Home
Experts: Faw Port is Iraq's gateway to a global economic future
Economic 2024/11/11
[You must be registered and logged in to see this image.]
Economic circles agreed on the importance of opening five berths within the Grand Faw Port project, and considered it the first step towards correcting the paths of the Iraqi economy, as the project represents the first step in an ambitious policy to create major infrastructure in the country, serving all sectors without exception, and is an acceptable approach to diversifying the Iraqi economy and providing opportunities for a wide segment. It is hoped that the project will be completed in its three phases in 2028 with a total capacity of 91 million tons annually.
Prime Minister Mohammed Shia al-Sudani, who sponsored the ceremony of receiving the five berths of the Faw Port from the Korean implementing company, described it as “the people’s project,” and that it “gains great importance due to its connection to the development road project, which will link, starting from the Grand Faw Port, the economies of most countries in the region, and will be an outlet for achieving economic integration,” noting that Iraq remains a fundamental pillar in the global economy, and a historical part and passageway of the most important international exchange routes.
The five platforms
Al-Sudani pointed out the importance of the five docks in the Grand Faw Port, as they represent the backbone of the port project in its first phase, which will be completed next year according to the previous timetables. Huge commercial ships with large drafts have already docked on the port docks.
Real transformation
Chairman of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, described the opening of the five berths in the Grand Faw Port as a real transformation in the paths of national and global trade.
He said: Today we are facing a launch to serve the national economy, as we have actually begun to revive the Iraqi infrastructure in the ports sector, as this step represents an advancement to the global level of services provided to the national economy.
The biggest project
Al-Zuhairi added that the port’s capacity for all its phases exceeds 90 million tons annually, a number that reflects the extent of the work required in this project in particular. When the larger project, the development road and its facilities and the Grand Faw Port, are completed, there will be a need for millions of specialists, and here everyone can imagine the reality of the performance required in such locations.
He pointed out that the country is facing a new phase and new institutions, which are being created with the development of work in this site, which has become global, as it has become the focus of attention of the world's major economies in the East and West of the world.
starting point
Economic expert Mitham Al-Bolani confirmed that 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 that 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, pointing out 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.
Geographical area
It is noteworthy that the member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a statement to the Iraqi News Agency (INA): 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.
Global Trade
Development Consultant Amer Al-Jawahri said: The Grand Faw Port is the first real step that facilitates the reality of global trade and connects the West of the world to its East by the shortest and least time-consuming routes. It will also enhance the volume of international trade for Iraq with the countries of East Asia, where there is a large volume of trade and achieves fluidity in this aspect.
He pointed out that completing all stages of the Grand Faw Port, as 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.
Executive Body
He pointed out that Iraq, through this port, will be of new benefit to European countries 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.
make agreements
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.
starting point
Economic expert Dr. Salwan Al-Nouri said: Iraq is distinguished by its geographical location, and this is something known to everyone without exception. We are at the point closest to the West and East of the world, and the country could be a starting point towards the two global poles, and this will happen sooner or later, and we have to work and start from this fact, and here we must know how to work and what is required during the next stage and we have entered the circle of real international interest, and we now have a port that concerns the economies of the world.
Re-export
Al-Nouri stressed the need to move towards legislating the re-export law in a manner that is consistent with the importance of Iraq in the arena of international trade and the international economy, as this law allows Iraq to be a real starting point for developing the national economy, noting that this law allows companies to bring imports to Iraq and work on exporting them to various countries of the world again after dealing with them or dividing them, and in this matter there is a great benefit for the country.
[You must be registered and logged in to see this link.]
» Census in the third phase.. Planning: A plan to count Iraqis abroad
» Most of them are foreign transfers.. The Central Bank of Iraq sells about 300 million dollars in the
» With more than 8 billion dollars.. Iraq is the second main destination for Iranian exports
» Parliamentarian: Controversial laws will be postponed to the next legislative session if they are no
» Parliamentary Committee: Plan on Memoranda of Understanding with Neighboring Countries on the Develo
» Health: Contracting with a specialized company to initiate health insurance automation procedures
» Securities Commission: Iraq Stock Exchange Leads Arab Financial Markets
» Reconstruction: Launching plans to establish 11 residential cities in Baghdad and the governorates
» Resources: Iraq's groundwater reserves can fill surface water shortages
» Labor prepares to launch the National Employment Policy
» Explaining the positives of the irrigation fees law in Iraq
» Iraq halts operations at Basra refinery as tanks fill up
» The Private Banks Association signs a cooperation agreement with the University of Frankfurt, German
» An "explosive" increase...more than 680 billion dinars is the cost of developing Baghdad entrances
» End of service bonus paid to more than 6,000 retirees
» Türkiye seeks to increase trade volume with Iraq to $30 billion annually
