Iraq: Many countries aspire to Join Development Road Project, Turkiye is “our strategic partner”
Shafaq News/ On Monday, the Iraqi Ministry of Transport announced that many countries and global companies "aspire to be part of the Development Road project," in which Turkiye represents "a strategic partner" for Iraq.
Ministry spokesperson Maitham Al-Safi stated, “The preliminary design phase of the project is advancing effectively, led by a specialized Italian company, with a feasibility study developed in collaboration with the relevant committees from the involved ministries and institutions.”
"The initial designs for the railway line, topographic surveys, and soil investigations are 100% complete, while preliminary designs are 75% finished," he added. "The next step is the final or detailed design phase."
Al-Safi continued, "Many countries and global companies have approached the Ministry of Transport regarding the project," clarifying that "the strategic partner for the Road project is Turkiye through a memorandum of understanding that established the ministerial council representing four major countries."
"An Italian company is preparing the project designs, while Oliver Wyman oversees the consulting services," he indicated, emphasizing ongoing discussions with the project ministerial committee regarding various topics with the Turkish, Emirati, and Qatari sides.
Moreover, Al-Safi referred to statements made by the Turkish Minister of Transport, who confirmed that the project will begin at Al-Faw port and extend to the heart of London," noting that this serves as “a positive impetus” for the project's completion, reflecting a favorable perspective from regional countries due to its significance.
The Iraqi Ministry spokesperson pointed out that Al-Faw port will be the main station, followed by other ones, stressing that “Iraq is the closest point to Europe, which will bring numerous benefits to the country through the funds needed for entry approvals and via land and rail connections."
$20B Road Project
Earlier, Iraqi Prime Minister Mohammed Shia Al-Sudani stated that the vital Road project "will transform Iraq from a landlocked country to an open one."
Iraq’s Development Road project, officially launched during Turkish President Tayyip Erdogan's visit to Baghdad in April, is set to become a cornerstone of regional trade and economic growth, with an estimated budget of $20 billion.
The project features a 1,275-kilometer (792-mile) rail and road network designed to streamline the movement of goods between Europe and the Gulf region. It is anticipated to significantly reduce trade costs between China and Europe, with energy playing a crucial role due to Iraq's substantial oil reserves.
Iraq holds approximately 10% of global oil reserves and contributes 5% of global production. This strategic advantage is expected to enhance the project's impact on regional trade.
The investment budget for the project is estimated at $17 billion, with $6.5 billion allocated for highways and $10.5 billion designated for an electrified railway. The project will be executed in three phases, with completion projected for 2028, 2033, and 2050.
In addition to transforming regional trade dynamics, the Development Road Project is forecasted to create 100,000 jobs in its first phase and potentially up to one million jobs upon completion.
