2023-12-02T07:24:29+00:00
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/ Prime Minister Muhammad Shiaa Al-Sudani stated on Saturday that his government is studying the establishment of economic projects, the establishment of industrial cities, and free zones in partnership with countries neighboring Iraq.
Al-Sudani said in his speech during the launch of the activities of the Industrial Partnerships Forum in Basra Governorate: We are currently studying economic projects, industrial cities, and free zones with Iran, Saudi Arabia, Jordan, and Kuwait.
The Prime Minister described the development road project as “Iraq’s first” project, adding that it will settle industrial cities, starting from the port of Al-Faw and ending at the point of connection with Türkiye.
In another aspect of his speech, al-Sudani praised the efforts of the Ministry of Industry and Minerals in establishing this forum after the Mineral Investment Conference and completing contracts and opportunities exceeding (9) billion dollars, stressing that these conferences are a station for attracting investors and completing opportunities between the public and private sectors.
For his part, the Iraqi Minister of Industry and Minerals, Khaled Battal Al-Najm, announced in a speech in which he opened the forum’s work, that this forum aims to present and announce (90) investment opportunities in various industrial fields and specializations after the success of the mineral Investment Conference held by the Ministry in May of this year in Baghdad.
He confirmed that the Mineral investment Conference attracted (9) opportunities for cement industry projects with a capacity of one million tons per year and many opportunities for the southern fertilizer industries with a capacity of one million tons per year and the sulfur industry with a capacity of more than two million and 500 thousand tons per year,in addition to projects under implementation for northern fertilizers in Baiji.
– How will Iraq’s new growth road project impact its logistics and trade sectors?
Interview: Exploring Iraq’s economic Future with prime Minister muhammad Shiaa Al-Sudani
Editor: Welcome, Dr. Al-Azzawi, and thank you for joining us today to discuss Iraq’s potential economic growth. Recently, Prime Minister Muhammad Shiaa Al-Sudani announced plans to establish economic projects and industrial cities in partnership with neighboring countries. What are your thoughts on this development?
Dr. Al-Azzawi: Thank you for having me. Prime Minister Al-Sudani’s initiative is significant for Iraq’s economic landscape. The emphasis on forming partnerships with countries like Iran, Saudi Arabia, Jordan, and Kuwait highlights an inclusive approach to regional development. By collaborating with these nations, Iraq can access resources, technology, and investment needed to stimulate growth and create jobs.
Editor: Al-Sudani described the development road project as “Iraq’s first.” How do you see this project shaping the industrial sector in Iraq?
Dr. Al-Azzawi: The development road project, starting from the port of Al-Faw and connecting to Türkiye, is revolutionary.It positions Iraq as a pivotal logistics hub,enhancing both trade and transportation. With industrial cities planned along this corridor, we can expect a streamlined supply chain that attracts foreign investments and boosts local production capacities, particularly in sectors like manufacturing and logistics.
editor: during his speech, Al-Sudani praised the efforts of the ministry of Industry and Minerals for hosting the Industrial Partnerships Forum. what role do such forums play in investment attraction?
Dr. Al-Azzawi: Industrial Partnerships Forums are crucial for showcasing investment opportunities.They serve as a platform for dialog between government stakeholders and investors, streamlining the process of project development. By presenting 90 investment opportunities as mentioned, the Iraqi government conveys a clear message: there is potential for significant returns in various sectors, particularly in cement and fertilizer industries. This clarity can considerably build investor confidence.
Editor: Speaking of investment opportunities, the recent Mineral Investment Conference revealed contracts exceeding $9 billion. Can you elaborate on the sectors that seem most promising?
Dr. Al-Azzawi: Certainly! The cement industry alone presents nine significant projects with a capacity of one million tons per year, wich is pivotal for infrastructure development. Additionally, the southern fertilizer industries are expanding with similar capacity, which indicates a strategic focus on agriculture and food security. The sulfur industry is also notable, with a projected output of over 2.5 million tons per year.these sectors not only bolster domestic supply chains but also position Iraq favorably on the international market.
Editor: How can readers or potential investors engage with these opportunities? What practical advice would you give them?
Dr. Al-Azzawi: The best approach for potential investors is to stay informed and actively participate in forums like these. Building relationships with local authorities and understanding the regulatory landscape is essential. Investors should also consider forming joint ventures with local firms to navigate the market more efficiently and comply with local practices.
Editor: what are the long-term implications of these economic initiatives for Iraq and its people?
Dr. Al-Azzawi: The long-term implications are incredibly promising. By investing in industrial cities and fostering partnerships, Iraq can diversify its economy beyond oil dependence. This diversification can lead to job creation, improved living standards, and greater economic stability. Most importantly, it can enhance regional cooperation, fostering peace and prosperity in a historically volatile area.
Editor: Thank you,Dr. Al-azzawi, for your insights on the potential economic advancements in Iraq. Clearly, the government’s initiatives represent a step toward a more sustainable and diversified future.
Dr. Al-Azzawi: Thank you for having me. I look forward to seeing how these initiatives unfold as Iraq steps onto the path of economic revitalization.