A New Era of Economic Integration
The Development Road Project: A Catalyst for a New Iraq in 2024
In 2024, the Development Road Project is set to revolutionize Iraq's economic landscape, positioning the country as a major player in international trade and transport. Iraqi Prime Minister Mohammed Shia Al-Sudani has expressed that this ambitious initiative will transform Iraq from a landlocked country to an open hub, creating vast opportunities for economic growth and job creation.
The Development Road Project aims to establish a 1,275-kilometer (792-mile) rail and road network, facilitating the connection between the Persian Gulf and Europe through Iraq and Turkey. This strategic corridor will not only transport goods but also include routes for oil and gas, communications infrastructure, and the establishment of industrial cities along the way.
Job Creation and Housing Needs
Al-Sudani has emphasized that the project, alongside Al-Faw Port and other economic, industrial, residential, and city projects, will create a "different Iraq". It is expected to provide numerous job opportunities for graduates and job seekers, addressing the critical need for employment in the country. Additionally, acknowledging the housing shortage in Iraq, estimated at between 2.5 to 3 million units, the prime minister has highlighted the necessity of construction projects to meet this demand.
Reviving Iraq's Industry
Al-Sudani has pledged to restore Iraq's leadership role in the local industry, reminiscent of the 1960s, and to attract individuals to work in the private sector. This commitment to reviving the industrial sector is expected to contribute significantly to Iraq's economic diversification and job creation.
Project Scope and Timeline
With an estimated value of around $20 billion, the Development Road Project was formally launched during Turkish President Tayyip Erdogan's visit to Baghdad in April 2024. The project requires approximately five years for completion, and Al-Sudani has confirmed that the Iraqi government has started the implementation process.
International Partnerships
The prime minister has reaffirmed Iraq's openness to partnerships for the Development Road Project, emphasizing that the quadrilateral agreement between Iraq, Turkey, Qatar, and the UAE is a cornerstone for the operation of the road. However, the project is open for positive partnerships with all interested parties, aiming to contribute to this international developmental effort.
Conclusion
The Development Road Project is poised to be a game-changer for Iraq's economy in 2024 and beyond. By transforming Iraq into an open and integrated hub, the project will foster economic growth, job creation, and industrial revival, positioning the country as a key player in global trade and transport networks.
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