Prime Minister: The development road project is a large economic corridor linking the port of Faw with Europe via Turkey, 17 FEB

 Prime Minister: The development road project is a large economic corridor linking the port of Faw with Europe via Turkey

Economy News - Baghdad

Prime Minister Mohamed Shia Al-Sudani confirmed on Thursday that the development road project is a large economic corridor linking the port of Faw with Europe via Turkey, while revealing that the port will be opened in mid-2025.

The Prime Minister's Media Office said in a statement, seen by "Economy News", that "Prime Minister Mohamed Shia Al-Sudani attended a dialogue seminar held on the sidelines of his official visit to the Netherlands, in the presence of a group of businessmen and representatives of 40 Dutch companies."

Al-Sudani pointed - according to the statement - to "bilateral relations with the Netherlands, and the aspiration to develop them, especially in the economic aspect," stressing, "Iraq is going through a state of recovery today, at various levels, after overcoming the stage of the war on ISIS, in which the Iraqi people won, with the support and backing of the international community, and the Netherlands was among the countries supporting these efforts."

On the other hand, he added, "We asked the international coalition to end its 10-year mission in Iraq, in light of the readiness and efficiency of the Iraqi security services," noting, "The government has priorities, including reforming the Iraqi economy, and we cannot continue to rely on oil revenues only."

He continued, "We are moving on two tracks: the first is to achieve reforms in various economic, banking and financial sectors, and gas investment, and the other is to implement projects that provide jobs and meet our needs of services and goods," explaining that "Iraq imports annually $ 70 billion of goods (2020), and with the Netherlands we have imports of about $ 500 million annually."
"We have started the program of optimal water use, in the conditions of scarcity that the region and the world are experiencing," he said.

He added, "We supported farmers and farmers in the acquisition of modern irrigation systems, and we are trying to invest successful experiences in the Netherlands to confront water scarcity in Iraq," noting that "one of the outputs of the meeting with the Dutch government is the formation of a cooperation council between Iraq and the Netherlands, to follow up on all files, including the Agriculture and Water Committee."

The prime minister stressed, "We succeeded in approving a three-year budget, which is a message of stability in the implementation of projects without delay," noting that "the Iraq Fund for Development will enter with the private sector in the implementation of projects away from the government, whose role will be planning and organizing."

For the first time, the government provides sovereign guarantees to the private sector of up to 85% for any project being implemented," he said.

We need a group of factories that provide construction materials for new cities and invest in existing natural resources," he said, adding, "Iraq has adopted the development road project, which is the large economic corridor that connects the large port of Faw to Europe through Turkey, all the way to the port of Rotterdam."

He also pointed out that "the development road saves time and transportation costs, and will contain railways without stopping," pointing out that "the large port of Faw will witness the light and opening in mid-2025, and one of the ships has docked a trial berth on one of its five berths."

He added, "We submitted the draft law on economic amendments, which will provide an attractive environment for the private sector, and provide a percentage of ownership for the foreign company up to 100%."

We have embarked on a radical reform of the financial and banking sector, and procedures related to compliance with international standards in remittances," he said, stressing that "international and Arab banks have begun to open their branches in Iraq."

He pointed out that "all nationalities are currently working in Iraq, and at the level of the European Union, there are French, Italian, German, Spanish and Austrian companies, as well as Asian, Arab and from the countries of the region."

He concluded by saying: "There is a will and work at all levels of Iraqi state institutions to move to a better reality”