Iraq minister says $5-7bn required for industry

22 July 2010

Fawzi Hariri states that major investment is needed for Iraq factories

The industry minister of Iraq, Fawzi Hariri, has said that it will take an investment of between $5-$7 billion to reinvigorate the nation’s industry sector.

Hariri is quoted by AFP as saying that 70 per cent of the country’s factories were operational, but were not performing to their full capacity. Hariri also claimed that up until now less than $1 billion has been invested.

Iraq is starting to make inroads and has a number of large factory rehabilitation projects that are currently being planned. A joint venture between the UK’s Merchant Bridge and France’s Lafarge is spending $200m rehabilitating the Kerbala Cement Pant while South Korea’s STX Heavy Industries won the $3bn Basra Steel Plant contract in April.

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