Iraqi Kurdistan Region President Nechirvan Barzani (right) and Iraqi Kurdish Prime Minister Masrour Barzani (left) greet Turkish President Recep Tayyip Erdoğan (center) during a welcoming ceremony at Erbil International Airport (EIA). I was greeted. Ismael Adnan/DPA
Turkey, Iraq and two Gulf states have signed a declaration to pursue closer trade ties with a new multi-billion dollar road and rail economic corridor.
The office of Iraqi Prime Minister Mohamed Al-Sudani announced on Tuesday that representatives from each country signed a letter of intent during Turkish President Recep Tayyip Erdoğan’s visit to Iraq on Monday.
Ministers from Qatar and the United Arab Emirates also signed the declaration. Two wealthy Gulf states could become financial backers of the project, which is estimated to cost $20 billion.
The project is known as the “Development Road” or “Dry Canal.” Scheduled for completion in 2038, the road and rail network will link the new port of Basra in southern Iraq with Turkey in the north.
From there, the corridor is to extend further into Europe via Istanbul via the Turkish port of Mersin in the Mediterranean Sea. President Erdoğan has described the project as a “new Silk Road.”
Grand Fau Port is currently being built in Basra by a South Korean company and is expected to become one of the largest ports in the Middle East. The breakwater was over 14 kilometers long, setting a record for being the longest in the world.
Iraq wants to make the port a hub between Asia and Europe. However, the continuing poor security situation, political tensions, and widespread corruption and mismanagement in Iraq all raise questions about whether the port and associated infrastructure will be completed as planned.
