Interview - Iraq to attract investments worth about $ 6 billion in 2011

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Sami al-Araji, head of the Iraqi National Investment Commission said on Thursday that Iraq was able to attract investment worth about six billion dollars of projects licensed since the beginning of the year to help rebuild the country after years of war and sanctions.

Araji told Reuters in an interview that most of these projects in the sectors of housing, infrastructure, and also in services, telecommunications and cement.

He said, "We have attracted in the first half of the year ... about six billion dollars is the total value of projects licensed."

Iraq, which is exhausted because of wars, needs the investments in all sectors to rebuild the country. The aim of government in a five-year plan for economic development is to attract investments worth $ 86 billion by 2014.

Among the most pressing needs of the development of the vital oil sector in Iraq and build housing and develop agriculture and increase the production of electricity to reduce the chronic shortages of supplies.

Araji said that he was to attract investments worth $ 23 billion since 2009 to some 542 projects licensed in various parts of the country.

Among the most projects of the National Investment ambitious, which was first announced in March to build one million new housing units with an average of $ 50 thousand dollars per unit with a total value of $ 50 billion.

The Commission reached an agreement with South Korea's Hanwha Engineering & Construction in May about the project that includes 100 thousand units.

Araji said he expected a deal to build another 100 thousand housing units in Basra with a consortium led by the group (T. R. A. K), South Korea.

He said he also hopes to reach an understanding with Hanwha and / T. R. A. K / to adopt each of them 100 thousand housing units.

The aim of Iraq plan for the years 2010-2014 to diversify the economy through the participation of public and private sectors in the industry and attract more investment.

Araji said that the investments in the first half of 2011 was better than the previous two years but the crisis in the euro area and the turmoil in the Arab region and the general situation of the global economy are all factors that contributed to reducing the chances of signing major deals for foreign investment.

Araji acknowledged that corruption is a problem in Iraq, but said the commission had not received any complaints and that the government take measures to fight corruption.

According to the latest annual report from Transparency International, Iraq is among the most corrupt countries in the world.

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