Shafaq News/ On Saturday, Iraqi Prime Minister Mohammed Shia Al-Sudani stated that the vital Development Road project "will transform Iraq from a landlocked country to an open one."
Speaking at a discussion seminar in Baghdad on the project and available investment opportunities, Al-Sudani emphasized that “the Development Road is not just a corridor for transporting goods as some might think; there will be projects along the entire route.”
"This project will help bring the sea into the heart of Iraq, reaching Turkiye and Europe.”
Al-Sudani also noted that the existing corridor, which is under design and study, includes routes for transporting oil and gas, connecting communications, and establishing industrial cities.
“Due to recent developments in the Red Sea, we have asked the World Bank to expedite the implementation of the Development Road project using the original route.” The PM said, highlighting that “several EU countries have shown interest in participating in the project.”
Job Creation
The Iraqi PM asserted that the Road project, along with Al-Faw Port and the new economic, industrial, residential, and city projects, as well as railways, roads, and industrial developments, will create “a different Iraq” and provide job opportunities for graduates and job seekers.
Housing Needs
Al-Sudani noted that Iraq needs between 2.5 to 3 million housing units, which will require construction projects to meet this demand.
Reviving Iraq's Industry
The Prime Minister promised to restore Iraq's leadership role in local industry as it was in the 1960s and attract people to work in private sector projects.
$20B Road Project
The project, formally launched during Turkish President Tayyip Erdogan's visit to Baghdad in April, is estimated to be worth around $20 billion. It includes "a 1,275-kilometer (792-mile) rail and road network" designed to facilitate the movement of goods between Europe and the Gulf region.
"Iraq is home to roughly 10% of global oil reserves and accounts for 5% of global production. Energy will hence play a pivotal role in the scheme." Iraqi officials believe the project could dramatically reduce the cost of trade between China and Europe.
The project's investment budget is estimated at $17 billion, with $6.5 billion allocated for highways and $10.5 billion for the electrified railway. It will be implemented in three phases, with completion dates set for 2028, 2033, and 2050.
The Development Road Project is expected to create 100,000 jobs in its first phase and up to one million jobs once completed.