The National Investment Commission Confirms that investment is the best solution to develop the transport sector in Iraq

The National Investment Commission Confirms that investment is the best solution to develop the transport sector in Iraq

During its participation in the conference of infrastructure of transport sector
The National Investment Commission……. Confirms that investment is the best solution to develop the transport sector in Iraq

NIC participated in infrastructure’s conference of transport sector which was held by Ministry of Transport in Baghdad during the period 26-27/2/2012 with the participation of many government institutions as well as 40 international and local companies specialized in transport sector, the conference aimed at finding effective solutions to develop infrastructure in Iraq like airports ,ports, railways and land roads. Minister of Transport Mr. Hadi al Amiri and through his speech given during the conference invited the international companies to participate in rehabilitation of infrastructure of transport sector indicating that Iraq may be the most attractive part in the world for investing in transport sector and there are opportunities estimated with billions of dollars to invest in this vital sector , al Amiri referred to the Iraq’s desire of rehabilitating existing airport and build new ones as well as develop transport networks in air, land and sea in the country with an area of more than (437000)square kilometers declaring that Iraq is thinking of establishing more than (2000) kilometers of railways according to the European advanced.

From his part the NIC vice chairman Mr. Salar.M.Amin in his speech through the conference said that the best solution to develop transport sector and make it in the ranks of its counterparts in the world is to invest under the legal and investment environment in Iraq that encourages the international companies to invest in this vital sector indicating that NIC is continuing to cooperate with Minister of Transport to list the investment opportunities in transport sector within investment map in Iraq. Mr. Amin presented many of suggestions to develop the transport sector such as the necessity of contracting with a specialized consultancy company to present advice and suggestions and putting a total plan to identify the suitable investment opportunities to be presented to investors ,in addition to complete the design of strategic projects offered for investment and create the visions for each project such as the project of metro Baghdad and the big port of Faw, then he added that the resort to investment in transport sector is a way adopted in most countries of the world especially when financial capabilities and the amounts allocated for this sector by the state are not sufficient to enable the companies of Transport Ministry to implement the projects of future plans especially in the field of railways, ports and airports.

Many of workshops and direct meetings were also held on the sidelines of the conference which gathered numbers of local investors, international companies and officials from Ministry of Transport and representatives from NIC to clarify the benefits and guarantees in the investment Law no,(13)of 2006 in addition to creating an investment partnership between the local investor and the foreign companies in transport sector.