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Al-Rayes: The path of development is the first gateway to sustainable economic advancement
Economical 04/28/2024
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Iraq realizes that the first step to securing the minimum requirements for economic and social growth and progress and improving the economic, social and environmental aspects related to the lives of the population is to establish, rehabilitate and develop infrastructure networks that connect various regions.
Economic expert Afif Al-Rayes said in an interview with “Al-Sabah”: Iraq launched its historic initiative on May 27, 2023, under the title “Development Road,” which is an Iraqi project to link land and railways between Europe in the north and the Arabian Gulf in the south to transport goods between them and across Iraq. The length of the railway is from the large port of Al-Faw to the port of Iraqi Fish Khabour (Iraqi-Turkish border) is 1,175 km long, and the length of the land road is 1,190 km.
Al-Rayes added that the major project is not limited to the construction of land and railway roads, which will shorten the duration of transporting goods from 35 days by sea to 25 days, but cities will be established close to this road and new residential cities close to large cities. These cities will accommodate large numbers of residents and provide Industrial cities provide job opportunities for them.
He stated that according to the plan, this strategic project will be implemented through five stages: the first: expanding the Iraqi ports in Umm Qasr and Khor Al-Zubair to accommodate the goods that will be transported to Europe, and the second: constructing a railway with a length of 1,175 kilometers and a travel speed of 140 km/hour and the construction of a land highway along... 1190 km.
As for the third, Al-Rais explained that it includes the establishment of 15 economic cities close to the route of the road that will pass through 13 Iraqi governorates, in addition to new residential cities close to large cities. These cities will accommodate large numbers of residents working in these economic cities and will contain various industrial, agricultural, tourism and educational projects. From these economic stations, Iraqi products will be shipped to the countries of northern and southern Iraq, and these economic cities will be integrated complexes for the production of industrial and agricultural products and will achieve gradual increases in the percentage of these sectors’ contribution to the gross domestic product.
While the fourth and fifth phases include the establishment of the largest economic city in the Middle East, north of the city of Al-Faw, in which huge industrial projects will be established for strategic products for export purposes, as well as warehouses that store goods rented by foreign companies from the Arab Gulf countries and Southeast Asia to export their products via road networks, and the establishment of a corridor ( Corridor along the route of the road to transport services and utilities, including energy, oil, gas, optical cable, and others to meet the needs of the economic cities established along the road. This corridor will extend beyond the Iraqi borders.
Al-Rayes pointed out that this strategic project includes details of the components of implementation, the size of costs, and work mechanisms between the parties related to ownership and management, which are the governments of the countries participating in the project, and that investors from different countries and the Iraqi production and service sectors. These obstacles have not yet been announced, and it requires the development of a road map that specifies the roles and tasks. Every activity and event, as well as a complete perception of the nature of the project and the size of the contribution of the participating countries.
He said: Through the details announced, a future picture of this project can be drawn and the economic and social achievements it will achieve for Iraq during the completion stages, which are three stages: the first stage ends in 2028, the second ends in 2038, and the final third ends in 2050.
He pointed out that the production base for all sectors, if they work according to the plans set for them, will inevitably achieve diversification in the sources of Iraqi national income, contributing in influential proportions to the gross domestic product and thus eliminating dependence on oil and gas as the sole source of Iraqi income. The project will also provide, during the implementation stages, job opportunities amounting to 100,000. Job opportunities at the end of the first phase, 400,000 at the end of the second phase, and approximately one million job opportunities upon completion of the last phase.
Al-Rayes stated that the cost of the project is 17 billion dollars, which is the cost of high-speed electric trains, the construction of railways and highways, in addition to the construction of economic cities. As for financing these costs, three options have been developed. The first is government transfer to the countries participating in the project, or through partnerships between the government and the private sector, or from Through international companies with local Iraqi companies.
He stressed that the project provides travel services for about 10 million passengers annually and a storage and transportation capacity from Al-Faw port for about 22 million tons annually. Upon completion of the project, Iraq will turn into a basic station for global trade and an important transportation station between the Arab Gulf countries and the countries of Southeast Asia with the European countries, as it will reduce The time of sea transportation is from 35 to 25 days. He pointed out that the project will act as an engine for the performance of the productive and service sectors within the project and produce opportunities for foreign direct investment in a way that enhances common interests and strengthens political and economic partnerships. The project is not only limited to providing job opportunities for the unemployed labor sector, but will An engine for developing technical and technological skills among young people and an incentive to enter the world of innovation and creativity, ensuring that they continue to acquire skills and thus continuous progress and success.
He explained that estimates indicate that the project will achieve annual profits of about $4 billion, and in light of the progress of work on the project projects during the coming years, it is expected that the level of the annual financial and credit assessment of Iraq, which is conducted by the independent and internationally known rating agencies, namely Fitch Ratings, Standard & Poor’s, and Moody’s, will increase, which it relies on. Global financial institutions must direct their investments towards countries that are making progress in the internationally approved credit rating rates, as Standard & Poor's agency classifies Iraq at (B-/B) with a stable outlook in its report issued on 9/5/2023, and this cannot be considered Global classification.
He pointed out that the project has attracted the interest of several countries, including China, the owner of the Silk Road Project, which it initiated in 2014, as its ambassador to Iraq stated that the development road is an extension of the Silk Road Project. India has also expressed its interest, as it is the owner of the Indian Economic Corridor to Europe via the Arabian Gulf, and has announced Its desire to benefit from the development path, at a time when the representative of the World Bank announced that the development path will increase the interconnection between Iraq and the countries of the region and that the project will significantly reduce environmental pollution emissions. He stressed that the bank is committed to supporting Iraq in modernizing infrastructure and creating job opportunities.
Regarding the challenges, Al-Rayes said: There is a difference in views towards this project, as Iraqi political parties are directing accusations that the project serves foreign countries and deprives the Iraqi people of the country’s resources. Although these trends come from individuals who do not have the economic, financial and technical expertise to evaluate the economic feasibility of the project, but This difference remains controversial.
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