Dünya Newspaper / Bora Can Yıldız: "The need for investment in Iraq is a great opportunity for Turkey”

Having represented Turkey in the Middle East and Iraq Energy Conference held by the Middle East Business Intelligence (MEED) in Dubai, Bora Can Yıldız, the Member of Istanbul Young Entrepreneurs’ Association (ISGID) said that they heard $ 1 trillion worth investment is needed for the Iraqi market in the short term, and that they were hopeful about Iraq’s future, and the Turkish entrepreneurs should not miss the opportunities in that country.

ISGID Member Yıldız, who addressed a speech in the Iraq Energy Projects Conference, stated that $1 trillion worth investment was needed for the reconstruction of Iraq in the short term, and said: “The second richest oil reserves of the world as well as the tenth richest natural gas resources of the world are located in Iraq. More than twice the production amount is burnt off in Iraq just because there is not enough production facility. With a $ 40 billion worth investment, $ 500 billion revenue can be gained. Iraq is a grand market for the Turkish entrepreneurs. It is possible to get 10 TL for 1 TL worth investment. If you respect the values of the local people while you are making your investments there, you will succeed; otherwise, it may turn into a disaster for those acting with gold rush logic. The Turkish investors constitute the most loved group in Iraq at the moment”.

$ 1 trillion for reconstruction

Sharing his experiences relating to two hospitals and an airport project that were run in cooperation with the private sector and state, Yıldız said: “The social projects should be prioritized. However, this prioritization should not be just for show; it should be from the heart”.

Adnan Al-Janabi, the Chairman of Energy and Oil Committee, said that the oil reserves in Iraq reached 200 billion barrels, and $ 1 trillion would be spent on the reconstruction of Iraq, provided that $ 500 billion of which would be spent on the oil and energy infrastructure.