Home
Iraq tempts local firms with projects worth $1T
Jan 11,2013
Korean
companies are welcome to follow Hanwha Group’s lead in helping
reconstruct Iraq and investment opportunities abound, said Sami R.
Al-Araji, chairman of the Middle Eastern country’s National Investment
Commission (NIC), yesterday.
The Baghdad-born chairman, who is
visiting Korea with 14 members of his technical committee, said Iraq’s
reconstruction projects will be worth up to $1 trillion over the next
decade. He said he hopes Hanwha Engineering and Construction’s recent
deal will encourage other local players to follow suit.
Hanwha
hit the jackpot last May after signing a $7.75 billion deal with the NIC
to build a new city. Better known as the Bismayah New City Project
(BNCP), the deal is the single-largest overseas construction project
ever won by a Korean company.
“Many Korean companies can see the
Hanwha deal as a stepping stone,” said Al-Araji during a press
conference at the Plaza Hotel in central Seoul. ”We would like to
welcome other Korean companies with expertise to participate in the
project.”
The chairman said the reconstruction work will be
spread over two five-year plans, one from 2013 to 2017 and the other
from 2018 to 2022. For the first five years, Iraq will grant projects
worth a total of $300 billion, including new refinery plants and
electricity facilities and factory upgrades. It will also build one
million houses.
“Iraq hopefully in 2017 will be exporting six
million barrels of oil,” he said. “There are immense and diversified
projects that can hopefully put Iraq back where it was.”
As for
security, Al-Araji said 16 to 20 Korean companies already have offices
there and are managing without any significant problems.
“Iraq
today is stable and secure,” he said. “I won’t say it’s a comfortable
place to work, but I know Koreans are accustomed to working in all kinds
of environments.”
The Korean government is also willing to
support such deals. The Korea Trade-Investment Promotion Agency on
Wednesday signed a strategic partnership agreement with NIC and will
hold a business forum in April.
“The problem for Korean companies
to do business in Iraq is financing,” said Kim Hyun-myung, Korea’s
ambassador to Iraq. “The government’s role is to create greater trust
and credibility between the two sides.”
Meanwhile, Al-Araji said the NIC is talking about extending its business ties with Hanwha, one of Korea’s top 10 conglomerates.
Hanwha
E&C has already been handed full responsibility for the design,
supply and construction of the city for a seven-year period. At 1,830
hectares (4,522 acres), the city located 10 kilometers (6.2 miles)
southeast of Baghdad will contain 100,000 houses. It requires new
infrastructure, including roads and water and sewage facilities.
“We
discussed building several power plants, refineries, and also talked
about insurance cooperation,” he said. “Hanwha is in a privileged
position, and it has already earned the respect of the Iraqi people.”
Al-Araji,
who holds a doctorate in mechanical engineering, said the absence of
Hanwha Group Chairman Kim Seung-youn would not affect the group’s
business dealings in Iraq.
Kim was sentenced last August to four
years in prison and given a 5.1 billion won ($4.5 million) fine for
embezzlement and breach of trust. The 61-year-old tycoon is currently
hospitalized after the Seoul Central District Court agreed on Tuesday to
release him from prison until March 7 for health reasons.
“We’re
very sorry about the incident and we wish him well,” Al-Araji said.
“Our relationship will not be affected because there is a commitment
from Hanwha Group and the Korean government.”
Hanwha E&C said
all plans are running on schedule and it is currently building a base
camp where 26,000 workers can reside. Its BNCP unit will move to Iraq in
March, while the official construction of houses will begin in
December.
By Joo Kyung-don [kjoo@joongang.co.kr]
[You must be registered and logged in to see this link.]
Jan 11,2013
Korean
companies are welcome to follow Hanwha Group’s lead in helping
reconstruct Iraq and investment opportunities abound, said Sami R.
Al-Araji, chairman of the Middle Eastern country’s National Investment
Commission (NIC), yesterday.
The Baghdad-born chairman, who is
visiting Korea with 14 members of his technical committee, said Iraq’s
reconstruction projects will be worth up to $1 trillion over the next
decade. He said he hopes Hanwha Engineering and Construction’s recent
deal will encourage other local players to follow suit.
Hanwha
hit the jackpot last May after signing a $7.75 billion deal with the NIC
to build a new city. Better known as the Bismayah New City Project
(BNCP), the deal is the single-largest overseas construction project
ever won by a Korean company.
