The Turkish foreign minister said that Turkey and Iraq would form a significant axis in their region, the Journal of Turkish Weekly said.

Turkey's Foreign Minister Ahmet Davutoglu said that the axis from Basra to Istanbul would bring welfare and stability to the region.

Davutoglu participated in a business forum in the Iraqi city of Basra.

"Businessmen of the two countries will undertake many joint projects, and thus the high-level strategic cooperation between the two countries will be activated," Davutoglu said during the meeting.

Davudoglu's statement on opening of the Consulate General in Arbil in the northern Iraq, where the Turkish army led the fight against the terrorist Kurdistan Workers' Party two years ago, was the main event of the visit.

During his meeting with the head of Kurdistan's administration Massoud Barzani, Davutoglu said that it is high time to rebuild relations in the Middle East.