FINANCIAL NEWS

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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