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Baghdad approves a new free zone

30 Jan 2013

(MENAFN) The Iraqi government has given the green light to establish a new free zone, as Baghdad seeks to promote local economy and reduce joblessness, Arabian Business reported.

An agreement was signed between the General Authority for Free Zones and the City Centre for Vehicles Services Co. to set up a 6,563 sq m free zone.

Baghdad is seeking to ramp up reconstruction drive and diversify its oil-dependent economy, despite the ongoing security and political troubles.

Iraq has been active in several markets, including the oil industry in which deals have recently been signed with the UAE and Kuwait.

Iraqi energy officials signed an oil exploration agreement with Kuwait Energy and Dragon Oil of the UAE to explore a 900 sq km concession in the south of the country.

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