Turkish minister calls on businessmen to invest in Iraq

Turkey's State Minister Zafer Caglayan said that Turkish businessmen, who wanted to have a share in the Iraqi market, had to invest in that country as of today.

"Hidromek (Turkish construction machinery producer) will start assembly and other services in Iraq," Caglayan said during his meeting with Iraqi Minister of Trade Safaa Al Deen Al Safi in Ankara.

Turkey and Iraq signed 48 memoranda of understanding in a high-level strategic cooperation meeting in Baghdad on October 15, 2009.

Caglayan said exports to Iraq was up 33 percent to 4.7 billion USD in the first 11 months of 2009 and trade volume was up 17 percent to 5.5 billion USD.

"We forecast a foreign trade volume around 20 billion USD in 2012," he said.

Caglayan defined Iraq as the rising star of the region, and said Turkey would share its experiences on free zones with Iraq.

The third "Iraq Investment Conference" would take place in Istanbul in April, he said.

Also, the fifth international Iraq fair would be held in Baghdad, Caglayan said.

The previous four fairs opened in the southeastern Turkish city of Gaziantep.

"Turkey will also organize some fairs in Iraq and conferences on Iraq and neighboring countries in Gaziantep," Caglayan said.

Caglayan said two countries would work to open new border crossings, and Turkey would send trade delegations to Baghdad, Irbil, Mosul and Basra.

Al Safi said it was the right time for Turkish entrepreneurs to invest in Iraq.

Al Safi also said Iraq was providing opportunities to investors like tax exemptions and allocation of plots.

/World Bulletin/