Parliamentary Economic: we can attract foreign investment of up to $ 45 billion

Economy News / Baghdad ...

The Commission on Parliamentary investment and the economy, on Wednesday that Iraq is capable of attracting foreign investment of up to $ 45 billion over the coming years in the oil and gas industry for the production of 10 million tonnes of petrochemicals.

The committee member said Harith al-Harthy, in a press statement, said that "Iraq has vast natural resources such as sulfur, iron and phosphate and has oil reserves, the lowest volume of 115 billion barrels of oil, the age of a production of 130 years and the cost of producing a barrel of oil amounts to roughly $ 1 to $ 2." .

He said Al-Harthy, that "these features enjoyed by the country make him talk about his quest to attract foreign investment ranging between 35 to 45 billion dollars during the period 2017 to 2030 in the oil and gas industry for the production of 10 million tonnes of petrochemicals."

He explained that "the banking system is the key to the success of the entry of foreign investments, a proper system performance and transparency in the transfer of funds to and from the host countries is one of the success factors of the flow of foreign investment."
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