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Iraq offers 90 investment opportunities in petrochemicals and mining
Iraq 12/05/2023
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Baghdad: Haider Al-Jaber
The majority of experts and observers agree that a combination of internal and external factors is behind the disruption of the wheel of local Iraqi industry, despite successive governments pumping millions of dollars over the past years without a noticeable improvement at the market level.
A few days ago, the Ministry of Industry and Minerals launched the Industrial Partnerships Forum in Basra in the presence of Prime Minister Muhammad al-Sudani, as part of a plan to operate the ministry’s factories and laboratories.
The ministry’s media director, Duha Muhammad Saleh, explained in an interview with “Al-Sabah” that “the forum comes within the ministry’s plan to operate old and stopped factories,” adding that “most of the factories have stopped due to the end of their lifespan, and we plan for these factories to enter into partnership with the private sector and with investors.” Successful local, Arab or foreigners.
Saleh explained that “about 90 investment opportunities were presented during the forum in the presence of many investing companies and various industries, including food, textile, petrochemical, and mining,” noting that “the Ministry had previously organized a conference for factories during which many partnerships were signed with the private sector in sectors Phosphate, petrochemicals, sulfur, and fertilizers, and the Ministry continues to study offers to choose the best and most appropriate to bring in modern and advanced lines and laboratories.”
While a member of the Parliament's Economy and Investment Committee, MP Kazem Al-Fayad, saw two reasons behind the disruption of local factories and plants.
Al-Fayad explained to “Al-Sabah” that “the first reason is local and related to the procedures of the government and the Ministry of Industry, as there is no real will to operate Iraqi factories and laboratories, knowing that many companies that have a sincere desire to invest are submitting offers in this aspect.”
Al-Fayad continued, “The second reason is regional, because it is in the interest of neighboring countries for Iraq to be a consumer market for distributing their products, aided by the country’s weak internal will,” pointing out that “Iraqi industry was well-known, solid, and comparable to global origins, and Iraqi-manufactured devices are still stuck in memory.” "Iraqis."
Al-Fayad warned that “the open borders for poorly manufactured foreign consumer goods have led to the destruction of Iraqi industry, as most Iraqi merchants bring them for cheap.”
"Their prices."
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