Unrest in Iraq stirs worries over Turkish business links
Turkish business representatives and entrepreneurs are worried over the potential conseqeunces of violence in neighboring Iraq that may thwart trade with Baghdad and threaten the safety of investments in the country Turkish investors are concerned over escalating turmoil in neighboring Iraq that sparked fears of a damage on business ties, which immensely prospered in recent years, between the two countries.
The Islamic State of Iraq and Levantâs (ISIL) seizing control of the northern Iraqi city of Mosul and taking 80 Turkish nationals in the same province have prompted safety concerns, as well as dragging the future of relations between Baghdad and Ankara into uncertainty.
With most of them being contractors, there are more than 1,500 Turkish companies engaged in business with Iraq, which has ascended as one of the favorite markets for Turkish entrepreneurs, particularly in the process of Iraq rebuilding its economy after the U.S.-led invasion in 2003.
Turkish goods and companies have shined out most of their competitors in the region by becoming the second import market for Iraq, while Iraq has become the second export market after Germany for Turkey.
Turkeyâs foreign trade with Iraq surpassed $12 billion as of 2013 and the market remains an alluring target in the eyes of Turkish businesspersons.
Customs and Trade Minister Hayati Yazıcı said Turkish businesspersons are used to facing turbulence in Iraq, but ISILâs seizure is an extraordinary situation and persistence of this would lead to severe results.
âIn the past few days, we have been facing a different situation, particularly in the Mosul region. This de facto situation probably wonât be permanent...
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