OPEC member Iraq is planning to build an industrial zone to serve its Southern Al Faw Grand Port, which is currently under construction, the country’s Prime Minister Mohammed Al-Sudani has said.
Sudani revealed the plan for the zone during a meeting with Turkish businessmen in Ankara on Wednesday, Shafaq News and other Iraqi publications said on Thursday.
They quoted him as saying Iraq intends to facilitate entry of Turkish businessmen and industrialists to invest in that zone, which is designed to attract foreign capital.
“The Prime Minister urged Turkish investors to book a place for them in the industrial zone which will be constructed at Faw Port,” Shafaq News said.
Sudani also told the Turks that plans to build a “dry canal” that will link Faw with Turkey would largely benefit them in their plans to invest in Iraq.
He also disclosed plans to create an ‘Iraq development fund’ to support post-war reconstruction projects, adding that the fund would concentrate on the private sector.
Officials said last week Phase 1 of Faw Port, one of the world’s largest container terminals, would be completed in 2025.
(Writing by Nadim Kawach; Editing by Anoop Menon)