Iraqi PM discusses investment opportunities with Turkey’s Limak
An aerial view of the breakwater and the progress of the construction work in the Al-Faw Grand Port in Basra, Iraq. Photo: AFP
Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, received on Thursday a delegation from the Turkish company Limak, which specializes in transportation and construction projects.
Al-Sudani discussed with Limak’s owner, Nihat Ozdemir, the investment and development opportunities that the company can contribute to in Iraq, especially in the areas of infrastructure and transportation projects, according to a statement issued by the Prime Minister’s Office (PMO).
The two sides also reviewed development projects taking place in Iraq, such as the Development Road and the Al-Faw Grand Port, as well as road, bridge, and industrial city projects in various governorates.
The Iraqi Prime Minister explained that the country’s investment climate has improved and grown more hospitable, particularly after the country’s banking, administrative, and financial reforms were implemented and the private sector was able to create successful partnerships with foreign businesses.
The Development Road is the name given by the Iraqi government to what was known as the dry canal that connects the Al-Faw Grand Port in southern Iraq with the Turkish territories through railway networks and roads.
It will extend for 1,200 kilometers from Al-Faw port town in southern Iraq to Faysh Khabur town in the northern Iraqi governorate of Duhok.
The Development Road includes a railway where electric trains will pass through 10 Iraqi governorates.
In a joint press conference held in March with the Turkish President, Al-Sudani stated that the Development Road represents a global corridor to transport goods and energy.
The Iraqi Prime Minister illustrated that the project includes a railway to transport goods, with a capacity of 3.5 million tons in its first phase that will be increased to 7.5 million tons in the second phase.
Al-Sudani elaborated that the project will also include a highway for land transport and pipelines to transport energy, in addition to the Al-Faw Grand Port and the industrial city expected to be one of the largest in the Middle East.
The Iraqi Premier added that the project will generate many job opportunities for Iraq and the countries of the region, as well as opportunities for industries and businessmen, and it will be a center attracting global trade.