15 April 2019
Iraq has built a plant for the production of South Korean cars as part of a post-war plan to develop the industrial sector, a local news network reported on Monday.
The plant in the Central Babylon governorate has been completed and has started receiving parts of Kia Optima car for assembly, Shafaq News said.
It quoted Mudhar Al-Tamimi, general manager of the State Company for Automotive Industry, as saying production of the car would begin this year.
"We have chalked out a plan to build an industrial base to cater for the needs of the local market...the plan includes inviting international companies to set up projects in Iraq, mainly car production units," he said without providing details of the agreement with the South Korean auto giant.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal
© Thomson Reuters Projects News 2019