Iraq, Qatar, UAE, Turkiye sign MoU on Development Road project

24 Apr '24

1 min read

Iraq, Qatar, UAE, Turkiye sign MoU on Development Road project

Pic: Adobe Stock

Insights

Iraq, Turkiye, Qatar and the United Arab Emirates recently signed an MoU to cooperate on the Development Road project, a $17-billion initiative launched by Iraq last year to link its Grand Faw Port by rail and road to the border with Turkiye.
The 745-mile road and rail project aims to turn Iraq into a transit hub, connecting Asia and Europe.

Iraq, Turkiye, Qatar and the United Arab Emirates (UAE) recently signed a memorandum of understanding (MoU) to cooperate on the Development Road project, a $17-billion initiative launched by Iraq last year to link its Grand Faw Port on the southern coast by rail and road to the border with Turkiye.

Turkish President Recep Tayyip Erdogan and Iraqi Prime Minister Mohammed S Al Sudani witnessed the signing ceremony in Baghdad, where the former was on an official visit. Qatari and Emirati ministers attended the event as well.

Cooperation between Iraq and Turkiye on big economic projects was also on the table. Iraqi and Turkish officials signed 24 MoUs during Erdogan's one-day visit.

The 1,200-kilometer (745-mile) road and rail project aims to turn Iraq into a transit hub, connecting Asia and Europe with a link between a major commodities port in the country's oil-rich south and Turkiye in the north, Turkish media outlets reported.

In the first three months this year, Turkish exports to Iraq rose by 24.5 per cent, while imports fell by 46.2 per cent.

Fibre2Fashion News Desk (DS)

More Textiles News - Turkey...