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Economy News _ Baghdad
On Sunday, the Undersecretary of the Ministry of Foreign Affairs for bilateral relations, Muhammad Hussein Muhammad Bahr al-Uloum, considered the development path project aimed at activating Iraq's role within the Chinese Belt and Road Initiative.
This initiative was built on the ruins of the Silk Road in the nineteenth century in order to connect China with the world, to be the largest infrastructure project in human history.
The initiative was incorporated into the Constitution of the People's Republic of China in 2017, and the Chinese government describes the initiative as "an effort to enhance regional connectivity and embrace a brighter future." The project's target completion date is 2049, which will coincide with the centenary of the founding of the People's Republic of China.
This came in a speech delivered by Bahr Al-Uloum during a ceremony held by the Ministry of Foreign Affairs on the occasion of the 65th anniversary of Iraqi-Chinese relations.
During the speech, the Iraqi Undersecretary of the Ministry of Foreign Affairs said that the Iraqi development road project, which is a strategic opportunity to activate Iraq's role within the Belt and Road Initiative, to which Iraq joined in 2015 through the establishment of the Sakssky line, a rapid land line, and integrated economic stations with a length of 1,200 km at a financial cost. It amounts to 17 billion dollars, and annual imports are estimated at 4 billion US dollars.
He added that Iraq is looking forward to more cooperation with the People's Republic of China in order to be able to face economic and development challenges, and implement reforms, programmes, plans and projects adopted by the Iraqi government.
Bahr al-Uloom continued by saying that there is a desire among the Iraqi government and people to consolidate bilateral relations between the two countries and to enhance joint cooperation based on mutual interests, as well as looking forward to the future to achieve development and prosperity.
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