Economic Importance of FAW's Large Port and Its Role in Promoting Sustainable Development in Iraq
DOI:
https://doi.org/10.33095/dfv7wp95Keywords:
Sustainable Development, Foreign Investment, FAW Grand Port Project; Economic Diversification; Transport Infrastructure.Abstract
The paper studies the economic importance of Grand Faw Port and how that would help develop a more sustainable Iraq. It identifies Iraq's strategic location as the most critical point in the connection of East and West, thus elucidating how the port could build a more resilient economy, better trade efficiencies, and accompany long-term development frameworks. It also examines how the Development Road project affiliated with the port could boost diversification by improving transport infrastructure in Iraq.
The study is deductive and descriptive in terms of approach: it assesses the impacts of the Grand Faw Port on the fortunes of the economy of Iraq. The results indicate that this port will offer a significant reduction in the time and cost of any transport operation while attracting foreign investments. Here are challenges such as poor infrastructure, political instability, and the necessity of legal reforms to encourage investment.
Results show that the Grand Faw Port will increase economic integration and provide job opportunities for citizens while boosting Iraq's role in global trade. The study urges speeding up implementation of the Development Road project, strengthening regional cooperation, and introducing investment-friendly policies. The study as a whole, therefore, proves to be seminal in terms of the role of the port in the context of economic sustainability by reducing dependence on oil revenues in Iraq and increasing efficiency in transport.
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