» Finance confirms the government's keenness to implement reforms to ensure the stability of the natio
» 30 dams for water harvesting
» 90 new projects completed
» Sudanese launches Iduba project
» Al-Fayyadh: We will not allow anyone to cross the borders
» Smart coating to protect oil pipes
» Huge sewerage project in Amara
» Service Effort: Completion of 90 projects by next February
» Labor prepares to launch the National Employment Policy
» Resources for {Sabah}: Iraq’s groundwater storage can fill surface water shortage
» Discussing preparations for the Baghdad International Fair
» Kuran Abdullah: Erbil Food and Agriculture Exhibition witnessed successful trade deals
» Baghdad hosts an economic conference to prevent monopoly
» Trade relations between Iraq and Turkey
» Government Communication to {Sabah}: Electronic payment contributes to strengthening the economy
» The Ministry of Commerce discusses the mechanisms for marketing commercial zero flour and urges bake
» The Minister of Trade heads the Iraqi delegation to the first session of the Iraqi-Turkish Trade and
» Ministry of Interior: Launches SMS service to facilitate communication with customers
» Parliamentary Foreign Affairs Committee stresses the importance of parliamentary diplomacy in streng
» Al-Sudani confirms Iraq's keenness to open partnership horizons with Pakistan
» The Minister of Trade heads the Iraqi delegation to the first session of the Iraqi-Turkish Trade and
» Minister of Finance discusses joint cooperation with World Bank representative in Iraq
» Aleppo Blitzkrieg: Academic Talks About America’s Role in Averting Danger to Iraq
» The Surprise Incident in Syria... Iraq and Iran are two countries at a crossroads: deviation or conf
» Al-Sudani pledges to revive the largest industrial city in eastern Iraq
» Concerns about financial and economic risks.. Reasons for stopping financial transfers to TikTok age
» "Tripartite Measure" Reduces Smuggling in Diyala by 90 Percent
» It will be clear and fixed.. The factions hint at "important" decisions that will be announced soon
» Stability of the dollar exchange rate in Iraq
» Leading to a comprehensive war.. Iraq and Saudi Arabia warn of the danger of expanding the circle of
» New session today, Tuesday, to pass controversial laws under the dome of Parliament
» Iraq plans to build 30 dams to harvest water
» Prime Minister's Advisor: Budget awaits parliamentary amendments to suit government program
» After Parliament failed to pass them yesterday... Will the controversial laws pass today?
» utube 1/2/24 Huge Event Coming: Currency Auction EndingRV/RI by Christmas?Dinar RV Updates [IQD Re
» utube 12/1/24 MM&C MM&C-Iraq Dinar News-Non-Oil Revenue-$62 Billion Investment-Halt Credit Activit
» utube 11/28/24 MM&C MM&C-Iraq Dinar News-Oil & Gas-Projects-Budget 2024 Investment
» Parliamentarian reveals the reason for not holding a parliament session yet
» Al-Sudani: We have 12 companies ready to build many schools
» What's Trump's connection? Bitcoin and Ethereum funds raise $7.6 billion
» China affirms keenness to enhance cooperation with Iraq
» The head of the Central Organization for Standardization and Quality Control conducts a field visit
» Ministry of Justice hosts the first meeting of the National Committee for Implementing the Strategy
» Al-Sudani: The Iraq Development Fund is a new idea for managing the state by empowering the private
» Citizens' appeals.. No electricity, we have returned to "the bowl and the jug" for bathing
» Disagreements over 3 laws threaten parliament session.. MP reveals latest developments
» Al-Sudani stresses to Chinese ambassador the importance of urgent action to end regional crises
» Central Bank of Iraq sells $285 million in auction today
» Stop government loans and advances
» World Bank again lowers its expectations for the growth of Gulf economies for 2024
» Al-Alaq: The monetary situation in Iraq is very excellent and the launch of Riyada Bank is imminent
» OPEC stresses importance of historic Vienna agreement that launched OPEC+ alliance
» Iraq launches first phase of 'Edopa' project to build 600 schools
» Oil Products Company: No appointments to our staff
» National Bank of Iraq rehabilitates Baghdad College Secondary School for Boys
» Agriculture unveils plan to support poultry sector, encourage investment
» Degrees without jobs.. Graduates facing the unemployment crisis
» Keeping real estate records in a secure database
» Al-Alaq to {Sabah}: Our critical position is very excellent
» Al-Sudani: We will confront any threat to our land
» Weighing stations in Babylon
» Ministry of Justice to Al Sabah: Preserving real estate records in a secure database
» Minister of Health to Al Sabah: A national fund for the treatment and rehabilitation of drug addicts
» Parliamentary source: The House of Representatives will hold its session at one o'clock this afterno
» The Ministry of Commerce launches the ration card automation project in Wasit as a first phase
» Closed parliamentary meeting with the Minister of Defense and military leaders
» The Board of Directors of the Iraq Development Fund holds a meeting headed by Al-Sudani
» Parliament session suspended.. MP explains the reason for not reaching political understandings
» President of the Republic to the Syrian Ambassador: We are working to prevent the expansion of the c
» Via Baghdad.. Tehran addresses Washington with a brief message regarding the developments in Syria
» Al-Maliki and Al-Araji stress the importance of continuing security and intelligence efforts on the
» Parliamentary Security: Iraq is affected by what is happening in the Syrian interior, but “the borde
» The Governor of the Central Bank announces the imminent launch of the {Riyada} Bank
» Parliament is discussing the amendment to the budget law with government officials to proceed with i
» The Central Bank aims in the middle of the “Tiktokism of Iraq” front and misses the target: The deci
» MP reveals reasons for postponing parliament session until tomorrow
» Parliamentary demands for official clarification of internet outage in western Anbar amid border ten
» Al-Sudani intensifies his contacts with regional leaders regarding developments in Syria... Army lea
» Events in Syria... Are Iraq approaching the 2014 scenario?
» Al-Sudani and Bazishkian discuss repercussions of security situation in Syria
» Radioactive contamination in Babylon: a silent disaster that threatens lives and the environment
» Iraq calls on the world to hold Israel accountable for its crimes in Palestine and Lebanon