Dubai: Iraq has planned to reconstruct its crumbling infrastructure and battered economy. Over the next 10 years Iraq needs up to $ 1 trillion for that, an official has said.
Sami Al-Araji, Director of Iraq’s National Investment Commission (NIC) said the government inviting foreign investors to invest in Iraq, changing the country's oil-dependent economy and reducing unemployment.
Al-Araji said to Gulf Times, "We are talking about the reconstruction of Iraq, a minimum requirement of money...Is about USD 600-USD 700 billion and could go all the way to USD 1 trillion".
He said that on a trade fair on Baghdad which was the Iraq’s biggest trade fair in more than 20 years.
Much of that money could come from Iraq's increasing exports of crude oil, Al-Araji said, also added, "some will have to come from foreign and domestic direct investment."
Initially the amount was $ 186 billion targeted for 2010-2014. They planned to import USD 100 billion from oil sales and the balance from private investment, he added.
Al-Araji said investment period raised to 2013-2017.
Al Araji confirmed, Iraq already had around $32 billioninvestment from both foreign and domestic investors in the past three years, most of which was from local sources.
From 2013, Iraq would organise specialised trade showcase for key industries. Iraq’s main aim is investment in construction, transport and housing, Araji said.
Iraq's battered economy is heavily dependent on exports of crude oil. The energy sector is the major sector of Iraq which accounts for two-thirds of gross domestic product, but it can only generate one per cent of employment.
Source: [Zee News]