PHOTO
Iraq is seeking Saudi Arabia’s help to develop its industrial sector, the country’s Minister of Industry and Minerals told local Saudi newspaper.
Khalid Batal Al-Najm told Al-Eqtisadia that talks are being held at the government level to attract Saudi capital and expertise for developing Iraq’s industrial sector.
Speaking on the sidelines of World Economic Forum special conference in Riyadh, he said Iraq is importing various goods worth 40 billion Saudi riyals ($11 billion), including electrical and food items, and is currently aiming to localise these industries.
He disclosed that contracts worth $1.2 billion will be signed on 2 May to develop two sulphur fields and establish factories for sodium sulphate and phosphate fertiliser production.
Last week, a contract was signed with a Saudi company to produce 1,500 irrigation sprinklers for the central irrigation system.
The Minister added that investments are being sought for seven plants that comprise phosphate fertiliser production complex with the investment value of each factory around $3 billion.
In March 2021, Iraqi News Agency had reported that the General Company for Phosphates, located in Qaim District, Anbar Governorate was seeking funds to rehabilitate and revive its seven plants that have been shut since 2014 after being damaged during the ISIS war.
(Writing by Majda Muhsen; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
