Baghdad – INA – Amina Al-Salami
The Ministry of Industry announced, today, Friday, new investment opportunities in the field of tire production.
The ministry’s spokeswoman, Dhuha Al-Jubouri, told the (INA): “The General Company for Rubber and Tire Industries has extensive activity in the field of investment projects related to tire production, represented by announced investment opportunities.”
She added, “The opportunities included: 1- The opportunity to establish a factory to produce heavy-duty tires (all steel) with a capacity of no less than 500,000 tires annually, 2- The opportunity to produce saloon and light-duty tires with modern technology, 3- The opportunity to produce tires from semi-manufactured parts (green tire).”
Al-Jubouri continued, “The investment opportunities under approval include: 1- The opportunity to operate the Babylon factory using a partnership method, 2- The opportunity to produce Hummer tires and SUV tires in the Babylon factory.”
She pointed out that “there are opportunities through understandings with international companies, as they include the opportunity to establish a factory to produce motorcycle tires.”
She added, “The company sought to attract investors by moving towards companies with specialization and market shares in the Middle East, which resulted in signing a memorandum of understanding as a basis for signing a partnership contract to produce saloon tires in the required sizes locally,” noting that “the company is in the process of concluding understandings with other companies regarding the establishment of solid rubber industries to cover the market’s need for tires with modern technology.”