ERBIL, Kurdistan Region of Iraq - Kurdistan Region President Nechirvan Barzani on Saturday hailed the development road project as a “historic step,” while stressing the need for the project to become a “national Iraqi project” that connects the entirety of the country.

The development road project is a multi-billion-dollar project that aims to stretch across the entirety of Iraq, connecting the Grand Faw Port in southern Iraq to the Turkish border, while creating hundreds of thousands of jobs and enhancing Iraq’s geopolitical status in the process.

Speaking at the 7th Baghdad International Dialogue on Saturday, Barzani described the Development Road project as “a historic step” toward building a more stable and prosperous Iraq, adding that it provides the country with an opportunity to become a key player in the region’s economy and help connect the Gulf to the international market.

Barzani stressed that the Development Road must be a “national Iraqi project” that incorporates all parts and components of Iraq “without discrimination.”

Barzani reiterated the Kurdistan Region’s support for the highly-anticipated project, but stressed that the support is not only from an economic point of view, but a strategic one as well.

“Our support for this project is not only from an economic point of view, but also from a strategic point of view, because we believe that it is a step towards strengthening the concept of Iraq as an active state in internal and regional security and stability, and an effective economic power in the Middle East.”

“It could also become one of the world's economic powers in the future.”

“The diversity of the Iraqi society is strength and wealth, Iraq can turn this project [Development Road] into an opportunity to get past all ethnic differences,” he added.

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 development road is set to encompass railways, roads, and cities, and aim to shorten the travel time between Europe and Asia, in line with Iraq’s vision for the project. The initial investment is estimated at $17 billion, with projected annual profits reaching approximately $5 billion.

The architectural plan for the project is structured in three phases, with phase one projected to be completed by 2028, while the second and third phases are expected to finish in 2033 and 2050 respectively.