Turkey's Erdogan sees $50bln gain from mega Iraqi project
Erdogan told a global transport conference in Istanbul at the weekend that the 'Development Road' could also create nearly 63,000 jobs for Turks.
He described the $17 billion project as one of the largest rail schemes in the Middle East and a turning point for regional economic integration
'The impact of the Development Road on production, with a 10-year projection, is expected to exceed $50 billion, with an estimated average annual employment of 63,000 people,' Erdogan said, quoted by Turkish and Iraqi media.
'Turkey aims to transform its geopolitical advantages into a comprehensive economic benefit for the entire region through the Development Road project.'
Erdogan said the project is a significant infrastructure initiative intended to connect Iraq to Europe through Turkey, adding that it would spur large rail projects in Turkey.
'We will convert our geopolitical opportunities into a comprehensive economic advantage that will benefit our entire region through the Development Road.'
Iraq said early this year it has completed feasibility studies and designs for the project, which will start at the southern Port of Faw, one of the world's largest container terminals with a capacity of 99 million containers per year.
In 2022, Iraq estimated the project cost at around $17 billion but officials said later the cost could increase due to higher equipment prices and construction costs.
Iraq hopes the Development Road, which is scheduled to be completed in 2029, would transform it into a regional commercial and transit centre as it would also include free trade and industrial zones.
Turkish Vice President Cevdet Yılmaz said in May the rail line, which will traverse 11 Iraqi provinces, aims to connect Gulf countries to Europe through an extensive rail corridor, adding that the project envisions the movement of more goods from India, South Asia, and the Gulf region to Iraq's southern al-Faw port, then northward through Turkey and onward to Europe.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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