Billions of dollars worth of investment opportunities are expected to be announced by Iraq’s Minister of Industry and Minerals, H.E. Mr Ahmad Nassir Al-Karbooli, on 7 September at Iraq Mining 2011 in London, a conference on Iraq industry and materials, including petrochemicals, cement, steel, fertilisers, minerals and construction materials. Investment contracts in these sectors are likely to be presented.
The event will also see the unveiling of the most comprehensive geological survey ever conducted on Iraq by the US Geological Survey and Iraq Geosurv. The rigorous study was undertaken over a seven year period and will reveal Iraq’s hidden potential for the first time.
At the two day conference, from 7 – 8 September, the Ministry of Industry and Minerals will be presenting its strategy for creating world-class mining, mineral and material industries in Iraq, which will include PPP schemes and the privatisation of major industries. Plenary sessions and workshops led by the heads of Iraq’s minerals and materials’ industries will also take place, providing opportunities for delegates to discover Iraq’s vast investment opportunities.
Other senior Iraq government officials present will include the First Deputy President of the Iraq Parliament, the Chairman of the Advisory Commission to the Prime Minister, Deputy Ministers, Senior Advisors, Director Generals and the Governor of the Central Bank of Iraq, as well as top representatives from the banking, business and education sectors - all attending with the sole purpose of carrying out business with potential foreign investors.
Dr Abbas al-Hussaini, CEO of Iraq Mining, said: “Iraq Mining 2011 is the culmination of over two years planning to produce the first ever Iraq event to not only showcase Iraq’s mineral wealth, but to create a platform whereby international investors can engage with high level Iraqi decision-makers here in the world’s finance capital - London.”
Iraq Mining 2011 has been organised in conjunction with the National Investment Commission of Iraq (NIC), whose role is to support Iraq’s substantial re-engagement with investors from around the world. The NIC has devised generous incentives for foreign investors who qualify, including: 10 years tax exception; the repatriation of profits from investments; and a three year exemption from import fees for required equipment and materials.
“Iraq is well known for its significant oil and gas reserves but few are aware that it’s rich in minerals,” said Dr Abbas al-Hussaini. “The Mishraq native sulfur deposit in northern Iraq, for example, is the largest known occurrence of stratiform bioepigenetic sulfur making Iraq a potential world leader in sulfur production. After decades of underinvestment, due to conflict and sanctions, Iraq is now actively seeking international investment and expertise to help rebuild its world-class mining, mineral, and material industries.”
This year, foreign investment in Iraq is set to double from US$42 billion in 2010, to an estimated US$80 billion in 2011, with investment in Iraq already totalling US$45 billion so far this year. With such attractive investment incentives and growing confidence in Iraq’s stability, the country is fast gaining recognition as an important and exciting market for foreign investors.
To register for Iraq Mining 2011, being held at the Royal Garden Hotel, London, 7 – 8 September, visit www.iraqmining.com.
Read the article online at: https://www.worldcement.com/africa-middle-east/04082011/iraq_government_plans_to_announce_investment_opportunities_at_london_event/