Turkish businesses expand in northern Iraq

The number of Turkish-owned businesses in the northern part of neighboring Iraq has increased significantly in the past few years, with more companies eager to take a share in the region's growing business potential, figures show. More than two-thirds of the 2,000 foreign companies in the northern Iraq are Turkish, and the number of Turkish employees in the region recently reached 20,000. The majority of these Turkish businesses operate in the construction sector. Data shows that a total of 35,000 Turkish nationals hold permanent residence permits in Iraq's north. In line with the increasing Turkish business presence in the region, the majority of products used also come from the neighboring country. Turkish-labeled products make up 75 percent of all the products marketed in the north of Iraq. These products vary from personal care items to food and electronics. Most Iraqis say they prefer Turkish goods because they are relatively higher- quality. Turkey's bilateral trade with the region had increased to $6 billion last year from $940 million in 2003.