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Al Faw to 'change Iraqi economy': ministry

by Edward Attwood on Apr 19, 2009


Iraq's import sector is set to grow by 5% this year, according to Business Monitor International.
Iraq's import sector is set to grow by 5% this year, according to Business Monitor International.

The Iraqi ministry of transport has confirmed its approval of the construction of the country’s biggest port; Al Faw, just south of Basra.

A ministry release indicated that the project would represent a landmark that would change the course of the Iraqi economy. The US$5.4 billion Al Faw Big Port  is being designed by an Italian company, which will work in conjunction with the Iraqi ministry of transport. 

“This port is a strategic project that will bring about this change,” said the release, according to the Aswat al-Iraq news agency.

“The strategic position of Iraq will make it the short-cut route to transport goods between the northern and southern parts of the world,” it added.

The decision validates recent suggestions from the General Company of Iraq Ports that it would be working on expanding cargo capacity at the country's facilities, and comes as interest in Iraq's import and export potential continues to grow.
 


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