Turkish company Tiryaki Holding is establishing a soybean processing plant in Iraq

A financing agreement was signed between the International Finance Corporation (IFC) and Tiryaki Holding for the “establishment of a soybean processing facility” in Iraq.

Turkiye’s Ambassador to Baghdad Ali Riza Guney, Iraqi Prime Ministry Undersecretary Muhammed Neccar and officials of the institution attended the agreement ceremony held between Tiryaki Holding and IFC in the “Green Zone” in the capital Baghdad.

Turkiye’s Ambassador to Baghdad Guney, in his statement to AA correspondent after the ceremony, pointed out the importance of economic and commercial relations between Turkiye and Iraq and said, “There is another pillar of this that is becoming increasingly important, and that is investment. Turkish investors are ready to bring the experiences they gained in Turkiye to Iraq.”

Stating that Tiryaki Holding invested in a soybean seed processing facility in the field of food with World Bank financing, Guney said that Iraqi Prime Minister Muhammad Shiya al-Sudani has a vision of diversifying the economy and they appreciate it.

“Iraq is a country of strategic importance for us”

Stating that the number of Turkish companies investing in agricultural fields will increase, Ambassador Guney continued as follows:

“We attach importance to the stability and future of Iraq. Iraq is a country of strategic importance for us. We find the agreement between the World Bank IFC and Tiryaki Holding very important. The support of the Iraqi Prime Ministry in this regard is of critical importance. Turkish industrialists are ready to invest in Iraq, as long as their paths are opened and facilities are provided.”

Tiryaki Holding CEO Suleyman Tiryakioglu stated that they have been doing business in Iraq for 10 years and said, “We decided to invest 3 years ago because we were very hopeful and satisfied with the development of Iraq. We decided to enter Iraq from the south and make a more efficient investment. This investment was over $100 million and was the largest food and feed supply chain investment in Iraq. In addition, we aim to meet a significant part of Iraq’s feed needs. The agreement we made with IFC is to provide a long-term loan of $112 million within the scope of this investment.”

“It is pleasing to see Turkish investments with international funds in Iraq”

Iraqi Prime Ministry Undersecretary Muhammed Neccar touched upon the importance of the agreement and said:

“This agreement is a first between the two parties and will lead to more agreements. Turkish companies have started to evaluate a significant part of the investment opportunities in Iraq. As Iraq, we always strive to make our relations with Turkiye larger and stronger. This balances the common trade volume between the two countries. It is pleasing to see Turkish investments with international funds in Iraq.”

Source: AA / Prepared by Irem Yildiz

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