with neighboring countries that ultimately slowed down the port's development to benefit competing regional ports. Additionally, the project suffered a major setback after the unexpected suicide of the technical director from South Korea's Daewoo Corporation, the company contracted to execute the project