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- WEDNESDAY, 05-05-2021, PM 12:00
- TAYSEER AL-ASADI
- 345
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[size=34]THE IRAQI BASRA INVESTMENT COMMISSION INTENDS TO ESTABLISH THE FIRST INDUSTRIAL CITY TO HELP EMPLOY THOUSANDS OF UNEMPLOYED.[/size]
The head of the commission, Alaa Abdul-Hussein Salman, said in press statements that the current year’s plan includes the establishment of giant investment projects, most notably the Iron and Steel Factory, with a design capacity of more than one million tons of reinforcing and industrial iron.He added that the plan also includes residential, industrial, recreational and hotel projects, the cost of which is estimated at hundreds of millions of dollars, indicating that almost all sectoral approvals have been completed in coordination with the local administration of Basra in preparation for signing the investment licenses.
Salman pointed to the completion of government departments' approvals for the establishment of the first major industrial city to preserve an area of one thousand dunams, as it was planned to accommodate a large number of industrial, petrochemical investment projects and projects for the manufacture of iron, steel and electronic, and to provide thousands of job opportunities for the unemployed graduates and the middle, technical and service groups.
He concluded by saying that the location of the industrial city will be near sources of oil and gas wealth, ports and highways, which will help investors to export the surplus to global markets and reduce the cost of imported and local raw materials that enter the production process.
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