Turkish exports to Iraq expected to reach $16 billion in 2024

Turkish exports to Iraq expected to reach $16 billion in 2024

Shafaq News/ The chairman of the International Association of Industrialists and Businessmen in Turkiye and Iraq, Nawaf Kalij, disclosed on Saturday that Turkiye's exports to Iraq surpassed $25 billion over the past two years, with a potential to reach $16 billion in 2024.

Kalij explained to Shafaq News Agency the "diligent efforts of Turkish businessmen to expand foreign trade with Iraq," considering Iraq, a key importer of Turkish products "known for their superior quality and high demand in the Iraqi commercial market."

"Turkiye's exports to Iraq reached approximately $13.7 billion in 2022 and $12.675 billion in 2023, covering a wide range of industrial materials and sectors. Turkish exports to Iraq rose to around $16 billion." Kalij said.

Regarding Iraq's exports, the chairman noted that Iraq's petroleum exports totaled about $20 billion over the past two years to Turkiye.

Addressing the trade routes between the two countries, Kalij emphasized the strategic location of the Ibrahim Khalil border crossing in Duhok, Kurdistan Region, as the "primary gateway for trade, accounting for about 90% of trade activities." Additionally, maritime ports in Basra play a prominent role in facilitating trade between the two countries.

Furthermore, Kalij underscored the Kurdistan Region's "pivotal role in fostering economic ties," deeming it "a promising and vital commercial market on the global trade map."

Notably, the two countries share a long border and a rich history. Turkiye is also a significant investor in Iraq, and both have a robust economic relationship.

The economic ties are multifaceted, spanning various sectors such as energy, trade, investment, and construction.

The two countries have established several pipeline agreements for oil and gas transportation, contributing to Turkiye's energy security and Iraq's economic growth.

Turkish President Recep Tayyip Erdogan is slated to visit Iraq this April.

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