Al-Sudani: The Faw Port and Development Road project is a “dream” project to create a new Iraq
Outgoing Prime Minister Mohammed Shia al-Sudani affirmed on Thursday that Iraq is open to partnerships based on development, manufacturing, and services, considering the Faw Port project and the development road as a “dream” project for the country.
This came in a speech he delivered during his attendance at the Iraqi-British Business Council conference held in Basra Governorate.
In his speech, Al-Sudani said, “Our government has adopted a balanced policy and has invested in Iraq’s location to be a bridge between East and West, and part of a broader vision for stability and development in the region.”
He added that “Iraq’s strength lies in its oil and gas resources, as well as the Faw port, the development route, and its location as a corridor linking the Gulf, Asia, and Europe.”
Al-Sudani also expressed “technical and investment cooperation with experienced companies, including British companies and companies that are members of the Iraqi-British Business Council.”
He stressed the need to develop the logistics, ports, docks and maritime transport sector as it represents an important economic resource.
Al-Sudani also said, “We have achieved optimal use of oil and gas resources, and Iraq was losing $8-9 billion annually due to importing oil derivatives and burning gas,” noting that “during the 3 years of the government’s term, we have developed a clear vision to solve the problems related to oil and gas investment.”
He described the “Al-Faw Port and Development Road” project as a “dream” project to transform into a real economy and create a new Iraq, noting that “for the first time since the establishment of the Iraqi state, we have a sea view of the Gulf through the navigation channel, which is 20 meters deep and 23 kilometers long.”
Earlier this morning, Al-Sudani arrived in Basra Governorate, in the far south of the country, to inaugurate the first section of the Development Road (the road linking Faw and Umm Qasr, with a length of 62 km), and to participate in the Iraqi-British Business Council conference.
In April 2024, Iraq, Turkey, the UAE and Qatar signed a four-way agreement for the Iraq Development Road project, under the auspices of Iraqi Prime Minister Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdogan.
The project, which includes a 1,200-kilometer road and railway within Iraq, aims to promote economic integration between East and West, increase international trade, and facilitate the movement of goods.
The project’s investment budget is approximately $17 billion, divided between $6.5 billion for the highway and $10.5 billion for the electric railway. It will be implemented in three phases, ending in 2028, 2033, and 2050.
The project is expected to provide around 100,000 job opportunities in the first phase and one million job opportunities upon completion, and will promote economic growth and regional and international cooperation.
Shafaq.com