Iraq’s Ministry of Industry has finalized a landmark $2 billion agreement with China’s Shang Chen Steel Co. Ltd. to develop a major industrial complex in Basra, marking a significant step in the country’s industrial expansion.
Key Project Details:
- Facilities: Includes a sponge iron plant with 1 million ton annual capacity
- Scope: Creation of a comprehensive industrial city for heavy industries
- Management: To be overseen by a state-owned enterprise under Iraq’s Industrial Cities Law
Industry Minister Khaled Battal Al-Najm emphasized the project’s strategic importance during Tuesday’s announcement: “This initiative represents a crucial advancement for Iraq’s industrial sector development and economic diversification efforts.”
Project Background:
- Complex negotiations were required due to the project’s scale and significance
- Prime Minister Al-Sudani provided direct support to navigate legal complexities
- The agreement addresses previous concerns about Iraq’s capacity for large-scale industrial projects
This development comes as Iraq continues to strengthen its industrial infrastructure and international partnerships.
(Source: IraqiNews.com)
