Latest news with #IraqDevelopmentFund
Iraq Business
2 days ago
- Business
- Iraq Business
Japan Reaffirms $21bn Commitment to Iraq, Signs Coop Agreement
By John Lee. Japan's Ambassador to Iraq, Akira Endo, has reportedly reaffirmed his country's support for Iraq, announcing over $21 billion in economic cooperation projects since 2003. Speaking at the signing ceremony of a new agreement between the Iraq Development Fund and the Japan Cooperation Center for the Middle East (JCCME), he emphasized Japan's ongoing commitment to improving Iraq's investment climate and attracting foreign companies. According to the state-run Iraqi News Agency (INA), the ambassador noted that Japan has been the top donor to Iraq in recent years, primarily via yen loans supporting infrastructure in electricity, water, sanitation, and oil. He highlighted the role of JCCME over the past decade in bridging Japanese companies with opportunities in Iraq through business seminars, sector-focused delegations, and training for Iraqi officials in Japan. He added that the six priority sectors identified by the Iraq Development Fund-education, agriculture, housing, digital transformation, manufacturing and food security, and environment-are aligned with Prime Minister Mohammed Shia' Al-Sudani's government priorities and match areas of Japanese expertise. (Source: INA)
Iraq Business
3 days ago
- Business
- Iraq Business
UK's Agrium Capital to Build Infant Formula Plant in Iraq
By John Lee. 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)
Iraqi News
3 days ago
- Business
- Iraqi News
Iraq, Japan sign agreement to support investment
Baghdad ( – In a significant effort to enhance collaboration between the private sectors of Iraq and Japan, Mohammed Al-Najjar, the head of the Iraq Development Fund, announced on Monday that Iraq and Japan have signed a Memorandum of Understanding (MoU) titled 'Logistics Cooperation to Support Investment.' In a statement to the Iraqi News Agency (INA), Al-Najjar clarified that the step promotes Iraqi-Japanese relations through broader participation by the private sectors in both countries. The agreement that aims to boost cooperation between the Iraqi and Japanese private sectors by sharing and exchanging information, as well as supporting, promoting, and coordinating business operations, was signed between the Japan Cooperation Center for the Middle East (JCCME) and the Iraq Development Fund. Al-Najjar described the agreement as significant, stating that it will create new opportunities and result in the establishment of two centers: one in Japan that represents the Iraq Development Fund and another in Iraq that represents the JCCME. The MoU establishes an Iraqi-Japanese platform that offers up new possibilities in terms of training and collaboration, according to Al-Najjar. For more than a decade, the JCCME has worked to promote trade and investment between Japan and Iraq through activities that aim to improve Japanese companies' understanding of Iraq, according to the Japanese Ambassador to Iraq, Akira Endo. Endo added that the JCCME helped organize annual Iraqi business seminars, sent delegations to critical industries in Iraq, and organized training programs in Japan for Iraqi authorities.
Iraqi News
3 days ago
- Business
- Iraqi News
Iraq signs $200 million deal with British firm to build baby formula plant
Baghdad ( – The Iraq Development Fund and Britain-based Agrium Capital signed a memorandum of understanding (MoU) on Monday to set up the first modern baby formula plant in Iraq. During a ceremony held in Baghdad to sign the MoU, director of the Iraq Development Fund, Mohammed Al-Najjar, stated that the step is critical for the future of Iraqi youth, as Iraq sees an annual growth in the number of births that exceeds one million children, the Iraqi News Agency (INA) reported. Many imported brands of baby formula have little nutritional content; thus, this initiative is essential for the health of Iraqi infants and future generations, according to Al-Najjar. The Iraqi official explained that the plant will be built in Iraq and will use locally produced raw materials, such as milk, to manufacture premium branded baby formula with excellent nutritional content. Al-Najjar illustrated that Iraq not only relies on imported infant formula but also lacks a comprehensive mechanism for verifying its quality. Having a facility inside the country allows Iraqis to derive economic benefits from the country's cattle while also ensuring excellent quality control. Agrium Capital works on projects in many countries. The firm employs roughly 3,000 people and has considerable experience in producing infant formula, thanks to its various specialized plants across the world. With a capital investment of more than $200 million, the factory is intended to be extremely sophisticated. It is expected to have a manufacturing capacity of up to 25,000 tons, which is sufficient to meet 80 to 85 percent of the Iraqi market's requirements.
Iraqi News
4 days ago
- Business
- Iraqi News
Over $200 million fund, Iraqi-British agreement to establish milk production plant
The Iraq Development Fund signed a memorandum of understanding with the British company Agrium Capital on Monday to establish the first modern infant formula production plant in Iraq. The company indicated that the plant's production will cover 85% of the local market's needs, with a capital expenditure exceeding $200 million. During the signing ceremony, attended by an Iraqi News Agency - INA, the Executive Director of the Iraq Development Fund, Muhammed Al-Najjar, said, "This project may be one of the smallest we have undertaken, but it is closest to my heart and the hearts of all Iraqis, especially PM Muhammed S. Al-Sudani, given its importance to the future of Iraqi youth, as Iraq witnesses an annual increase in the number of births that reaches one million children." 'Many types of imported infant formula do not have high nutritional value, so we believe this project is extremely important for the health of Iraqi children and future generations,' he noted. Al-Najjar pointed out that "the factory will be built inside Iraq and will rely on local raw materials, including Iraqi milk, to produce premium branded infant formula with high nutritional value, in addition to focusing on infant formula specifically, rather than powdered milk in general." 'There was a previous factory producing infant formula, but it ceased operation, and currently the milk is entirely imported from abroad,' he highlighted, adding, "the problem lies not only in the import of milk, but also in the absence of an integrated system for monitoring its quality. Having a factory inside Iraq allows us to benefit from the national livestock and ensures effective quality control." He noted, "The British company Agrium Capital has extensive experience in the field of infant formula production and has factories in several countries around the world. This step will be the beginning of a long path of cooperation in various fields." In turn, Rod Bassett, Managing Director of British company Agrium Capital, said, "Our company is global, implementing projects in various countries around the world. We employ approximately 3,000 people, and we have extensive experience in producing infant formula. We operate several specialized factories around the world." "Our company is currently focusing on renewable energy and food security, driven by our deep belief in the importance of building integrated food systems, from raw materials to the final consumer,' he added stressing that "Iraq represents an important and strategic partner for the Development Fund, and we are working to support its industrial sector in particular." Bassett expressed his pride in the partnership with the Iraq Development Fund, noting that "the group has been operating in Iraq for 15 years in various commercial fields, and we believe in our ability to provide the best for this country." 'The plant will be highly advanced, with a production capacity of up to 25,000 tons and a capital expenditure exceeding $200 million, which is sufficient capacity to cover between 80 and 85% of the Iraqi market's needs. This project is the first of its kind for the company in Iraq, and will be followed by several other projects,' according to Bassett.
