Is The Grand Faw Port Iraq's Gateway To Global Trade?, 13 NOV

Is The Grand Faw Port Iraq's Gateway To Global Trade?

Posted on 2024-11-12 by sotaliraq    In a move that represents a qualitative leap for the Iraqi economy, the government has opened five new docks within the Faw Grand Port project, raising questions about the possibility of transforming the port into a new starting point for global trade.

This project, which comes within the framework of the “Development Road” initiative, is one of the largest logistics projects in Iraq and the region, as it aims to link the Arabian Gulf with Europe through an integrated transportation network.

Economic experts confirm that the Faw Port will contribute to correcting the course of the Iraqi economy, by providing a giant infrastructure that supports all sectors, increases job opportunities, and enhances Iraq's competitiveness in the international economic arena.

With the completion of the remaining phases of the project by 2028, its capacity is expected to reach 91 million tons annually, making it one of the largest ports in the region and enhancing Iraq’s position as a major hub for global trade.

The economic expert, Maitham Al-Bolani, said, “The starting point of the development path is the port of Faw, which has become a reality in economic life and the first real infrastructure for developing the national economy and has a positive impact on the global economy, especially since the development path is being implemented in an Iraqi-Turkish-Emirati-Qatari partnership, and the Turkish side, in its first steps, concluded a quadripartite agreement with Hungary, Serbia and Bulgaria with the aim of delivering goods to the farthest parts of the world.”

He stressed that “the port of Faw represents an important starting point for global trade in various directions, and thus this port has great economic feasibility, especially with the existence of the development road, as the port and the road complement each other, noting that Iraq will be a fertile and mature investment destination for manufacturing industries at the present time at the very least and strategically in the future.”

It is noteworthy that the member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said that “the opening of the five docks and the completion of the investment in the Faw Port will contribute to supporting the development path, in addition to the fact that it will be part of the Silk Road, indicating that Iraq is located in a geographical area that makes it a link between the major countries, China and Europe.”

For his part, development consultant Amer Al-Jawahri said, “The Grand Faw Port is the first real step that will facilitate global trade and link the West of the world to its East by the shortest and least time-consuming routes.

It will also enhance the volume of Iraq’s international trade with East Asian countries, where there is a large volume of trade and achieves fluidity in this regard.”

He pointed out that “the completion of all stages of the Grand Faw Port, and its being a starting point for the development path, will enhance the reality of the Iraqi economy, and Iraq will be a real attraction point with great and sustainable benefit for Iraq.”

He pointed out that "Iraq, through this port, will be of new benefit to European countries as well and the West in general, and they will develop tendencies to invest in Iraq and its regions close to this project."

Al-Jawahiri recommended “establishing the executive body for the development road project, of which the Faw Port is an important part, complementary to the new road and railway projects and other projects in more than one economic joint, which is considered a necessity for this project.”

He pointed out the "importance of concluding agreements with several countries that have a direct impact on the process of managing the integrated project, starting with the port and the development path with all its institutions."

He stressed the “necessity of forming the Faw Economic Zone Authority, which will handle the issues of economic and industrial cities and the technological city, all the way to the tourist city, which is an important part of the region and of great benefit. Here, we stress the necessity of forming institutions and the authority with legislation, so that it will transcend the successive governments that have managed the country.”  LINK