Wednesday, March 17, 2010Turkish firms flock Iraq
GAZİANTEP - Anatolia news agency
The share of Turkish companies in the Iraqi market is increasing thanks to an increase in commercial and investment relations.
According to a report by the Foreign Economic Relations Board of Turkey, or DEİK, the total exports to Iraq from Turkish companies stood at $829 million in 2003, but had risen to $5.1 billion by 2009.
After the 12-year United Nations embargo was lifted on May 22, 2003, commercial relations between Turkey and Iraq increased significantly. Accordingly, trade volume, which was $941 million in 2003, exceeded $6 billion in 2009.
Turkey's exports to Iraq also climbed 30 percent in 2009 in comparison to 2008, reaching $5.1 billion. This notwithstanding, Turkey's imports from Iraq decreased 28 percent to $952.3 million in 2009.
Iraq is now among the top five countries to which Turkey exports the most, due in part to infrastructure and superstructure investments in the post-war period.
The total business volume of Turkish contractor companies in Iraq was $242 million in 2003, but $1.2 billion in 2009.
