President Recep Tayyip Erdoğan Monday emphasized a strong commitment to the vast regional infrastructure and transportation project linking southern Iraq to Türkiye and said talks with sides to the planned initiative would be carried out swiftly.

"Our Ministry of Transport and Infrastructure will rapidly engage in discussions with relevant counterparts to bring this project to fruition," Erdoğan told reporters on a flight back after a visit to the Azerbaijani exclave of Nakhchivan.

Pitched as a link between Asia and Europe, the $17-billion Development Road aims to tie Grand Faw Port, a major commodities port in Iraq’s oil-rich south, to the border with Türkiye, and then to Europe, through a network of railways and highways.

Unveiled in late May, the route would facilitate the movement of energy resources, goods and passengers from the Gulf to Europe through the Grand Faw Port in Basra province.

"The Development Road project is a comprehensive initiative encompassing the countries of the Persian Gulf, Iraq and Türkiye," Erdoğan said, particularly stressing United Arab Emirates' (UAE) interest in the initiative.

"United Arab Emirates President (Sheikh) Mohammed Bin Zayed (Al Nahyan) has shown a strong commitment to this project," he said. "In fact, in our most recent meeting, he proposed that preparations for this project be completed within '60 days' after putting it in writing."

Earlier this month, Foreign Minister Hakan Fidan said intensive negotiations were underway with Iraq, Qatar and the UAE about the project that would be forged "within the next few months."

The planned project will involve the construction of about 1,200 kilometers (about 745 miles) of railways and highways.

It envisions high-speed trains moving goods and passengers at up to 300 kilometers (186.41 miles) per hour, links to local industry hubs, and an energy component that could include oil and gas pipelines.

Erdoğan also referred to the India-Middle East-Europe Economic Corridor, outlined at the annual G-20 summit of the world’s top economies in New Delhi earlier this month.

Backed by the U.S., the project would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union. It envisages building a rail and shipping corridor, seeking to boost trade, deliver energy resources and improve digital connectivity.

Ankara has pushed back against the initiative that would bypass Türkiye.

After the G-20, Erdoğan said "there can be no corridor without Türkiye," adding that "the most appropriate route for trade from east to west must pass through Türkiye."

"The United States, Japan, India and China have their own approaches to the project," he said on Tuesday. That’s why, he added, Türkiye’s position "is of utmost importance."

"While some are seeking to provoke disputes, our focus is on finding solutions to such conflicts," Erdoğan stressed. "The Development Road project is poised to eliminate all the dark forces entrenched in this region and, hopefully, mark the first step in development toward enlightenment."

"It holds immense significance, and Türkiye is at the heart of it. We hope for a positive outcome."

Drilling with Israel

In a wide-ranging briefing, Erdoğan also raised the prospect of a visit to Türkiye by Israeli Prime Minister Benjamin Netanyahu in October or November, adding that he would reciprocate the visit after.

"The Turkish Foreign Ministry continues to work on the date of the visit. I think Netanyahu's visit to Türkiye... could happen in October or November," Erdoğan told reporters on a flight back after a visit to the Azerbaijani exclave of Nakhchivan.

Erdoğan and Netanyahu met for the first time in person last week at the United Nations General Assembly in New York. The meeting marked a milestone as the two countries have been working to repair relations long strained by disputes over policies toward the Palestinians.

A visit to Türkiye by Israeli President Isaac Herzog in March 2022, followed by visits by both foreign ministers, helped the thaw, but we postponed a planned visit by Netanyahu in July due to the Israeli premier's health issues.

Following the General Assembly, Erdoğan said Israel and Türkiye would soon begin taking joint steps in energy drilling, adding the two countries would also operate energy networks to Europe through Türkiye.

The meeting in New York was primarily focused on energy cooperation, which Erdoğan said would ramp up after mutual visits.

"As Türkiye and Israel, we cooperate in many areas," he told reporters on Monday. "It is a fact that there are new areas of cooperation. Especially in Europe is in search of sustainable energy sources with the influence of the conjuncture after the Russia-Ukraine war.

"It is known to everyone that Israel is seeking to transport its resources to Europe. The most rational route is to deliver these resources to Europe via Türkiye," Erdoğan added.

He said authorities were instructed to carry out technical studies on cooperation in drilling operations. Details and time frame are planned to be finalized as soon as possible, he noted.

"In the near future, during meetings in Türkiye and Israel, we will clarify details such as the route, schedule and drilling areas."

Fight against inflation

Erdoğan also addressed Türkiye’s ongoing fight against chronic inflation, saying his economic administration is currently "following an intensive schedule."

Annual inflation rose to nearly 60% in August and is expected to increase further toward the end of the year. The government sees it reaching 65% by the year-end.

Erdoğan said the new medium-term program, unveiled earlier this month, aims at reining in inflation and permanently reducing it to single digits. He said the road map constitutes "our milestones on this path."

"Measures such as monetary tightening and credit tightening are being implemented by our economic management to ensure price stability," he noted.

"These actions aim to redirect our resources toward productive sectors, thereby promoting high, sustainable, and balanced growth. Fiscal policies are also aligned with these objectives."

After winning reelection in May, Erdoğan named a new Cabinet, including two accomplished bankers, Mehmet Şimşek as treasury and finance minister and Hafize Gaye Erkan as the governor of the Central Bank of the Republic of Türkiye.

The administration reversed the years-long easing cycle and launched aggressive interest rate hikes to tackle the country's long-term inflation issue.

The central bank last week raised its key interest rate by a lofty 500 basis points to 30%. It marked a second month of aggressive tightening after Erdoğan expressed his strongest pledge of support for the economy team's policy overhaul.

The bank reiterated it is ready to raise rates further than needed to rein in inflation.

"We will strengthen our fight against inflation by promoting production and investment," Erdoğan said. "Throughout this process, we will continue taking measures and steps to ensure that our citizens do not suffer from the effects of inflation."