Alexandria, VA (PressExposure) June 27, 2009 -- MECATAC news and analysis report, In an exclusive interview with Mr. Harith Al Ani president of MECATAC, Dr. Sami Al Araji revealed the Seventy Billion Dollars targeted for investments in infrastructure projects in Iraq.
The Iraqi National Investment Commission is in the process of completing the final details of a platform to invest in seventy billion dollars worth of projects in infrastructure. The plan will encourage national and international investors to take advantage of this unprecedented opportunity according to Dr.Sami Al Araji.
Dr. Sami Al Araji mentioned the production of fertilizers, glass, cement, electric cables, pipes, fiberglass and aluminum, meters, pumps, irrigation products are among a long list of what is needed in Iraq.
Local and International guarantees including the necessary security will be provided to the investors and the projects added Dr. Sami Al Araji. Iraq now is a member of MIGA a World Bank Agency that supports projects in emerging markets.
The petrochemicals are among the industries that will receive special attention in Iraq confirmed Dr. Sami Al Araji to Mr. Harith Al Ani. He is open to get into direct talks with interested parties to push their investments forward in Iraq.
When asked about the future of free zone area and how it could help different industries to export products from Iraq, Dr. Al Araji affirmed that the Commission is ready to discuss potential projects to help the economic growth of Iraq.
Consulting companies specialized in factory design, building, urban planning, and housing are in high demand in the Iraqi market announced Dr. Al Araji.
When asked about Basra province, Dr. Al Araji declared that there is a very ambitious plan with emphasis on developing a major Basra port and upgrading the other existing ports. In Basra two important factories are up for investment, according to Dr. Al Araji, they are the petrochemicals and the paper factories.
ANALYSIS The Iraqi economy today is more important to the world economy that ever. The Multilateral Investment Guarantee Agency (MIGA) has recognized that fact. To give international capital investors the financial security they need to penetrate the Iraqi market, they have brought Iraq to become a member of the agency. In addition, they will be providing political risk insurance coverage for applying investors with projects plans in Iraq. OPIC (Overseas Private Investment Corporation) among other organization has been providing the same service and more.
The amount of seventy billion dollars targeted for infrastructure project is more that what was announced for Latin America during the 7th Annual Latin American Leadership Forum in Houston Texas. The investment boards both in Baghdad and in Erbil are strongly attracting investors to Iraq. Public Private Partnerships are on the horizon for grabs.
Basra has a historical value for Iraq and it is Iraqâs only seaport. As security has improved, and with the strong initiative from the Iraqi National Investment Commission, Companies in urban planning, construction, ports development, among other should be looking at Basra very closely. Basra will be hosting the Arab Olympics for 2013 and a company specialized in such projects is required as a consultant.
Analysis by Abd El Aziz El Gamal managing director of MECATAC.
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