Prime Minister: The Development Road Project is a major economic corridor linking Al-Faw Port to Eur

Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Thursday, that the development road project is a major economic corridor linking Al-Faw Port to Europe via Turkey, while revealing that the port will open in mid-2025.

The Prime Minister's Media Office said in a statement, seen by Al-Iqtisad News, that "Prime Minister Muhammad Shiaa 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 referred - according to the statement - to “bilateral relations with the Netherlands, and the aspiration to develop them, especially in the economic aspect,” stressing that “Iraq is going through a state of recovery today, at various levels, after passing the stage of the war against ISIS, in which the Iraqi people were victorious.” With the support and assistance of the international community, the Netherlands was among the countries supporting these efforts.”
On the other hand, he added, “We asked the international coalition to end its mission in Iraq, which lasted 10 years, 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 proceeding on two paths: the first is achieving reforms in the various economic, banking and financial sectors, and gas investment, and the other is implementing projects that provide job opportunities and meet our needs for services and goods,” explaining, “Iraq imports annually an amount of 70 billion dollars in goods (2020).” With the Netherlands, we have imports of about 500 million dollars annually.”
He continued, "We have begun a program to use water optimally, in light of the conditions of scarcity that the region and the world are suffering from."
He added, "We supported farmers in acquiring modern irrigation systems, and we are trying to invest in the successful experiences in the Netherlands to confront water scarcity in Iraq," noting, "One of the outcomes 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 Committee." And water."
The Prime Minister affirmed, “We succeeded in approving a three-year budget, which is a message of stability in implementing projects without delay,” noting that “The Iraq Fund for Development will engage with the private sector in implementing projects away from the government, whose role will be planning and organizing.”
He stated, “The government, for the first time, provides sovereign guarantees to the private sector amounting to 85% for any project being implemented.”
He continued, "We need a group of factories that provide construction materials for new cities, and invest in existing natural resources," adding, "Iraq has adopted the Development Road Project, which is the large economic corridor that connects the large port of Al-Faw to Europe via 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 non-stop railways,” pointing out that “the large port of Al-Faw will witness the light and opening in mid-2025, and one of the ships has made an experimental berth on one of its five berths.”
He added, "We presented the draft economic amendments law, which will provide an attractive environment for the private sector, and allow a foreign company ownership rate of up to 100%."
He continued, "We have embarked on a radical reform of the financial and banking sector, and procedures related to compliance with international standards in financial transfers," stressing that "international and Arab banks have begun to open their branches in Iraq."
He pointed out, "All nationalities are currently working in Iraq, and at the European Union level, there are French, Italian, German, Spanish, and Austrian companies, as well as Asian, Arab, and regional companies."
He concluded by saying: "There is will and work at all levels of Iraqi state institutions in order to move to a better reality."