Iraqi Prime Minister engages in investment talks with Turkey’s Limak

Iraqi Prime Minister, Mohammed Shia Al-Sudani, engaged in discussions with a delegation from Turkey’s renowned construction and transportation firm, Limak.

The meeting, convened to explore investment and development prospects, focused particularly on Iraq’s infrastructure and transportation projects. According to a statement from the Prime Minister’s Office (PMO), Al-Sudani and Limak’s owner, Nihat Ozdemir, delved into potential collaborations aimed at fostering growth and progress within Iraq’s developmental landscape.

Among the topics scrutinized during the meeting were ongoing projects within Iraq, including the ambitious Development Road and the significant Al-Faw Grand Port initiative. Additionally, discussions encompassed various infrastructure undertakings such as road and bridge constructions, alongside plans for industrial zones across different Iraqi governorates.

Al-Sudani underscored Iraq’s burgeoning investment climate, citing notable enhancements post-implementation of banking, administrative, and financial reforms. Notably, the facilitation of successful partnerships with foreign entities, including Limak, has further bolstered the country’s attractiveness to investors.

The Development Road, christened by the Iraqi government, symbolizes a transformative link connecting the Al-Faw Grand Port in southern Iraq to Turkish territories through a comprehensive network of railways and roads. Spanning a staggering 1,200 kilometers from Al-Faw port town to Faysh Khabur in Duhok governorate, the project envisages an extensive railway traversing ten Iraqi governorates.

Al-Sudani’s remarks during a joint press conference with the Turkish President in March highlighted the global significance of the Development Road, heralding it as a pivotal corridor for the transportation of goods and energy. The project’s multi-faceted approach includes provisions for a railway capable of transporting 3.5 million tons of goods initially, with capacity slated to double to 7.5 million tons in subsequent phases. Furthermore, plans entail the construction of highways for terrestrial transportation, energy pipelines, alongside the Al-Faw Grand Port and an expansive industrial city poised to be among the largest in the Middle East.

Emphasizing the profound socio-economic ramifications, Al-Sudani emphasized the project’s potential to generate a plethora of employment opportunities within Iraq and the wider region. Furthermore, it is anticipated to catalyze industrial growth and attract global trade, cementing its status as a pivotal nexus in the global commerce landscape.