Turkiye to boost trade with Iraq to $30 billion in 2025

Turkiye to boost trade with Iraq to $30 billion in 2025
2025-01-28 16:55

Shafaq News/ Turkiye plans to increase its trade with Iraq to $30 billion this year, according to an announcement made on Tuesday, by the Chairman of the Turkish-Iraqi Business Council under the Foreign Economic Relations Board of Turkiye (DEİK), Khalid Açar.

Speaking to Anadolu Agency, Açar indicated that Turkiye and Iraq's resolve to expanding economic connections will result in stronger commercial partnerships.

Açar stated that "Iraq ranked fifth among Turkiye's largest export markets last year," citing increased Turkish investments in construction projects as a result of Iraq's growing infrastructure needs, and that "Turkiye aims to deepen its partnerships with Iraq through trade," specifically collaborations in energy, agriculture, logistics, health, and technology.

According to the Turkish Exporters’ Assembly, Turkiye’s exports to Iraq increased by 9.8% in 2024, reaching $10.7 billion, with Iraq accounted for 4.73% of Turkiye's total exports during this period, grains, legumes, oilseeds, and related products being the top exports, amounting to $2.1 billion in 2024.

The two countries are also working on the ambitious “Development Road” project, which will create road and rail corridors linking Iraq’s southern city of Basra with Turkiye and beyond to Europe.

Khalid Açar described the project as one of the shortest routes connecting the Arabian Gulf to Turkiye and Europe, offering substantial economic benefits not only for Iraq and Turkiye but for the entire region.

Upon completion, the project is expected to reduce cargo transit time between the Gulf and Europe by 12-15 days, cutting transportation costs.

“The Development Road will provide significant opportunities for high-level collaboration in energy projects, port investments, railways, and logistics,” Açar noted, revealing that Turkish-Iraqi Business Council organized around 40 events and high-level meetings in 2024 discussing economic relations between the two countries.

00:00
00:00
Shafaq Live
Radio radio icon