Baghdad (IraqiNews.com) – The Turkish Minister of Trade, Omer Bolat, confirmed on Monday that Iraq’s strategic project of the Development Road represents the best corridor in the world.
Bolat’s remarks took place during his meeting with the Iraqi Minister of Transport, Razzaq Al-Saadawi, in the capital Baghdad, where officials from both sides were present, according to a statement cited by the state news agency (INA).
The Turkish Trade Minister stated that Ankara recognizes the uniqueness of Iraq’s Development Road project and that the Turkish government is ready to assist Iraq in completing this crucial and strategic initiative for the region and the entire world.
The Turkish delegation also hailed Iraq for completing the first five container berths at the Al-Faw Grand Port in southern Iraq, highlighting how the port will support international shipping and boost regional and Iraqi economies.
Al-Saadawi revealed earlier this month that Turkey formed a council involving Bulgaria, Hungary, and Serbia to arrange the connection of Europe with Iraq’s Development Road.
As it will connect the Al-Faw Grand Port in southern Iraq to the border with Turkey by extending a railway and road network, Iraq’s $17 billion project is expected to make Iraq a transit hub by reducing the time it takes to go from Asia to Europe.
Iraq, Turkey, the UAE, and Qatar signed in April a quadripartite agreement on Iraq’s Development Road project aiming to enhance cooperation regarding Iraq’s strategic project, as the four countries will develop the necessary frameworks to carry out the project.
Al-Saadawi mentioned earlier that a recent meeting of the ministers of transport of Iraq, Turkey, the UAE, and Qatar held in Baghdad addressed the organization, the connection, the tasks, and the duties in managing Iraq’s strategic project of the Development Road.
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, mentioned previously that the railway’s capacity will be 3.5 million tons in the first phase and 7.5 million tons in the second.
Together with the Al-Faw Grand Port, the project will also feature pipelines for the transportation of energy and a highway for land transportation.
During a meeting in June with officials from China National Petroleum Corporation (CNPC), which is the government-owned parent company of PetroChina, Al-Sudani confirmed that it is possible to link China’s Belt and Road with Iraq’s Development Road.
The Belt and Road Initiative, also known as the New Silk Road, is a worldwide infrastructure development project launched by the Chinese government in 2013 with investments in more than 150 countries.
According to the World Bank, the Belt and Road Initiative has the potential to increase trade flows in 155 participating countries by 4.1 percent while also lowering global trade costs by 1.1 to 2.2 percent and increasing the GDP of East Asian and Pacific developing countries by an average of 2.6 to 3.9 percent.
The New Silk Road bridges an infrastructural gap and has the potential to boost economic growth across Asia, the Pacific, Africa, and Central and Eastern Europe.
As a regional corridor to transport goods and energy, the Iraqi project will generate many job opportunities for the country and the countries of the region, as well as opportunities for industries and businessmen, and it will be a center attracting global trade.
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