Iraqi Prime Minister Pledges Economic Transformation with the Development Road Project

Shafaq News/ On Saturday, Iraqi Prime Minister Muhammad S. Al-Sudani reiterated the government's dedication to the Development Path Project (DPP), a transformative initiative aimed at positioning Iraq as an open and globally interconnected nation.

The Prime Minister chaired a significant meeting with key figures from the Iraqi private sector, as detailed in an official statement from his office.

During the meeting, Prime Minister Al-Sudani emphasized Iraq's unwavering vision to strengthen the private sector, and he highlighted the concrete steps taken by the government to support its growth and development.

Cabinet decisions and procedures have been implemented to provide unwavering assistance to the private sector, which plays a vital role in the country's economic progress.

The Prime Minister underscored the Iraq Fund for the Development Path Project and other significant initiatives as crucial pathways to address economic challenges, promote inclusive growth, and foster an attractive investment environment within the nation.

Al-Sudani emphasized that the Development Path Project extends beyond regional benefits, aiming to create meaningful connections with global economies, including major players such as China and Europe. This vision is realized through comprehensive and integrated projects like the port of Faw and the major industrial city, which possess significant potential to drive economic progress and enhance integration.

Furthermore, the Prime Minister revealed that the government had initiated substantial projects across various sectors, including manufacturing, petrochemicals, and fertilizers.

Notably, local and regional companies have expressed serious interest in investing in industries such as gas, phosphate, sulfur, and integrated residential city projects, encompassing diverse economic activities.

Last May, Iraq unveiled an ambitious transport project, the Development Road initiative, designed to connect Asia to Europe, enhancing regional cooperation and economic opportunities. Transport ministers and officials from the GCC, Iran, Turkey, Syria, and Jordan attended a conference in Baghdad to discuss this massive infrastructure project, which will link southern Iraq to Turkey's border, eventually connecting to European rail and road networks.

The initiative aims to construct approximately 1,200 km of two-way rail networks and a new motorway for passengers and goods, with high-speed trains envisioned to operate up to 300 kilometers per hour.

Logistic centers, industrial cities, and potential oil and gas pipelines are planned along the network. The project is estimated to cost up to $17 billion, generating $4 billion annually and creating at least 100,000 jobs. This endeavor offers an alternative to traditional sea routes, leading to reduced transport costs and shorter transit times, thereby benefitting the participating countries and the broader global trade network.

By joining China's Belt and Road Initiative - a global development strategy focused on infrastructure and investments in approximately 70 countries across Asia, Africa, and Europe - through the Development Road and Al Faw port, Iraq seeks to leverage new economic opportunities and overcome challenges stemming from decades of war, UN economic sanctions, and political and security instability.