ERBIL, Kurdistan Region of Iraq - Iraqi Prime Minister Mohammed Shia’ al-Sudani on Saturday highlighted the importance of the multi-billion dollar Development Road project for the country’s stability and its partnerships with neighboring and regional countries.

Sudani’s remarks came during his opening speech at the 7th Baghdad International Dialogue which kicked off on Saturday and is set to continue on Sunday. The theme of this year’s event is “Communication for Development and Regional Stability.”

“We have proceeded with major strategic projects, most notably the Development Road, which is an economic lever that will work to support stability,” said the Iraqi premier.

Iraq’s Development Road is a massive multi-billion dollar railways, roads, ports, and cities project which aims to shorten travel time between Asia and Europe and links the Grand Faw Port in southern Iraq to the Turkish border. The project is set to create hundreds of thousands of jobs and enhance Iraq’s geopolitical status.

“The Development Road represents an opportunity for integration and partnership with neighboring and regional countries, and to enhance Iraq's historical, economic and cultural status,” Sudani added during his Saturday speech.

The Iraqi premier stressed the importance of trade and cultural and economic exchange between neighboring countries, adding that the Development Road will act as a tool for enhancing exchange between the people of the region.

Iraq sees the Development Road as a crucial connection bridging the industrially vibrant nations of Asia with the technologically advanced, industrially robust, and agriculturally prosperous countries of Europe.

The initial investment is estimated at $17 billion, with projected annual profits reaching approximately $5 billion.

The first phase is scheduled to be completed by 2028, with the second and third phases expected to finish in 2033 and 2050.