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Turkish investments surpass $620 million in northern Iraq
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Hurriyet Daily News - [7/26/2010]
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Stronger diplomatic relations established between Turkey and northern Iraq have paved the way for Turkish companies to invest more in the region, according to Kurdish Globe, an English-language-newspaper from Arbil.
A local official speaking to the newspaper said Turkish company assets in the region had reached a volume of $621 million.
According to the newspaper, better diplomatic relations have helped economic ties flourish. Regional President Massoud Barzani visited Turkey in May, followed by a two-day visit by a high-ranking Turkish delegation to the region.
"A number of Turkish businessmen have proposed investing in [northern Iraq]," Haydar Mustafa, an official at the region’s investment board, told Kurdish Globe on Wednesday.
"Within the next months, the final conclusions of the Turkish trade delegation's meeting with top Kurdish officials will be disclosed,” he said. “There are many Turkish companies operating in the region and the majority of them are contractors.”
Fathi Mohammed Ali, the economy and trade relations’ advisor for the region’s Trade and Industry Ministry, said 60 percent of the total 1,217 foreign companies active in the jurisdiction were Turkish.
Foreign assets in northern Iraq are estimated to total roughly $4 billion, according to Ali. The total amount of the foreign investment in the region since 2008 has reached nearly $3.7 billion, with Arab businesses accounting for 74 percent of the total investment.
"Arab countries were among the first to invest in [the region] and so got an edge over others,” Mustafa said. “We hope their numbers and the amount of their investment will increase, and that they will have a broader participation in the reconstruction of [the region]."
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