IBN: Has there been much interest from investors in producing electricity and selling it to the grid in Baghdad?
SS: We put up capacity of 1,500 MW for investment, and two American companies and one Chinese have shown interest. They are now finalising the details.
IBN: As regards foreign companies coming into Baghdad, what are the main countries investing in your area?
SS: The Turks are the main investors, and many of these companies are close to the Turkish prime minister's office so he is bringing them in and encouraging them, and they invest in many industrial projects, including electricity generators and transformers. They are also the biggest investors in construction.
IBN: Within Iraq we have the regional investment commissions and the National Investment Commission (NIC) – how is the responsibility divided between the regionals and the national, and how do they work together?
SS: Basically anything up to $250m goes under the umbrella of the regional investment commissions; anything above that goes to the National Investment Commission. Also, some investment projects need to get approval from the relevant ministry, so it depends what kind of projects, but mainly anything under $250m can be decided at regional level.
At the Baghdad Investment Commission, we have issued 120 licences to companies to invest in various sectors, 20 of them in construction, and we even have three projects for universities, including an American university and a British university.
The total value of all these licences is roughly $6 billion.
IBN: Thank you very much for speaking with Iraq Business News.
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