In an interview with Business news outlet Worldfolio recently, Wadie Habboush, CEO of the Turkey-based energy and infrastructure company Habboush Group, touched upon the growing potential for stronger economic relations between Turkey and neighboring Iraq.
“Iraq and Turkey could be the fastest growing emerging markets in the next five years,” Habboush said in the interview. “I would be delighted to see a large increase in energy cooperation and trade between Iraq and Turkey.”
Habboush points to well-established reports of Iraq’s oil and gas sector being valued at upwards of US$200 billion per year, a potential market Habboush calls “the last frontier” in the world for natural resource exploration and production.
Turning to the economic fortunes of Turkey, Habboush took a broad view. “If you just look at the macroeconomics, the demographics, the industrial movement and the demand for energy in Turkey, the growth potential is tremendous,” Habboush asserted.
Habboush concluded the interview on an upbeat note, encouraging skeptics to come see for themselves the progress that is being made in Iraq: “I always extend an open invitation to investors who would like to be pioneers alongside us in the growth development of this region. We believe that the region has potential for abundant cross-border growth.”
Habboush Group is a global, energy and infrastructure development, management and project financing enterprise. It has seen dramatic growth in recent years by being willing to take on measured risk in the oil fields of southern Iraq directed from its strategic offices in Istanbul and Dubai.