Iraq has put US$2bn into renewing its industry over the past three years, according to Reuters.
In an effort to wean itself from its reliance on oil revenues, the country is giving a boost to some of its 260 factories. “Most of our factories were losers,” said Adel Karim, a deputy minister of industry and minerals. “Now we have eight companies which are profitable and by the end of the year we hope to reach 20.”
As an example of the turnaround, Reuters describes Iraq’s state-owned car assembly plant as a “hive of activity”, as it reports deals with Scania, Mercedes-benz, Renault and BMW. Revenue is up 17-fold in a year.
Adnan Razeen, director general of the State Company for Automotive Industry, told Reuters: “Within a 10-year period we will be able to manufacture bigger components of the truck in Iraq and this is our plan…to have a 100 percent Iraqi truck.”
(Source: Ministry of Industry; Reuters)