Iraq signs $2B+ deal with China for Basra industrial city
Shafaq News/ Iraq has signed two "important" investment contracts with the Chinese company Shang Shin to develop strategic industries, Minister of Industry Khaled Battal Al-Najm announced on Saturday.
The first contract involves a sponge iron project with an annual capacity of one million tons, while the second focuses on establishing a multifunctional industrial city and heavy industries in Basra, Al-Najm said in a press conference. "Negotiations for these projects took a long time due to their importance and scale," he confirmed.
The city, valued at over $2 billion, will be reportedly managed by an investing company under the Industrial Cities Law, with ownership remaining with a state-owned company.
'The legal procedures for this project faced complexities but were overcome with direct support from Prime Minister [Mohammed Shia Al-Sudani,]" he added. 'The ministry has overcome doubts about its ability to execute major industrial projects.'
Earlier today, the Minister of Industry arrived in Basra to follow up on industrial projects. He laid the foundation stone for new factories, launched the pilot operation of the steel factory's furnace, and visited the iron pipe factory in Umm Qasr to monitor the execution of the Basra-Haditha oil pipeline.
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