18 C
Iraq
Thursday, October 30, 2025

Al Busttan Signs Contract with TotalEnergies for Ratawi Development

Al Busttan has signed a major contract with TotalEnergies to support the Ratawi oil field redevelopment in Iraq. The deal marks a significant step...
HomeEconomyIraq Vision 2050 and the Development Road Project

Iraq Vision 2050 and the Development Road Project

Iraq Vision 2050 highlights a bold strategy to transform the nation’s role in global trade. The government plans to direct 20 percent of Asia–Europe trade through Iraq with the Development Road Project. This ambitious plan signals Iraq’s intention to strengthen its influence in regional and global markets.

Therefore, the Development Road Project, valued at $17 billion, focuses on linking the Grand al-Faw Port in southern Iraq with Europe. Modern highways and railways will connect the Gulf to Turkiye, creating a strong trade route that reduces time and cost. Leaders in Baghdad believe the project will generate new momentum for Iraq Vision 2050 and shift the economy toward long-term growth.

Additionally, Prime Minister Mohammed Shia al-Sudani explained that the plan will create 1.5 million jobs. These positions will focus on knowledge-based and entrepreneurial sectors, giving young Iraqis new opportunities. In addition, the government sees Iraq Vision 2050 as a key step to reduce oil dependence.

Therefore, project also aims to ensure 70 percent self-sufficiency in food, water, and energy. Iraq intends to expand sustainable agriculture and develop advanced industries. With these changes, the nation wants to build resilience and secure independence from unstable oil markets.

Moreover, the strategy emphasizes cooperation among state institutions, the private sector, universities, and civil society. Leaders call for Iraq’s youth to play a central role in shaping this transformation. By involving every sector, Iraq Vision 2050 can create unity and accelerate development.

Additionally, officials stress that this plan sends a message of strength and renewal. Iraq seeks to reclaim its historical role as a productive power and a connector between regions. The vision represents more than infrastructure; it represents a commitment to stability, prosperity, and peace.

The Development Road Project also brings wider geopolitical importance. By channeling Asia–Europe trade, Iraq can reshape transport networks and increase economic ties. This strengthens its role as a bridge between the Gulf and Europe. Analysts see the project as one of Iraq’s most ambitious economic strategies in decades.