Iraq signs $2B+ deal with China for Basra industrial city
Shafaq News/ Iraq has signed two"important" investment contracts with the Chinese company Shang Shinto develop strategic industries, Minister of Industry Khaled Battal Al-Najm announcedon Saturday.
The first contract involves a spongeiron project with an annual capacity of one million tons, while the secondfocuses on establishing a multifunctional industrial city and heavy industriesin Basra, Al-Najm said in a press conference. "Negotiations for theseprojects took a long time due to their importance and scale," heconfirmed.
The city, valued at over $2 billion,will be reportedly managed by an investing company under the Industrial Cities Law,with ownership remaining with a state-owned company.
“The legal procedures for thisproject faced complexities but were overcome with direct support from PrimeMinister [Mohammed Shia Al-Sudani,]" he added. “The ministry has overcome doubtsabout its ability to execute major industrial projects.”
Earlier today, the Minister ofIndustry arrived in Basra to follow up on industrial projects. He laid thefoundation stone for new factories, launched the pilot operation of the steelfactory's furnace, and visited the iron pipe factory in Umm Qasr to monitor theexecution of the Basra-Haditha oil pipeline.
