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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Iraq tempts local firms with projects worth $1T

    Hkp1
    Hkp1
    Hkp1
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    • Post n°1

    Iraq tempts local firms with projects worth $1T Empty Iraq tempts local firms with projects worth $1T

    Post by Hkp1 Fri 11 Jan 2013, 10:43 am

    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]

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