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Türkiye offers an alternative solution with the Development Path Project. 🇹🇷🛣️
The "Development Road" project, signed between Turkey, Iraq, Qatar, and the UAE, represents a promising step towards transformation in the transportation sector. Initiated during President Erdoğan's visit to Baghdad, the project aims to significantly reduce logistic costs.
With the transit transport time to Europe reduced to 25 days, particularly cutting down long durations experienced on the Suez Canal and Cape of Good Hope routes, faster access to Europe will be facilitated.
According to Bilgehan Engin, President of the International Transportation and Logistics Service Providers Association, the project will serve as a lifeline during global crises and address economic issues in the sector.
While an increase in trade volume with neighboring countries and a rise in transit transport revenues are expected, a significant decrease in logistic expenses is also anticipated.
However, it should be noted that this massive project requires a $17 billion investment. Turkey, Iraq, Qatar, and the UAE have been identified as the main actors of the project, and the investment should be evaluated considering the long-term benefits.
