Minister of Planning from London: Customize (275) billion dollars for investment

[k98nights]

Minister of Planning from London: Customize (275) billion dollars for investment

09/19/2012

BAGHDAD / JD / .. Minister of Planning Ali Yousef Shukri for allocation Menzaouh between (250 - 275) billion dollars for Estmar during the next five years.

said a statement issued by the Ministry of Planning received / JD / copy of it: The minister said during his speech that recalls the Finance and Investment Conference to be held in London for the duration of Sept. 18-19: The allocation of these large sums of money will have a positive impact on the pay and the pace of development forward .. Noting that Iraq has become a investment environment fertile due to the stability witnessed in the country side and the other side is needed development to a lot of construction and reconstruction in various fields.

said Shukri said the allocation of these funds came in the preparation of the Ministry of Planning to five year development plan for the years 2013-2017 and that will give a good investment area in addition to its focus on important and vital sectors including agriculture and tourism .. As well as the support of the Iraqi private sector.

minister also reviewed the planning during his large investment opportunities in Iraq in the areas of housing, tourism and higher education, industry and agriculture .. Calling foreign companies to take advantage of these investment opportunities large.

was planning minister has left for London within the Iraqi delegation headed by Deputy Prime Ministers for Economic Affairs Rose Nuri Shaways to participate in a conference of finance and investment delegation included a number of ministers and those concerned with investment in Iraq.

mentioned that the Ministry of Planning began updating the five-year development plan for the years 2013 - 2014 since the beginning of this year to be complementary to the previous plan .. Officials in the ministry explained in earlier times that this five-year plan was the result of additional variables political and economic called to the ministry to reconsider the plan Among those variables, according to officials of Iraq's possession of his decision to the political and economic after the withdrawal of U.S. occupation forces as well as variables witnessed by oil prices and crises global economic order which requires the search for economic alternatives to oil to liberalize the economy of oil Ahadath. / end / 22 /

http://www.dananernews.com/News_Details.php?ID=1852

[hammer911]

Great article K9... All country's are going to want to invest in Iraq... That is good for Iraq, there people and all of us!!!GO RV~~~!!!

[Mucho trabajo poco dinaro]

http://www.reuters.com/article/2012/09/19/iraq-economy-investment-idUSL5E8KJCQ320120919

Along the same thread topic, but a link from Reuters.

Iraq allocates $275 bln for projects over five years

BAGHDAD, Sept 19 | Wed Sep 19, 2012 9:00am EDT

(Reuters) - Iraq has earmarked $250-275 billion for spending on infrastructure projects and other investments over the next five years, the planning ministry said on Wednesday.

Iraq needs development in almost every sector, as rubble and incomplete buildings are still commonplace more than nine years after the 2003 U.S.-led invasion that toppled Saddam Hussein.

"Allocating these huge sums will have a positive effect on pushing the development pace forward," Planning Minister Ali al-Shukri, who was attending a financial and investment conference in London, said.

The investment plan will run from 2013 to 2017, his office said in a statement about his visit, without giving further details about possible projects or investors.

Shukri called on foreign companies to invest in Iraq's housing, tourism, agriculture, industry and higher education sectors.

Other than oil, economic development in Iraq has lagged despite an easing of violence since the height of sectarian strife in 2006-2007.

Al-Qaeda militants and other insurgent groups are still active however, and manage to hit Iraq with daily attacks, bombings and assassinations which make security costs a large burden for foreign investors.

Investors also complain about bureaucracy and red tape. Government infighting has delayed projects in areas such as electricity and telecommunications.

However, the market is potentially lucrative for foreign investors.

On May 30, Iraq signed a final contract worth $7.75 billion with South Korea's Hanwha Engineering & Construction company to build 100,000 housing units on the outskirts of Baghdad as part of the government's plan to alleviate a severe housing shortage.

Also in May, the deputy minister of industry said that the ministry was in talks with Shell to build a petrochemicals factory that would cost at least $8-10 billion in the southern oil hub of Basra.

(Reporting by Aseel Kami; Editing by Helen Massy-Beresford)