Ankara aims to double trade with Iraq through "Development Road"
Shafaq News/ Turkiye is looking to duplicate its trade volume with Iraq through the "Development Road", according to Turkish Minister of Transport and Infrastructure Abdulkadir Uraloglu.
The ambitious project, which involves a network of railways and highways, is expected to boost trade between the two countries from the current $20 billion to between $30 billion and $40 billion.
"The operation of the Development Road could increase trade from $20 billion to $30-40 billion," Uraloglu stated, as reported by the Anadolu Agency.
On Monday, Turkey, Iraq, Qatar, and the UAE signed a quadrilateral memorandum of understanding in Baghdad to collaborate on the Development Road project. This large-scale initiative encompasses railway lines and expressways that will connect the Al-Faw Port in southern Iraq to the Turkish border, stretching across 1,200 kilometers with an estimated cost of $17 billion. The project is expected to generate about $4 billion in revenue annually.
During a joint press conference with Iraqi Prime Minister Mohammed Shia al-Sudani at the Government Palace in Baghdad on Monday, Turkish President Recep Tayyip Erdogan emphasized the importance of strengthening ties with Iraq. "Iraq is our neighbor, and we share many commonalities. We have the political will to advance Iraq-Turkey relations," Erdogan remarked.