“Many Korean companies can see the
Hanwha deal as a stepping stone,” said Al-Araji during a press
conference at the Plaza Hotel in central Seoul. ”We would like to
welcome other Korean companies with expertise to participate in the
project.”
The chairman said the reconstruction work will be
spread over two five-year plans, one from 2013 to 2017 and the other
from 2018 to 2022. For the first five years, Iraq will grant projects
worth a total of $300 billion, including new refinery plants and
electricity facilities and factory upgrades. It will also build one
million houses.
“Iraq hopefully in 2017 will be exporting six
million barrels of oil,” he said. “There are immense and diversified
projects that can hopefully put Iraq back where it was.”
As for
security, Al-Araji said 16 to 20 Korean companies already have offices
there and are managing without any significant problems.
“Iraq
today is stable and secure,” he said. “I won’t say it’s a comfortable
place to work, but I know Koreans are accustomed to working in all kinds
of environments.”
The Korean government is also willing to
support such deals. The Korea Trade-Investment Promotion Agency on
Wednesday signed a strategic partnership agreement with NIC and will
hold a business forum in April.
“The problem for Korean companies
to do business in Iraq is financing,” said Kim Hyun-myung, Korea’s
ambassador to Iraq. “The government’s role is to create greater trust
and credibility between the two sides.”
Meanwhile, Al-Araji said the NIC is talking about extending its business ties with Hanwha, one of Korea’s top 10 conglomerates.
Hanwha
E&C has already been handed full responsibility for the design,
supply and construction of the city for a seven-year period. At 1,830
hectares (4,522 acres), the city located 10 kilometers (6.2 miles)
southeast of Baghdad will contain 100,000 houses. It requires new
infrastructure, including roads and water and sewage facilities.
“We
discussed building several power plants, refineries, and also talked
about insurance cooperation,” he said. “Hanwha is in a privileged
position, and it has already earned the respect of the Iraqi people.”
Al-Araji,
who holds a doctorate in mechanical engineering, said the absence of
Hanwha Group Chairman Kim Seung-youn would not affect the group’s
business dealings in Iraq.
Kim was sentenced last August to four
years in prison and given a 5.1 billion won ($4.5 million) fine for
embezzlement and breach of trust. The 61-year-old tycoon is currently
hospitalized after the Seoul Central District Court agreed on Tuesday to
release him from prison until March 7 for health reasons.
“We’re
very sorry about the incident and we wish him well,” Al-Araji said.
“Our relationship will not be affected because there is a commitment
from Hanwha Group and the Korean government.”
Hanwha E&C said
all plans are running on schedule and it is currently building a base
camp where 26,000 workers can reside. Its BNCP unit will move to Iraq in
March, while the official construction of houses will begin in
December.
By Joo Kyung-don [kjoo@joongang.co.kr]
[You must be registered and logged in to see this link.]
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
» Iraq's oil exports rise despite OPEC+ cuts
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
» Al-Araji emphasizes working to strengthen national identity
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh
» Iraq is talking about producing one million additional liters of gasoline
» The Council of Ministers approves the implementation of the Baghdad Metro project
» Minister of Commerce: We formed a joint economic committee with Türkiye
» Resources: Government measures have contributed to improving the water situation in Iraq
» Parliamentary Finance: Baghdad will continue to send salaries to the region’s employees until settle
» A parliamentarian describes the corruption of Iraqi ports as “ghouls” and reveals the involvement of
» Obelisk Hour: Basra is the subject of political conflict and ambiguity over the fate of the funds al
» Turkmen leader: An agreement on the local government of Kirkuk is near
» Anbar calls for the operation of its factories despite financial obstacles
» Turki: The crisis of the Presidency of Parliament prompted the Sunnis to amend the Council’s interna
» The Agriculture Committee confirms the existence of Iraqi-Turkish-Iranian discussions on water
» Resources diagnose the challenges facing the water file in Iraq
» Parliament pledges to the Interior Ministry: We will transfer money to buy weapons from citizens
» Al-Issawi is the closest.. Parliament sets the date for deciding the choice of the new president
» Deputy: Iraq's investments have risen and need a comprehensive review of previous years
» Iraqis consume 7 billion eggs annually and import about $900 million
» The Iranian role complicates attempts at open cooperation between Iraq and Turkey. Turkey is trying
» Move in Iran to obtain $242 billion from Iraq in compensation for the eight-year war
» 12 decisions from the Council of Ministers regarding the Baghdad Metro and Najaf-Karbala train proje
» Sudanese Advisor: The path to development has begun... the Baka and the militias “we silence them wi
» Not from Kurdistan.. How did Iraq become a source of oil for “Israeli tanks”?
