Economy of the day, 21:23
Cairo – conscious
Today, Monday, the Ministry of Industry and Minerals confirmed providing Egyptian investors with a database to set up factories in Iraq.
The Director General of the Investments Department in the ministry, Adel Ahmed Shabib, told the Iraqi News Agency (INA): During the work of the Iraqi-Egyptian committee in Cairo:
“The Iraqi Ministry of Industry and Minerals has common relations with the Egyptian side, in various fields, including the existence of a cooperation protocol as well as memorandums of understanding.” signed since 2020 between the two sides.
"We seek, during our presence today, to activate these memorandums and cooperation protocols by establishing contact points for the two sides," he added. He added,
"The Egyptian side has a desire to invest in Iraq, by sending some investment delegations to Iraq earlier, among them important investors, including the well-known Egyptian investor Naguib Sawers, who has a desire to establish factories in Iraq, the most important of which are sugar factories and factories for silicon industries."". And he continued by saying:
"The delegations representing Iraq sat with the Egyptian side, and they were provided with an initial database, and they are now in the stage of preparing studies to establish factories in Iraq." He stressed,
"Iraq has a desire to benefit from the Egyptian experiences, as the brothers in Egypt were pioneers in the field of industrial cities and complexes and their management, and there is also a desire to transfer the Egyptian experience in privatizing its companies and converting them into joint stock companies." He pointed out,
"The Egyptian side has experience in medium and small industries, so through our presence, we presented to the Egyptian side the available investment opportunities in the Ministry of Industry, to present them to Egyptian investors who wish to conclude partnership contracts with the private sector in Iraq." He pointed out,
"The results that we reached during the first session with the Egyptian side were positive, and showed their desire to build bridges in the industrial field with Iraq."
Regarding the rehabilitation of idle factories in Iraq, he stated that
"activating idle factories has two aspects. The
first is what the Egyptian side desires to establish factories or rehabilitate factories, according to their desire, and the
second aspect is that the ministry offered the Egyptian side all the industrial investment portfolio to choose what they want."".
And he expressed his desire to "enter Egyptian companies interested in rehabilitating Iraqi factories, for many reasons, including the social fabric linked between the two countries and the depth of historical relations, in addition to the stages that Egypt has reached in developing its industry during the last period, as it was able to cover its local needs."
The Iraqi-Egyptian committee launched its work the day before yesterday, Saturday, with the participation of many ministries and independent bodies, including the Iraqi Media Network, and Egyptian official media.
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