Basra Investment Commission (BIC) has agreed in principle to build an iron and steel factory worth of $150 million (175 billion IQD).
AKnews reports that it is a joint proposal by Erbil Steel Company and a Turkish company.
Khalaf Badran, head of the BIC, told AKnews that the Commission has expressed its "full support" for the project and will do its best to overcome all the obstacles as it "aspires for the development of industry in Basra."
Sirwan Kakil, chief executive of Erbil Steel told AKnews the project in Basra will be called Basra Steel.
The factory will initially produce 250 tons annually, and will create up to 800 jobs besides positions for foreign technicians and experts.
"Through this project we will offer Basra our wide expertise, we will avoid the issues we encountered in our previous projects in Turkey and the Kurdistan Region and endeavor for Basra to be exemplary," Kakil said.