The Billion-Dollar Mega Project in Turkey That Will Split the Country in Half

Written by Roberta Souza

Published on 14/06/2024 at 10:06

FOTO: CANVA

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Turkey Is Building a New Canal in Istanbul to Relieve the Congested Bosporus Strait and Capitalize on Its Strategic Position

Istanbul, Turkey’s Largest City, stands out not only for its rich history, but also for its strategic location connecting Europe and Asia. With a population that represents about 20% of the entire country, the city is home to the vital Bosporus Strait, a crucial corridor for global maritime trade. However, Turkey is now aiming to build a new canal that promises to change the dynamics of international trade, according to Construction Time.

Geopolitical Importance of the Bosporus Strait in Turkey

The Bosporus Strait is one of the most important maritime passages in the world, linking the Black Sea to the Mediterranean Sea. It allows ships from countries like Russia, Bulgaria, Romania, Georgia, and Ukraine to access the Mediterranean and, consequently, the Atlantic Ocean. This strait is the only maritime exit for these countries during winter, making it essential for their economies.

Additionally, the Bosporus is a key route for transporting natural gas from Russia to Europe, crucial for heating and energy generation on the continent. The connection between the ports of Shanghai and Rotterdam also depends on this strait, underscoring its importance for trade between Asia and Europe.

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Discover the Billion-Dollar Mega Project of the New Istanbul Canal

The New Istanbul Canal

The Turkish government, led by President Recep Tayyip Erdogan, has announced the construction of the Istanbul Canal, a project estimated at approximately 15 billion dollars. This new canal, approximately 40 km long, will be located 30 km west of the Bosporus. The construction aims to relieve the congested strait, through which about 40,000 ships transit annually, causing long waits and delays in deliveries.

The new Istanbul canal will allow the passage of up to 160 ships per day, significantly reducing congestion and the risks associated with transporting hazardous cargo like oil. Currently, the Bosporus cuts through the commercial center of Istanbul, exposing the city to accident risks.

Economic and Strategic Benefits of Turkey’s Project

One of the main objectives of the new canal is to allow Turkey to charge tolls, which is not possible in the Bosporus due to the Montreux Convention, signed in 1936. This convention exempts ships from Black Sea countries from tolls for passing through the Bosporus, depriving Turkey of a significant source of revenue. The new canal, not being covered by this convention, will enable the country to monetize its strategic location.

The expectation is that the new Istanbul canal will generate about 8 billion dollars per year in revenue, recovering the initial investment in less than two years. In addition to the direct economic benefit, the canal also promises to relieve pressure on the Bosporus, improving safety and efficiency in maritime trade.

Controversies and Challenges

Despite the promised benefits, the project faces strong internal and external opposition. Surveys indicate that 80% of the Turkish population is against the construction of the new canal, concerned about the destruction of residential areas and significant environmental impacts. Additionally, the opposition points to a potential conflict of interest, as land along the canal’s route belongs to the president Erdogan’s son-in-law, who is also the minister of the economy.

Externally, Russia has expressed concerns about the project, as it could reduce its influence over maritime traffic control in the region. However, the Turkish government remains firm, stating that the benefits outweigh the challenges and that the project will bring more security and prosperity to the country.

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The Billion-Dollar Mega Project in Turkey That Will Split the Country in Half

Turkey Is Building a New Canal in Istanbul to Relieve the Congested Bosporus Strait and Capitalize on Its Strategic Position

Geopolitical Importance of the Bosporus Strait in Turkey

Discover the Billion-Dollar Mega Project of the New Istanbul Canal

The New Istanbul Canal

Economic and Strategic Benefits of Turkey’s Project

Controversies and Challenges

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The Billion-Dollar Mega Project in Turkey That Will Split the Country in Half

Turkey Is Building a New Canal in Istanbul to Relieve the Congested Bosporus Strait and Capitalize on Its Strategic Position

Geopolitical Importance of the Bosporus Strait in Turkey

Discover the Billion-Dollar Mega Project of the New Istanbul Canal

The New Istanbul Canal

Economic and Strategic Benefits of Turkey’s Project

Controversies and Challenges

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

Brazil will harvest a record crop of up to 357 million tons of grains, but it does not have the capacity to store a large part of it. The storage deficit has reached the highest level in history and is equivalent to almost the entire production of Argentina.

Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

She started by collecting oyster shells from restaurants and today she has already accumulated more than 10 tons to restore reefs, recover coastal habitats, and demonstrate how a common waste can become a tool for ocean conservation.

SpaceX will dock a $843 million vehicle to the International Space Station to push a nearly 420-ton laboratory against the atmosphere and make the debris fall in a controlled manner into the ocean.

China opens the world’s first school where more than 100 humanoid robots from different brands will study together, each movement will be repeated up to 600 times a day and the data will feed a collective brain that will teach all the robots of the future.

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