Iraq’s PM invites Kuwait to invest in Development Road Project
Shafaq News/ On Sunday, Iraqi Prime Minister, Mohammed Shia Al-Sudani, received Kuwait’s new ambassador to Iraq, Hassan Mohammed Al-Zaman.
According to a statement by the PM’s media office, Al-Sudani invited Kuwait to participate in Iraq’s Development Road project and capitalize on announced investment opportunities, noting that such engagement would enhance economic integration and mutual interests between the two countries.
He also reiterated Iraq’s commitment to fostering constructive cooperation and highlighted available investment opportunities, stressing the country’s favorable business environment for both Arab and foreign companies, including Kuwaiti firms.
In addition, the Iraqi PM congratulated the envoy on his new post and wished him success in his mission, emphasizing the deep ties between the two nations and the importance of strengthening bilateral relations across various sectors, the statement added.
About Development Road Project
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.
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.
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.
In addition to transforming regional trade dynamics, the Road Project is forecasted to create 100,000 jobs in its first phase and potentially up to one million jobs upon completion.
