Shipping Arabia, December 15, 2024 — In a groundbreaking move set to reshape global trade, Iraq has initiated a massive infrastructure project to construct a 745-mile trade corridor that will connect Europe and West Asia. This ambitious route stretches from the northern border of Turkey to Iraq’s southern coast along the Persian Gulf, presenting a direct and faster alternative to the Suez Canal for trade between Asia and Europe.
The project involves developing a comprehensive network of advanced roads, railways, and ports, with the Grand Al Faw Port serving as its centerpiece. This mega-port is expected to significantly boost Iraq’s export capabilities and facilitate economic diversification away from the country’s traditional reliance on oil.
With an estimated price tag of $17 billion, the corridor is projected to cut transit times between the two continents by 12 to 15 days compared to the existing Suez Canal route, with a targeted completion date within three years.
Iraqi Prime Minister Mohamed Shia al-Sudani has characterized the corridor as a “lifeline for regional prosperity,” emphasizing its potential to elevate Iraq’s position on the global stage. The initiative has received strong backing from influential regional players, including the UAE and Qatar, indicating a shared belief in its capacity to enhance regional economic integration.
This transformative project underscores Iraq’s ambition to strengthen its international trade relations and economic standing, prioritizing commercial benefits and connectivity while avoiding political entanglements.
As the timeline for the project progresses, the global community is closely monitoring the potential for Iraq to emerge as a key gateway linking continents, thereby reshaping economic landscapes and trade dynamics across various regions.
