Union of Chambers and Commodity Exchanges of Turkey

TOBB M. Rifat Hisarcıklıoğlu stated that Turkish companies are being subjected to various difficulties in Iraq said, “During this difficult period in which we could define our shared destinies, during which we should be in closer cooperation than ever, the situation we are faced with is unacceptable.”

Stating that they are closely following the developments in Iraq as the Turkish business community, Hisarcıklıoğlu expressed their conviction that Iraq will overcome this difficult time. Emphasizing that they put great importance on the territorial integrity of Iraq, Hisarcıklıoğlu said, “As the Turkish business community we stand with our Iraqi brothers throughout this process.” Drawing attention to the important roles taken on by Turkish private sector in the rebuilding of Iraq, Hisarcıklıoğlu reported that Turkish contractors have undertaken 853 projects totaling a worth of 20.8 billion USD and that investment firms have provided employment to approximately ten thousands of Iraqis.

- “Bilateral trade volume with Iraq is 12 billion USD”

Stating that Iraq is the second most important trade partner after Germany, Hisarcıklıoğlu said:

“Turkey’s total exports have increased by three-fold while our exports volume to Iraq has increased by 14 times. Iraq, with 12 billion USD in trade volume, is our second most important trade partner following Germany. The negative developments in Iraq since June have caused a sharp decline in trade, reaching so far as 40%. The latest situation in Iraq shows that 300 Turkish companies have had to stop operations due to safety concerns, having had to evacuate 7,000 employees. Turkish companies have been made to transport their goods through Iran following the closing of some roads in July as well as being subjected to late delivery charges; the number of deals taken by Turkish companies decreasing as a result. During this difficult period in which we could define our shared destinies, during which we should be in closer cooperation than ever, the situation we are faced with is unacceptable.

- “Bilateral trade will increase to 20 billion USD”

Hisarcıklıoğlu stated that in order to increase peace and prosperity in the region, the bilateral trade and investment relations between the two countries need to be raised to the highest level, pointing out that there are very important duties which fall to the private sectors of both countries. The Foreign Capital Legislation to be reviewed by Iraq after it has overcome current issues will make Iraq into a country in which Turkish entrepreneurs want to invest more in reported Hisarcıklıoğlu and stated that there is much to do which TOBB stands ready to do its share for.

Expressing their desire to set a new goal during this meeting, aiming to raise bilateral trade to 20 billion USD within 2 years, Hisarcıklıoğlu stated that they would be signing a cooperation agreement for the establishment of a workgroup for the development of cooperation between the two countries by TOBB and the Iraqi Chambers of Commerce Federation.

- Iraqi Chambers of Commerce Federation President Jaafar Rasool Al-Hamadani

Iraqi Chambers of Commerce Federation President Jaafar Rasool Al-Hamadani said, “I congratulate the Turkish people in government in the rescue of 49 Turkish citizens from their captivity by gangs.”

Stating that over 600 Turkish companies had pulled out of Iraq within 24 hours following attacks by ISIS, Iraqi Chambers of Commerce Federation President Jaafar Rasool Al-Hamadani reported that within 2-3 months all gangs would be cleared and Iraq would be secure, resulting in an explosion in Iraq’s budget with the lion’s share going to Turkey.

Iraqi Chambers of Commerce Federation President Jaafar Rasool Al-Hamadani emphasized the need to establish new customs gates due to the compromised security of the present ones.

“Iraqi-Turkish relations must remain friendly so that we may protect our investments. Let us cooperate so that Turkish companies can come to Iraq, invest and build factories in order to form the cooperation we both desire. Iraq and Turkey will form the best economic cooperation among Islamic countries.”

Following the speeches, the workgroup agreement was signed between TOBB and Iraqi Chambers of Commerce Federation.