Iraqi PM Al-Sudani: The Development Road Project will create a "different Iraq"
Shafaq News/ On Saturday, Iraqi PrimeMinister 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 inBaghdad on the project and available investment opportunities, Al-Sudaniemphasized that “the Development Road is not just a corridor for transportinggoods as some might think; there will be projects along the entire route.”
"This project will help bringthe sea into the heart of Iraq, reaching Turkiye and Europe.”
Al-Sudani also noted that theexisting corridor, which is under design and study, includes routes fortransporting oil and gas, connecting communications, and establishingindustrial cities.
“Due to recent developments in theRed Sea, we have asked the World Bank to expedite the implementation of theDevelopment Road project using the original route.” The PM said, highlightingthat “several EU countries have shown interest in participating in the project.”
Job Creation
The Iraqi PM asserted that the Roadproject, 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 andjob seekers.
Housing Needs
Al-Sudani noted that Iraq needsbetween 2.5 to 3 million housing units, which will require constructionprojects to meet this demand.
Reviving Iraq's Industry
The Prime Minister promised torestore Iraq's leadership role in local industry as it was in the 1960s andattract people to work in private sector projects.
$20B Road Project
The project, formally launchedduring Turkish President Tayyip Erdogan's visit to Baghdad in April, isestimated to be worth around $20 billion. It includes "a 1,275-kilometer(792-mile) rail and road network" designed to facilitate the movement ofgoods between Europe and the Gulf region.
"Iraq is home to roughly 10% ofglobal oil reserves and accounts for 5% of global production. Energy will henceplay a pivotal role in the scheme." Iraqi officials believe the projectcould dramatically reduce the cost of trade between China and Europe.
The project's investment budget isestimated at $17 billion, with $6.5 billion allocated for highways and $10.5billion for the electrified railway. It will be implemented in three phases,with completion dates set for 2028, 2033, and 2050.
The Development Road Project isexpected to create 100,000 jobs in its first phase and up to one million jobsonce completed.
