Turkish Minister of Transport and Infrastructure, Abdulkadir Uraloğlu, shared key insights following the 1st Ministerial Council Meeting for the Development Road Project, also known as the "New Silk Road."

The meeting, hosted by Türkiye, saw the participation of Iraq, the United Arab Emirates, and Qatar, marking a significant step towards strengthening economic and infrastructural collaboration among these nations.

During his statement, Minister Uraloğlu emphasized the importance of international cooperation in today's global economy, highlighting the interconnected nature of modern production, financial flows, and trade. "No one is wealthy alone or self-sufficient anymore. In today's world, you have no place if you close your doors, shut your eyes, and ignore developments. Everyone has something valuable to contribute and something to gain," Uraloğlu stated. He further stressed that the transportation sector is a vital driver of this "win-win" era.

Collaborative Efforts for Economic and Infrastructural Advancement

Minister Uraloğlu underscored that the meeting was not just about the future of transportation and logistics sectors, but also about the economic and socio-cultural future of the four participating countries. He pointed out that secure, uninterrupted, and fast transportation is crucial for establishing essential economic partnerships and enhancing foreign trade activities. 

Uraloğlu reminded that during President Recep Tayyip Erdoğan's visit to Iraq on April 22, 2024, the four countries signed a Joint Cooperation Memorandum of Understanding on the Development Road Project. "With this memorandum, we decided to establish a Ministerial Council within the framework of the Development Road Project. Today, as Türkiye, we hosted the first meeting of this council. Through this council, which will elevate the cooperation between the four countries to the highest level, we had the opportunity to thoroughly evaluate the project," Uraloğlu explained.

Steps Forward and Strategic Importance

Highlighting the critical nature of establishing uninterrupted and rapid transportation across Türkiye and Iraq, Uraloğlu discussed the steps agreed upon to bring about tangible outcomes in the near future. He emphasized the importance of coordinated action and swift implementation, stating, "We focused on the importance of the council's activities in moving forward together and quickly realizing our plans. Additionally, as this was our first meeting, we discussed the management and operational mechanisms of the Ministerial Council and outlined a roadmap for the future."

Development Road Project: A Key Initiative

Uraloğlu underlined the importance of the Development Road Project, not only for the four involved countries but also for the broader region and global supply chains. He described the project as more than just a transportation initiative, highlighting its potential to significantly enhance the region's prosperity and stability. "Through the Development Road Project, we will enable uninterrupted land and rail transport from the Faw Port in Iraq to every country in Europe, including London. This will substantially reduce travel time between Asia and Europe via Türkiye. A shipment from the Faw Port to Europe via the Suez Canal would take 15 days longer than using the Development Road," Uraloğlu noted.

Addressing Global Supply Chain Challenges

Uraloğlu also addressed the impact of global events on supply chains, noting that the ongoing transformations in global logistics, accelerated by the COVID-19 pandemic and the 2022 Russia-Ukraine war, have reshaped the region's logistical map. He mentioned the challenges faced by the Suez Canal due to the security crisis in the Red Sea following the Israel-Palestine conflict that began in October 2023. "As global maritime companies began avoiding the Suez Canal, opting instead for routes via the Cape of Good Hope, shipping times from China to London have increased by about 10 days, leading to a 30% rise in costs. If the Development Road Corridor were operational today, such costs would have been mitigated," Uraloğlu explained.

He concluded by emphasizing that the Development Road will not only offer a cost-effective and time-efficient transportation corridor but also serve as a complement to existing routes. "It will connect east-west corridors with north-south ones, directly contributing to the global trade system and aiding the development of all participating countries. Given these factors, it is clear that the Ministerial Council we have established carries a crucial mission. I wish the Ministerial Council of the Development Road Project success for these four countries and the region, and I extend my gratitude to all my counterparts and everyone involved," Uraloğlu said. (ILKHA)