Iraq issues tenders for 10 industrial plants

30 Sep 2010

(MENAFN) The Iraqi government said that it has issued tenders to redevelop more than 10 industrial plants as part of a plan to revamp 250 state-owned facilities through private investors, Reuters reported.

Since the US-led invasion that ousted the regime in 2003, the new authorities in Iraq have encouraged private businesses to participate in modernizing and strengthening the previously state-dominated economy.

The ministry of industry and minerals owns a total of 60 companies that run 250 facilities in six sectors; chemical and petrochemical, pharmaceutical and food, engineering and steel, textile, construction materials, and industrial utilities and services.

Iraq, holder of the world�s fourth-largest oil reserves, seeks foreign investors in all parts of its economy after years of conflict and international sanctions.

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