(MENAFN) Ankara is setting ambitious targets for its exports to Iraq in the coming years, aiming to reach USD15 billion in the near future and a substantial USD20 billion by 2030. Omer Bolat, Turkey’s trade minister, revealed these aspirations in a statement to a Turkish news agency, underscoring the significance of the landmark Development Road Project in achieving these goals. This project, which will connect the Persian Gulf with Turkey, holds immense potential for boosting trade between the two nations.
At the heart of this endeavor lies the al-Faw Grand Port in Basra, Iraq, a focal point of discussion as Turkish Leader Recep Tayyip Erdogan prepares for his first foreign visit following the March 31 local elections, with Baghdad as his destination. This visit carries considerable weight, as it is poised to shape not only economic and trade relations between Turkey and Iraq but also address political, diplomatic, and security-related matters.
Bolat emphasized Iraq's pivotal role in Turkey's economic landscape, highlighting that Turkey's exports to Iraq have consistently represented 5 percent or more of its total exports over the past decade. In fact, Iraq ranked as Turkey’s third-largest export destination by country last year.
The trade volume between Turkey and Iraq has seen fluctuations in recent years, standing at USD24.2 billion in 2022 and slightly decreasing to USD19.9 billion in 2023. However, with concerted efforts and the realization of key infrastructure projects like the Development Road Project, there is optimism for a significant upswing in bilateral trade in the near future.
“Exports to Iraq fell 7.2 percent year-on-year in 2023 to USD12.8 billion, and imports from Iraq decreased 31.1 percent to USD7.2 billion during the same period,” he stated.
“The foreign trade balance was in favor of Turkey, as our foreign trade surplus was at USD5.6 billion last year,” he further mentioned.
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