The FINANCIAL — According to Today's Zaman, Foreign Trade Minister Kürşad Tüzmen has said Iraq would become a neighbor with an annual oil revenue of over $250 billion once stability is achieved in the country and that the total trade volume between Turkey and Iraq would reach $30 billion as Iraq becomes normalized.
Trade volume between the two countries in the first six months of this year exceeded $2.2 billion. Turkey is seeking to make this figure $5 billion by the end of the year.
Speaking to the Anatolia news agency, Tüzmen pointed out that the volume of exports and contracting services in Iraq — as the country becomes more stable and its revenue increases — would open new business opportunities for the transportation sector. Noting that revenue from oil will add significantly to Iraq once stability is achieved in the country, Tüzmen said, "Iraq will attain total oil revenues of over $250 billion even if its oil production and export only reaches to pre-war levels."
Iraq's total oil exports were around $40 billion in the pre-war period, during which a barrel of oil cost only $20. Currently, the oil price is over $140, meaning that its annual oil revenues will reach $250 billion if pre-war oil production levels are attained. The minister said: "This is a very large revenue, making Iraq one of the richest countries in the region. This will have positive consequences for both the Iraqi people and the entire region, Turkey included. Turkey stands ready to do its best to maintain stability in Iraq and help all the Iraqi people prosper."
Tüzmen, who also talked about his recent visits to Iraq, recalled that he had made two trips to Baghdad in the last two weeks. "In one of these, we went to Baghdad with businessmen. We brought our businessmen and Iraqi ministers together. Our businessmen explained their problems and forwarded their requests to the ministers. Later, we went to Baghdad with our prime minister. The visit was a successful one for both countries. We signed important deals. Iraq's oil production and exports will rapidly increase once stability is achieved in the country. The oil revenues will be spent reconstructing Iraq. There is much to be done in Iraq. The country will have to be restructured almost completely," he said.
Noting that Turkish contractors and exporters have a larger advantage than the business actors of other regional countries in terms of logistical services, experience and business skills, Tüzmen asserted that the goals will be attained in a short time provided that these advantages are used effectively.
Recalling that they have been working to assume an influential role in Iraq's market and future, Tüzmen said: "We were there to support the Iraqi people before the war, during the war and after the war. We would like to be there to extend the same support to the Iraqi people in the country's future. We would like to do business with our relatives. We would like to establish partnerships based on mutual interests. We are planning to engage in industrial zones that we will create at the border, based on the product share model. A rich Iraq means a rich Turkey — and a rich Turkey means a rich Iraq."
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