Turkey, Iraq and two Gulf countries have signed a declaration to pursue closer trade links with a new economic corridor made up of billions of dollars in roads and railways.
Representatives of the countries signed a declaration of intent during Turkish President Recep Tayyip Erdogan’s visit to Iraq on Monday, the office of Iraqi Prime Minister Mohammed al-Sudani said on Tuesday.
Ministers from Qatar and the United Arab Emirates also signed the declaration. The two rich Gulf states are potential financial backers of the project, which comes at an estimated cost of $20 billion.
The project is known as the “Development Road,” or “Dry Canal.” It is scheduled for completion in 2038, when a network of roads and railways will connect a new harbour in Basra in southern Iraq to Turkey in the north.
From there, the corridor is to extend further via the Turkish port of Mersin on the Mediterranean and via Istanbul to Europe. Erdogan has described the project as “a new Silk Road.”
The Grand Fau harbour is currently being built by a South Korean company in Basra and is expected to be one of the largest in the Middle East. The breakwater, which is more than 14 kilometres long, set a record as the longest in the world.
Iraq hopes to turn the harbour into a hub between Asia and Europe. However, the continuing poor security situation in Iraq, political tensions, and widespread corruption and mismanagement all raise questions about whether the harbour and linked infrastructure will be completed as planned.