UK's Agrium Capital to Build Infant Formula Plant in Iraq
The Iraq Development Fund has reportedly signed a memorandum of understanding with British firm Agrium Capital to establish Iraq's first modern infant formula production facility, with a planned capital expenditure exceeding $200 million.
The plant, which will use locally sourced ingredients including Iraqi milk, is expected to meet 85 percent of the domestic market's demand, reducing Iraq's reliance on imports and enabling improved quality oversight.
State-run Iraqi News Agency (INA) quotes Agrium Capital Managing Director, Rod Bassett, as saying that the company operates globally with around 3,000 employees and is now focusing on food security and renewable energy. He emphasised Iraq's strategic importance and noted the company's 15-year presence in the Iraqi market.
The factory will have a production capacity of 25,000 tonnes annually, and is the first in a series of planned investments in Iraq's industrial sector.
(Source: INA)
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