Normalization to boost Turkey, Iraq trade to $30 bln

Hurriyet ^ | July 14, 2008 | Staff

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The normalization of Iraq, which would generate 250 billion dollars in oil revenues, would boost Turkey's trade volume with this country to 30 billion dollars, Turkey's Trade Minister Kursad Tuzmen said on Sunday.

The establishment of stability in Iraq would earn Turkey a neighbor with the ability to generate $250 billion in oil revenues, Tuzmen told the Anatolian Agency.

Tuzmen said exports and the construction services Turkey provided to Iraq would be boosted and the transportation sector would also benefit as the revenue of the country increased. "Had Iraq normalized the business volume between Turkey and Iraq would rise to $30 billion," Tuzmen also said adding that a wealthy Iraq would mean a wealthy Turkey.

Tuzmen said their year-end target for the trade volume with Iraq was $5 billion. "Turkish exporters are selling their products in the Iraqi market despite the difficulties," Tuzmen was quoted as saying.

"If Iraq is stabilized, its oil production and exports will rise rapidly. These revenues will be used in the reconstruction of Iraq," he added.

Tuzmen pointed out that as Iraq's revenues rose, its imports and its need for contractors in this field would also increase, and there would be lots of opportunities in the transportation sector.

Turkish Prime Minister Tayyip Erdogan had last week paid a visit to Iraq, the first of a Turkish prime minister after 18 years, leading a delegation of state ministers and Turkish businessmen to boost ties between the two countries.

During the visit, Iraqi premier Maliki called on Turkish companies to take a part in the restructuring process of Iraq. Turkish firms and products dominate northern Iraq's economy, and Turkish state energy firm, TPAO is in oil exploration talks.

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[Thrownatbirth]

Gotta hand it to them. If Turkey would have allowed Coalition forces to invade Iraq from the north, there wouldn’t have been that much to rebuild.