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Iraq presents agricultural lands to Gulf investors
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Translated by IRAQdirectory.com - [6/2/2009]
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An official stated on Monday that Iraq poses the agricultural lands for long-term rent to investors from the Gulf as part of a plan to revive the agricultural sector.
The Gulf States rely on the import for most of their food, have intensified over the last year to purchase lands in the developing countries like Pakistan , the Philippines and Ethiopia .
Sami al-Araji the head of the Iraqi National Investment, said during a visit to the United Arab Emirates that the Authority is trying to find investors have the willingness to reform the Iraqi agricultural lands which were very fertile in return for the benefit of crops.
The agriculture in Iraq had a lot of harm as a result of decades of war, instability and poor environmental management. Iraq imports nearly all of the needed food; and uses the proceeds of oil export in financing these imports. And a large part of the state budget is spent for the quotas of foodstuffs.
On the contrary to other developing countries such as Pakistan and Sudan , foreign investors cannot acquire agricultural land in Iraq .
Al-Araji stated to Reuters that this issue falls under the Law No. 23 which states not to allow foreigners to own agricultural land, but noted the country's willingness to provide leases for the 50-years and will be subject to renewal.
He added that the country is in need for investments estimated to 18 billion dollars for the restoration of most agricultural land, and said, he was aware of the prevailing trends in the Gulf States of investing agricultural land and he believed that Iraq provides a good opportunity in this regard.
The government began in last December a project to repair six million acres of farmlands.
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