ISTANBUL, April 10 (Xinhua) -- Turkish Minister of Transport and Infrastructure Abdulkadir Uraloglu said on Thursday that Development Road, a regional transportation project, will solidify Türkiye's strategic role and reshape global trade by significantly reducing transit times between Asia and Europe.
Speaking at the Emerging Markets Forum of the Organization for Economic Cooperation and Development in Istanbul, Uraloglu emphasized that the project, upon completion, will cut transit times between Asia and Europe by up to 15 days compared to current maritime routes.
"This corridor, which is expected to strengthen global trade by linking east-west trade routes with the north-south axis, will extend from the Gulf to Türkiye via Iraq's Baghdad and Mosul, integrating with Europe through 2,092 kilometers of railway and 1,923 kilometers of highway," Uraloglu explained.
He highlighted that the construction of the Al-Faw Grand Port in Iraq, which will serve as the project's starting point, has made remarkable progress, with the first phase expected to be completed by the end of this year.
"In the coming months, we also plan to sign the final agreement on the Development Road project with Iraq to mark a major milestone in bringing this ambitious initiative to life," he added.
The project was officially initiated following the signing of a quadripartite memorandum of understanding between Türkiye, Iraq, Qatar, and the United Arab Emirates in 2024 during a meeting in Istanbul.
This agreement defines the responsibilities of the countries involved, focusing on key areas such as infrastructure development, financial contributions, and the management of logistics for the trade corridor.
The entire corridor is expected to be fully operational by 2030-2031, depending on the pace of construction and regional cooperation, according to the minister. ■
