MÜSİAD EXPO 2024 / Türkiye-Iraq Business Forum
27 November 2024
Distinguished participants,
Esteemed business people, dear MÜSİAD Family,
Esteemed representatives of the business world,
I greet you all with respect…
Welcome to our Türkiye-Iraq Business Forum program, we are delighted to have you here…
Today we are very pleased to be with you at the “Türkiye-Iraq Business Forum”, which brings to the fore the international dimension of our MÜSİAD EXPO Fair and brings together the leading representatives of the business world.
Distinguished guests, esteemed participants,
The foundations of MÜSİAD were laid exactly 34 years ago, with the abundance of Anatolia and with the power of sharing and of labour. The establishment of MÜSİAD is a sign of a return to the essence and to the roots; a sign of the understanding of the “Medina Market”, of justice and of lawful earnings.
Although MÜSİAD is fundamentally a community of business people, in terms of its work, its thoughts, its principles and the values it upholds it is a voluntary non-governmental organization that carries the strength of the people of Anatolia to the whole world.
Thus, within the framework of these great humanitarian ideals, MÜSİAD has continued to strengthen its sphere of influence with its branches and representative offices in all four corners of the world. Today it is known for its more than 14 thousand members at home and abroad, for representing 60 thousand enterprises and for providing employment for approximately 2 million people. It provides services at international level with up to 100 contact points in 83 different countries in every corner of the world.
Thanks to the work we carry out with this perspective, today, wherever in the world you may be, we are making our business people a part of global trade and are putting forward a model of a business world based on virtue, morality and trust.
With the strength we draw from the ancient values of Anatolia, we have always preserved our mission of being a bridge opening out to the world. Thanks to our collaborations and partnerships, we enter into economic and commercial partnerships both for our country and for friendly and brotherly countries.
The “Türkiye-Iraq Business Forum” that we are holding here today is a concrete indicator of this mission. I hope that this program, which we have organized in order to develop trade, investment and economic cooperation between Türkiye and Iraq still further, will be beneficial for the common future of our countries.
Esteemed Participants,
Iraq is not only a neighbour with which our historical and cultural ties are strong, but is at the same time a strategic economic partner of ours. With its population of 44.5 million, its rich natural resources and its rising economic potential, Iraq has always been an important trading partner for Türkiye.
When the developments over the years are examined, it is seen that Türkiye consistently records a foreign trade surplus from its trade with Iraq.
In 2023 Türkiye’s exports to Iraq recorded a decrease of %7.2 compared with the previous year and stood at the level of USD 12.8 billion. In the same period Türkiye’s imports from Iraq rose by %5.6 to USD 1.5 billion.
Thus, in the trade between the two countries in 2023 a trade surplus of USD 11.3 billion arose in Türkiye’s favour, while the bilateral trade volume stood at the level of USD 14.3 billion.
In the first 8 months of 2024, Türkiye’s exports to Iraq recorded an increase of %8.9 compared with the same period of the previous year and stood at the level of USD 8.4 billion. In the same period Türkiye’s imports from Iraq rose by %30 to USD 1.1 million. Thus, the bilateral trade volume between the two countries has entered an upward trend once again as of 2024.
These figures show how the two countries complement each other economically and demonstrate the strong commercial ties between us.
Iraq is one of the world’s richest countries in terms of oil reserves, and oil revenues make up %60 of its economy. However, rather than remaining dependent solely on this sector, the Iraqi economy desires to achieve economic diversity. At this point, we as Türkiye are determined to contribute to increasing Iraq’s economic diversity and to establish stronger partnerships in fields such as construction, industry, agriculture and energy in addition to trade.
Esteemed Guests,
Iraq is at the same time a country that meets many of its needs through imports. As Türkiye, by exporting across a wide range from furniture to machinery, from food products to construction materials, we meet these needs of Iraq and contribute to raising the quality of life of the Iraqi people. At the same time, with our import items such as jewellery, mineral fuels and chemical products, we also offer an important market to the Iraqi economy.
There are important opportunities for carrying this cooperation of ours further forward. Steps such as the “Agreement for the Avoidance of Double Taxation with Respect to Taxes on Income” signed between Türkiye and Iraq prepare a secure ground for the business world and encourage investors. However, we believe that with more advanced arrangements such as a free trade agreement or a joint customs union, these relations will be carried into a much broader perspective.
We too are making every effort we can in order to make a positive contribution to developing these relations. In this respect, B2B bilateral business meetings organized by our Ministry of Trade will be held within the scope of the Türkiye-Iraq Business Forum.
In addition, there will be important participation from Iraq in this program of ours at the highest level and at the level of the commercial bureaucracy. We thank our Iraqi friends who will be taking part very much indeed.
Dear Friends,
Today, by coming together here, we are taking an important step towards strengthening not only commercial relations but at the same time regional peace, friendship and solidarity. This strong bond between Türkiye and Iraq offers a great opportunity not only for the two countries but also for the economic stability and prosperity of the region.
As MÜSİAD, beyond trade, we embrace a model of cooperation based on common values and on the law of brotherhood. In this respect, we are striving to strengthen our friendly relations with the Iraqi people in every field.
We believe that the destinies of Türkiye and Iraq are bound to one another, and that strengthening these bonds still further is the common duty of all of us.
On this occasion, I hope that the Türkiye-Iraq Business Forum will lead to good things, and I thank all the participants for their contributions.
May God protect you.
Mahmut Asmalı
President of MÜSİAD