Basra IC grants investment licenses for five projects

Basra (IraqiNews.com) Basra Investment Commission granted investment licenses to implement five projects in sectors of industry, trade and education, for foreign and local companies at a cost that reaches up to $ 348 million. The Chairman of Basra IC Khalaf al-Badran, said “Basra IC has tried hard in a record period to complete the economic, technical and legal studies as well as obtaining the necessary approvals from the concerned departments in order to complete their requirements and licensing to start implementing the projects.” Badran continued saying “The Administrative Council of IC approved three projects in industry sector the first one includes establishing a plant for producing and packaging oil pipes in Um Qasr port which was granted to Danish company, while the second project was granted to Indian company to produce oil pipes and the third one is Basra “Scania” industrial project which is granted to the Iraqi Qanadeel Alrafidein Company.” With regard to the commercial sector Badran said “We licensed a commercial project for the Iraqi Carthage Company to erect a mall and five-star hotel, as for the fifth project it will be in educational sector and was granted for the Turkish “Fzaler” Company to construct a modern school.”