Türkiye and Iraq are working to expand economic ties by increasing bilateral trade from $20 billion to $30 billion by 2025, according to Halit Acar, chairman of the Türkiye-Iraq Business Council at the Foreign Economic Relations Board (DEIK), as reported by Turkey Today.
In 2023, Iraq was Türkiye’s fifth-largest export market, with trade reaching $20 billion. Acar emphasized both countries’ commitment to strengthening cooperation, particularly through strategic projects like the Development Road initiative.
Development Road Project to Boost Regional Trade
The Development Road project, a planned land and rail corridor connecting Iraq’s Basra to Türkiye, is considered a key step in enhancing regional connectivity.
“This project will provide the shortest route linking the Persian Gulf to Europe via Türkiye, unlocking major economic opportunities for Iraq, Türkiye, and the wider region,” Acar stated.
Once completed, the corridor is expected to reduce transportation time between the Gulf and Europe by 12 to 15 days, significantly cutting costs. The project’s strategic components include high-speed rail lines and port investments, fostering stronger economic ties between Iraq, Türkiye, and neighboring countries.
Iraq: A Vital Market for Turkish Exports
Türkiye’s exports to Iraq rose by 9.8% in 2023, totaling $10.7 billion—accounting for 4.73% of Türkiye’s total exports. Key export sectors included cereals, pulses, oilseeds, construction materials, and automotive components.
Acar highlighted Iraq’s growing demand for infrastructure, stating, “Iraq’s reconstruction presents major opportunities for Turkish companies in construction, energy, and logistics. Türkiye remains a key partner in Iraq’s development.”
Expanding Cooperation Across Sectors
Economic collaboration between Türkiye and Iraq is also expanding in energy, agriculture, logistics, health, and technology. Acar noted rising demand in renewable energy, infrastructure, and food production, stressing that these sectors hold great potential for deeper cooperation.
