ERBIL, Kurdistan Region - Iraqi Prime Minister Ali al-Zaidi allocated over $12 million to develop three border crossings as trade reached its “highest level,” the Iraqi Border Ports Authority told state media on Tuesday, as the country is diversifying its export routes following disruptions to regional commerce.
During his visit to the Border Ports Authority, the Iraqi premier "allocated 16 billion dinars ($12.2 million) for the Rabia, al-Waleed, and Safwan crossings, aiming to implement infrastructure projects," the Border Ports Authority’s spokesperson, Aladdin al-Qaisi, told the Iraqi News Agency (INA).
"The Rabia and Al-Waleed crossings, which were opened last April, initially witnessed limited commercial exchange, before experiencing a surge following the closure of the Strait of Hormuz," Qaisi stated, noting that "trade exchange between Iraq and Syria has currently reached its highest levels."
This comes as Iraq moves to diversify its export routes following the war that erupted after the US and Israel’s aerial campaign against Iran in late February, resulting in the restriction of maritime traffic at the Strait of Hormuz, a critical chokepoint through which over 90 percent of Iraqi oil exports previously transited.
"Iraq exports oil to Syria via tanker trucks, at a rate of about 1,500 trucks daily, while another 1,500 trucks return,” Qaisi explained, adding that the movement provides income for around 3,000 truck drivers and their families, while also boosting local businesses along the route, such as shops and cafes.
He also pointed out "the continued export of construction materials and sulfur to Syria, in exchange for importing vegetables and other materials."
The heads of the Syrian and Iraqi chambers of commerce signed a memorandum of understanding in Damascus on Friday to boost trade and investment ties.
The agreement aims at "expanding economic cooperation and consolidating the position of Syria and Iraq as trading and economic partners," Syrian state media reported.
Of note, the Iraqi industry ministry announced in December 2022 that the country holds the world’s largest sedimentary sulfur reserves, with more than 400 million tons located in the northern Nineveh province’s Mishraq fields.
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