Iraqi Prime Minister Ali al-Zaydi received former Turkish Treasury and Finance Minister Lütfi Elvan, along with accompanying Turkish officials and businesspeople, in Istanbul on Tuesday. The meeting addressed ways to strengthen economic and investment cooperation between Iraq and Türkiye.
Al-Zaydi called on Turkish companies to take advantage of investment opportunities in Iraq. Saying that Iraq was going through a promising period of development, al-Zaydi stated that broad investment opportunities were available across various sectors.
Airport and railway projects
The construction and operation of airports, as well as the implementation of railway projects under the Development Road Project, featured prominently in the meeting. Al-Zaydi also said that investment could be made in a metro line project linking the provinces of Najaf and Karbala.
The Iraqi prime minister said there were also opportunities to establish thermal power plants and implement solar energy projects in the electricity sector. He listed dam projects and the development of the agricultural sector among the areas open to investment.
Turkish companies signal readiness to invest
Lütfi Elvan said major Turkish companies were ready to enter the Iraqi market and invest in the country. Elvan stated that the support and facilitation provided by the Iraqi government for development and economic growth had increased confidence in the investment environment.
The two countries aim to strengthen their economic and trade relations, reach a higher volume of trade and implement major strategic projects.
Development Road Project
The Development Road Project comprises a road and railway extending from southern Iraq to the Turkish border and ports in Türkiye. The length of the project within Iraqi territory was announced as 1,200 kilometres, with the route intended for freight transport between Europe and the Gulf countries.
The project stands out as one of the routes connecting Türkiye with Iraq and the Arabian Gulf. It is also considered one of the routes that shorten the connection between the Gulf countries and Europe.
Previous contacts
Al-Zaydi visited Türkiye at the end of July. During the visit, five agreements covering cooperation in education, academia, policing, youth, and sports were signed, while memoranda of understanding were also concluded in the fields of industrial property, transport, and infrastructure.
