Baghdad – IA – Wissam Al-Mulla
Today, Wednesday, Advisor to the Prime Minister for Investment Affairs, Mohamed Al-Najjar, confirmed the government’s success in attracting investments worth up to 100 billion dollars. While he explained the most important features of the contract with Elsewedy Electric Company, which was signed recently, he confirmed that it includes investments worth 5 billion dollars and the establishment of 3 industrial cities.
Al-Najjar, who also holds the position of Director of the Iraq Fund for Development, told the (INA): “In the last two years, Iraq has attracted more than 100 billion dollars in direct investments, and we are at the beginning of the road, and there are other projects with large amounts and in various sectors.”
He added, “The recent contract with Elsewedy Electric is promising and we expect its investments in Iraq to reach $5 billion spread throughout Iraq. The contract with it includes opening an international Iraqi joint fund specialized in introducing advanced industry and education to the country, as part of projects to establish an industrial and economic city to attract investors.” In addition to various other projects.
He continued, “The contract is pioneering of its kind, and the main idea in it indicates that the fund enters as a representative of the Iraqi government side, and we open investment opportunities to Iraqi investors, the Iraqi citizen, and Gulf funds to create another fund to localize the smart industry in Iraq.”
He explained, “There are three possibilities for the location of the economic city because we took into account that the city serves workers and the cities and governorates surrounding the city, and we are currently studying 3 regions in central and southern Iraq.”
Earlier, last Monday, the Iraq Fund for Development announced the signing of a memorandum of understanding with the Egyptian international company Elsewedy Electric.
According to the Fund, it aims to establish an Iraqi investment fund under the name (Settlement Fund) to attract local and international investments to develop strategic projects in multiple sectors, and also to develop economic alternatives in various fields such as agriculture, industry, and services to reduce dependence on oil.