Economy News – Baghdad
The Ministry of Industry and Minerals has announced ambitious industrial projects set to be established in the city of Faw, positioning it as a leading industrial hub in the Middle East within the framework of the development road project.
The technical designs for the project are nearing completion, with development progressing in accordance with well-researched plans.
While initial designs have been finalized, additional enhancements are in the works. The project aims to transform the country into a pivotal commercial nexus, linking East and West through advanced industrial cities that stretch from Faw to the Turkish border.
Plans for the Faw city initiative include the establishment of large-scale industrial complexes, residential and tourism developments, as well as petrochemical plants, electrical stations, water desalination facilities, and liquefied gas production. This initiative is anticipated to invigorate trade and economic exchanges, generate over one million jobs, and significantly shorten transportation times for goods between China and Europe to under 22 days, thus reinforcing the country’s status as a global logistics hub.
Kazem highlighted the challenges faced during the design phase, which included resolving conflicts concerning the road’s path, encompassing agricultural and economic projects. However, effective coordination with local governments has resolved these issues, allowing for the finalization of the project’s technical designs.
He emphasized that this development path is crucial for diversifying the national economy and decreasing reliance on oil, enabling the country to become a central figure on the international trade map due to its modern infrastructure and strategic linking of continents.
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