» Parliamentary Agriculture criticizes the Sudanese and Erdogan agreement: Türkiye will control water
» The Iraqi government issues new decisions
» The story of “reduced oil” to Jordan, from “compulsion” to mutual benefit.. Is there a loss?
» The Council of Ministers takes 12 decisions for the Baghdad Metro and the Najaf-Karbala train
» utube MM&C 4/23/24 Iraqi Dinar - IQD Update - Development Road Project - Saviour of Global Banking
» Kidney from pig transplanted into deathly ill New Jersey woman — and begins working almost immediat
» The most difficult option.. Warnings of the danger of floating the Iraqi dinar without achieving an
» Trade from the “Economic Committee” with Türkiye: It will overcome all obstacles facing the traders
» Washington's hope for stable relations with Baghdad clashes with Iraqi parties' rejection of the Ame
» Karim Badr: Development is America’s will to kill silk
» Oil: Opening of a new port for liquid gas for vehicles in Baghdad
» A media advisor warns of corruption in a draft law on the Parliament’s agenda
» Economist: There is serious work to lift US sanctions on Iraqi banks
» Will the agreements signed with the US Treasury reflect positively on the exchange rates?
» Iraq continues its quest to join the World Trade Organization
» Iraq completes the completion of the files for the initial offer of goods and services to join the W
» Economist: Travelers' dollars are leaking into the parallel market...and this is what the Central Ba
» President of the Federal Court: It is not permissible to force anyone to join any party, and the pol
» The Council of Ministers holds its session headed by Al-Sudani
» America weakens Baghdad...and increases Kurdistan's military capabilities
» The Iraqi government plans to build 10,000 schools throughout the country
» American threats close the Iraqi Stock Exchange at a loss
» Increase in external transfers at the Central Bank
» Al-Maliki calls on Britain to cancel restrictions on the entry of its companies into Iraq
» Planning and the European Union are discussing signing a number of agreements in the development, en
» Parliament talks about the mechanism for recovering smuggled funds and hints at the next stage
» Interior Ministry: The number of completed national cards reached 37 million cards
» Amnesty International: Violations of freedom and human rights continue in Iraq and the Kurdistan Reg
» Parliamentary Oil: The government is proceeding with the decision to raise the price of improved gas
» A parliamentary committee in Basra to investigate violations of the port company and the local gover
» Revealing the 10 most important American exports to Iraq
» A noticeable increase in the rate of Iraq's import of Chinese cooling devices
» Prime Minister: Working on projects without completing the infrastructure is a waste of money
» Iraq.. Extending the deadline for registration procedures on plots of land
» What is the main purpose of conducting the population census in Iraq?
» A plan to transform Iraq from a barren land to green with 5 million trees
» The Housing Fund announces the acceptance of more than 11 thousand loans through the Ur platform
» The Bank of Baghdad is moving to increase its capital to 400 billion dinars
» The electronic payment system will soon be adopted on Iraqi buses
» “It threatens our interests and destroys our economy.” An Iraqi project “irritates” the Kuwaiti stre
» Warning from the Central Bank about “misuse of electronic payment cards”
» Iraq and the Sultanate of Oman are discussing sending capacities through the Gulf countries
» The fact that a decision was issued to deport Syrian workers from Iraq
» Rice comes first... America exports 10 foodstuffs worth more than 350 million dollars to Iraq
» A sixth licensing round for gas exploration
» Baghdad is preparing to host the 50th session of the Arab Labor Conference
» Scientific symposium on the future vision of the tripartite budget
» Five conversion power stations enter service in Najaf
» Planning: Conduct a population census next November
» Experts: Spreading misleading information harms development and investment
» Economists call for tightening money laundering laws and port controls
» Today's newspapers are interested in Sudanese's visit to Anbar Governorate and preparations for cond
» Iraq and Russia discuss cooperation between the two countries in the field of information and artifi
» With international and Arab participation. Diyala University hosts the International Specialized Sci
» The Basra government discusses with a UN delegation support for owners of qualified companies to est
» Oil stabilizes amid signs of an economic slowdown in America
» More than 11 thousand loans announced by the Housing Fund via the Ur platform
» A parliamentarian talks about the "tsunami of multinational begging" and identifies their crossing p
» Iraq alone possesses 9% of the world's reserves...a magical material to stimulate agriculture and th