The CPA is hoping that foreign investment in Iraq will spur private sector development and create much-needed jobs. It is thought that about 400,000 people worked in public sector companies in Iraq under Saddam Hussein.
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The Coalition Provisional Authority (CPA) plans to auction about 150 state-owned firms in Iraq, said a senior US adviser on 8 October. CPA director of private sector development Thomas Foley told reporters mining, pharmaceuticals and cement firms were among the companies earmarked for privatisation, but that firms in the banking and power sectors would not be sold. Foley said that he would issue his recommendations for the privatisation efforts in about six months (MEED 3:10:03).
The CPA is hoping that foreign investment in Iraq will spur private sector development and create much-needed jobs. It is thought that about 400,000 people worked in public sector companies in Iraq under Saddam Hussein.
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