Iraq’s Al-Sudani discusses "governance" of Development Road with international consulting firm
Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed ShiaAl-Sudani met with a delegation from Oliver Wyman, an international consultingfirm, to discuss the long-term “governance” of the Development Road Project inline with future advancements.
According to a statement from Al-Sudani’s media office, discussionsfocused on “the key principles of the economic model for the Development RoadProject, including details that provide the project with significantadvantages.”
“The discussion also covered ideas related to the project’sgovernance on both a temporary and long-term basis, ensuring alignment withmajor advancements in this field and consistent with the government’s visionfor administrative reform and the transition to electronic governance systems,”the statement added.
What is the Development Road Project?
Iraq’s Development Road project, officially launched during TurkishPresident Tayyip Erdogan's visit to Baghdad in April, is set to become acornerstone of regional trade and economic growth. Iraqi Prime MinisterMohammed Shia Al-Sudani says that the vital Road project "will transformIraq from a landlocked country to an open one."
The project features a 1,275-kilometer (792-mile) rail and roadnetwork designed to streamline the movement of goods between Europe and theGulf region. It is anticipated to significantly reduce trade costs betweenChina and Europe, with energy playing a crucial role due to Iraq's substantialoil reserves.
The investment budget for the project is estimated at $17 billion,with $6.5 billion allocated for highways and $10.5 billion designated for anelectrified railway.
In addition to transforming regional trade dynamics, the RoadProject is forecasted to create 100,000 jobs in its first phase and potentiallyup to one million jobs upon completion.
