This came during his participation on Thursday in the Turkish-Iraqi roundtable meeting held in the capital, Ankara, with the participation of officials from both sides.
Bulat stated that the volume of trade between Ankara and Baghdad exceeded $17.5 billion in 2024, noting that Turkish President Recep Tayyip Erdoğan and Iraqi Prime Minister Mohammed Shia al-Sudani agreed to raise this figure to $30 billion in the coming period.
The Turkish minister stressed the importance of activating bilateral agreements, such as the Protection and Promotion of Investments and the Prevention of Double Taxation, as they play a role in creating a more attractive legal environment for investors and supporting the flow of capital.
Regarding the contracting sector, Bulat explained that Turkish companies have so far implemented projects worth $35.3 billion in Iraq, making Iraq the third-largest global market for Turkish contractors in terms of the volume of work completed.
For his part, Iraqi Trade Minister Atheer Al-Ghurairi affirmed his country's commitment to facilitating the entry of Turkish businesspeople by addressing visa issues and strengthening money transfer mechanisms, a move aimed at facilitating investment and trade.
Al-Ghariri pointed out that the "Development Road" project represents a promising strategic opportunity for investors and exporters from both countries. He explained that the project includes the construction of a 1,200-kilometer-long road and railway within Iraq, extending to Turkish ports, with the goal of linking the Gulf region to Europe via Iraqi and Turkish territory.
The "Development Road" is expected to form a new regional economic axis that will strengthen Iraq and Turkey's position in global supply chains.
On April 22, 2024, Turkey, Iraq, Qatar, and the UAE signed a quadripartite memorandum of understanding for cooperation on the "Development Road" project, sponsored by Erdoğan and al-Sudani.
