Iraq courts private investment
Former nationalised production facilities may also be put up for sale
Iraq is open for business and ready to facilitate investment from international private sector companies, which will in future include the sale of industrial production facilities that once belonged to the government, a government official has said.
Speaking to Big Project Middle East in his Basra office, the head of the Committee of Economic Development, Mahmood T Najem Al-Madsoosi, said the development of the private sector in Iraq is one of the “most important” roles of the ministry and that practical support from Basra Governate would be forthcoming.
“We wil give first priority for the private sector to bring investment and services to Basra because the private sector is the most important part of the redevelopment,” said Al-Madsoosi.
He added that government factories that had previously been shut down will now be sold to international companies looking for opportunities in former nationalised industries, including petrochems.
The sales will be offered as full or part investment, where production lines could be sold off individually.
“We will give support to help build a strong private sector here in Basra, especially for work on the government [construction] contracts. At the same time we will also support the establishment of joint ventures between foreign and local companies,” he added.
His pledge was further backed by the head of the Iraqi Business Union, Subeh H Al-Hashemi, who travels to Europe and the UK on trade missions to promote the opportunities in the recovering Middle East country.
“We need foreign companies to come and work in education, health, construction and investment, and we are travelling often to increase awareness of the opportunities in Basra,” Al Hashemi said.
