Turkish companies seek way out of $12 billion Iraq market

The largest business organization launches a two-phase study on securing and sustaining business in violence-hit Iraq as companies
have started withdrawing from the $12 billion market. TOBB begins coordinating with the Foreign Ministry on the plan The largest business organization in Turkey has launched a two-phase study on securing and sustaining business in violence-hit Iraq as Turkish companies have started withdrawing from the $12 billion market.

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) has started to coordinate with the Foreign Ministry on the plan, which initially seeks to evacuate Turkish business representatives and employees who are currently in danger zones. The second phase focuses on problems faced by exporters, carriers and logistics firms.

Some 49 Turkish citizens, including three consuls general in Mosul and several members of the Turkish Special Forces, were taken hostage by the Islamic State of Iraq and the Levant (ISIL) and transferred to an undisclosed location on June 11. The government is expending efforts to save a sum of around 80 citizens, when others, mostly drivers, held in other places are included.

TOBB Chairman Rifat Hisarcıklıoğlu said the business organization would do all it can in close cooperation with the ministry’s crisis desk.

The TOBB’s newly founded working group has been collecting information about the situation in its southeastern neighbor, sharing it with officials to help generate solutions.

Turkish investments and projects in the country, mainly in housing, power stations, infrastructure works and shopping malls, have already been halted.

Turkey, with the highest number of foreign employees in...