News website: Iraq seeks to strengthen its economy towards a new future

POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]

[size=52]News website: Iraq seeks to strengthen its economy towards a new future[/size]

[size=45]Translated by / Hamed Ahmed[/size]
[size=45]A report by the European website, Modern Diplomacy, discussed the tireless efforts made by Iraq, after many years of wars and instability, to re-strengthen its economy by developing infrastructure and devoting cooperation with its Arab and regional surroundings to achieve investment projects with neighboring countries that serve the country’s economic future.[/size]
[size=45]The report stated that there is no country in the Middle East that has gone through many wars and suffering and is still trying its best to build and strengthen its economy again, like what Iraq is doing now.[/size]
[size=45]After fighting a long war with Iran in the 1980s, then the Second Gulf War, and then the American invasion of Iraq in 2003 and the resulting devastation and the arrival of terrorist organizations that ended with ISIS, Iraq has gone through a stage of endurance and coexistence with difficult circumstances to overcome all of these. Adversities.[/size]
[size=45]Iraq is now trying to restore its regional and international standing, and its diplomatic role has recently been represented in bringing closer relations between Iran and Saudi Arabia in an effort to reduce tension in the region and re-strengthen its relations with the Arab world towards economic and investment relations. For a long time, Iraq has been planning to renew and revive its national infrastructure, which is considered necessary to strengthen the pillars of its desired economy.[/size]
[size=45]The report indicates that the new government headed by Muhammad Shiaa Al-Sudani, who took office last fall, has given a new impetus to this ambition for Iraq to assume its appropriate place in the regional economic network.[/size]
[size=45]Among the country's plans towards strengthening its economy is the ambitious move towards achieving the goal of the “development road”, which is represented by the construction of a long planned road and a railway line that is considered an artery that pumps new life into the economy. It is scheduled to extend throughout the country from the Rabia region in the north, along the Turkish border, to the south of the country at the new Al-Faw commercial port overlooking the Gulf.[/size]
[size=45]The report states that, taking into account that transportation and logistics represent a vital sector recognized throughout the international economy, the Sudanese government wants to make Iraq an international port for transporting goods and passengers linking the Gulf countries, Turkey, and Europe.[/size]
[size=45]This project mimics the Chinese-sponsored “Belt and Road” initiative, which aims to connect 130 countries across Asia, Europe and Africa with China through new land and sea infrastructure.[/size]
[size=45]The 750-mile development road recalls the Berlin-Baghdad railway, whose construction began in 1903 and was not completed until 1940. The German project was founded and its goal was to connect the Arab region and beyond with Iran and with a line that passes through Turkey, Syria and Iraq.[/size]
[size=45]A similar project is now being updated based on the original plan to be implemented by investors. The countries that attended the forum to launch the Development Path Initiative sponsored by the Iraqi government represent the countries that benefited most from this infrastructure project: Kuwait, Qatar, the United Arab Emirates, Saudi Arabia, Jordan, Iran, and Turkey.[/size]
[size=45]The report indicates that it is too early to predict who will pledge to participate in investment within the project, whose estimated cost is approximately $17 billion. However, Qatar has indicated the possibility of supporting it, which is currently participating in a large investment project in Turkey.[/size]
[size=45]Planners and decision makers will study the proposal extensively. Economists will study the commercial aspect of the land route, which aims to avoid the sea shipping route through the Suez Canal. As for large-scale shipping operations, sea transportation from prestigious facilities in Northern Europe will remain undisputed in terms of cost.[/size]
[size=45]Reassurances came from the World Bank, which spoke in support of the project, as the World Bank’s involvement in financing and supervision will serve as a factor of attraction and reassurance for investors.[/size]
[size=45]While Syria may offer a less expensive route through the Mediterranean port, Iraq sees Turkey as an important economic partner, with signs and opportunities to enhance cooperation and coordination between them to create infrastructure that brings the promised mutual benefit to the two countries, which encourages both parties to take a necessary step in this field.[/size]
[size=45]• About Modern Diplomat[/size]
[size=45][You must be registered and logged in to see this link.]