Turkish Industrialists: Iraq Agreements Unlock New Avenues for Trade, Investment

Industrialists and exporters from Turkey's Southeastern Anatolia region have welcomed the recent agreements signed between Turkey and Iraq, asserting that they will create promising opportunities to boost trade and investment, thereby supporting economic development in the region. Mete Akcan, Coordinator of the Southeastern Anatolia Exporters' Unions in Turkey, made this statement in a press release issued on Saturday. Akcan explained that these understandings, signed following the meeting between Turkish President Recep Tayyip Erdoğan and Iraqi Prime Minister Ali Al-Zaidi on July 28th, are not limited to the transport and logistics sectors but extend to vital areas such as agriculture, customs, investment, and energy. He added that these agreements are set to elevate the level of trade and diplomatic relations between the two countries, opening broad horizons for exporters and industrialists in the region, in addition to supporting comprehensive regional development efforts. Akcan also highlighted that the "Development Road" project holds significant strategic importance within these agreements, as it represents a potential international trade corridor. He noted that this project, which will stretch from the Grand Faw Port on the Arabian Gulf, through Turkish borders, all the way to Europe, will provide a crucial alternative to existing global trade routes. Akcan affirmed that the location of the Southeastern Anatolia region along this route will enhance its logistical position, contributing to reduced transit times to Middle Eastern and Gulf markets, thereby lowering transport costs and increasing the competitiveness of local industries. He stated that these agreements will have a direct positive impact on production and export operations in the region, emphasizing that Iraq remains a key export market for Turkish companies. Furthermore, the agreements will provide support to major industrial sectors including textiles, food industries, carpets, chemicals, cement, and iron and steel. Akcan expressed strong confidence that this comprehensive cooperation will deepen economic ties between Turkey and Iraq, achieving sustainable and long-term economic gains for the entire region. In a related development, President Erdoğan had officially received Iraqi Prime Minister Ali Al-Zaidi last Tuesday at the Presidential Complex in Ankara. The discussions between the two leaders culminated in the signing of five agreements and memoranda of understanding, covering cooperation in education, police academy academics, youth and sports, as well as industrial property, transport, and infrastructure.