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Babylon Investment: There is a great demand from businessmen to invest in the governorate
Economical 11/07/2023
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Al-Hillah: Fadel Al-Ali
The Babylon Investment Authority noted that there is a great demand from businessmen and companies to invest in the governorate as it possesses several advantages that are considered an attractive environment for their entry and construction of development projects, factories and major laboratories.
The head of the Babylon Investment Authority, Muhammad Jassim Zakam, said in a statement to “Al-Sabah”: The governorate possesses extensive and important infrastructure and rare advantages that enhance the chances of success for any project in it, in addition to its proximity to the capital and its strategic location in the middle of the northern and central governorates of the country, and therefore it can accommodate projects. Huge industrial and agricultural development, which made Babylon a promising destination for investment of various kinds, which was reflected in the widespread demand of businessmen and specialized companies to invest in it.
He stressed the importance of the private sector's access to investment in various aspects of industrial and agricultural projects by entering strongly and exploiting the ideal opportunities provided by the investment law in the country, which he noted would in return achieve comprehensive development for all sectors, which would benefit all governorates, noting that the success of development plans supported by investment This means achieving Iraq's national sovereignty, making the process of transitioning to the private sector and relying completely on its capabilities without state interference a fundamental pillar within the government's work agenda.
Al-Zakam stated that the most important sectors that the Authority is working to develop are investing in the tourism field and reviving the historical and archaeological aspect in the governorate, which possesses the ancient ruins of Babylon in addition to several religious shrines and shrines, which is what called on the local government and the Authority to revive the file of historical tourism and religious tourism in the governorate.
In the same context, he stated that residential investment is also one of the active sectors in Babylon, as the Authority has 14 investment licenses in the housing sector, including 10 investment projects under implementation, two projects that have reached the final stages, and one completed project, indicating that there is coordination and effort in cooperation with the local government of Babylon and the National Investment Authority. To complete the Al-Janain Residential City file on an area of 800 dunams, so that the project will see the light
soon. The head of the Babylon Investment Commission stated that among the other important economic sectors in the governorate is the agricultural sector, revealing the sector’s need for broad investment operations by adopting the development of maps that show promising areas for investment and studying the elements of strength and weakness to create elements of strength and studied influence to attract national and foreign capital in light of competition. He described it as not an easy task for all countries in the region to attract investments in the midst of the global financial crisis. Regarding the most important and distinguished industrial investment projects implemented in the governorate, he explained that they include projects for the production of rebar and sugar, in addition to vegetable oils that cover the country’s rations, in addition to a project for the production of packaging materials and another for the production of construction materials, in addition to other industrial projects under implementation and others. He restricted the promotion of its transactions, noting that these projects came as a result of the Authority and its owners stimulating businessmen to invest in Babylon, which was achieved on the ground during the past period.
Edited by: Mustafa Majeed
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