He was optimistic that investors would find a range of opportunities available to them across a number of sectors.
In a statement to the press following a round of talks which he held with Syrian officials regarding industry and the economy, Hariri said the Iraqi government was opening up as a free market and that ministry officials were working hard to make 45 SOEs available for investment by the start of the 'Investing in Iraq’s Industrial Sectors - Public & Mixed' Commercial Investment Summit which will be held in Dubai next month.
Al-Hariri added that the Iraqi government is serious about providing incentives to investors to operate across Iraq, and that a great deal of interest has been expressed by foreign companies, particularly from Iran and Turkey.
Regarding investment in Iraq, the minister said that an investment board had been established to oversee foreign direct investment into Iraq and the development of the SOEs. He said that this board represents a “real and new change in the Iraqi economy,” and that it would work to streamline decision making by ministries and the granting of permits.
"The ministry has activated the Companies Law No. 22 for the Year 1997 which permits the Iraqi companies to enter into partnerships with foreign counterparts according to the principle of participation in production, as has happened with the cement plants of al-Muthanna, al-Qaim and Kirkuk where foreign firms were allowed the opportunity to rehabilitate and develop the plants to work maximum capacity”, he said.
Earlier this year, the Ministry of Industry and Minerals concluded three production sharing joint ventures with international companies for cement factories in a groundbreaking format that is unique to Iraq.
With no privatisation law at present, the government of Iraq has drawn up a “unique” solution to the problem of attracting foreign investment by offering foreign firms production sharing agreements. Foreign companies invest in industrial infrastructure in return for a share of the profits from the goods sold, in theory raising productivity.
Source: Noozz
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