Turkish state minister for foreign trade reiterated a proposal to make Turkish investments in Iraq in return for Iraqi oil.

"I would like to re-state our proposal: Iraq can give Turkey oil in exchange for the financing needed for Turkish investments here," Zafer Caglayan told a business forum in the Iraqi city of Basra.

Caglayan said their main goal was to bring more investments into Iraq instead of selling more goods to the country.

"There are eighty businessmen accompanying us in our visit here and they are willing to make investments in construction, tourism, food and service sectors," Caglayan said, adding that Turkey placed special importance on its trade with Iraq.