NIC Chairman: Iraq is an Attractive Environment for Power Sector
National Investment Commission (NIC) Chairman, Dr. Sami Al-Araji assured, during a word he delivered in Powering Iraq Conference held in Baghdad July.10.19 that Iraq is an attractive environment for capitals in various economic sectors and at the top stands the power sector and that investment laws and regulations contained generous incentives that fertilize the land for the foreign companies to invest in the country.
The conference was attended by Ministers of Oil and electricity, Ministries and Government institutions representatives, Iraqi private sector representatives in addition to Ambassadors of a number of countries.
NIC Chairman stated that the Commission granted a number of investment licenses in power sector a head of which was Bismayah Power station executed by Mass Holding Company with a capacity of 3000 MW and work is proceeding to add 1500 MW, as it is currently covering 60% of Baghdad need for electricity power, while other licenses were granted to implement power stations in the southern part of Iraq with an estimated total capacity of 4500 MW (some of them are achieved and others in their final completion stages).
He also added that NIC is keen to cooperate with other relative ministries and institutions to achieve self- sufficiency in power in all its types including employing the renewable energy to reach this goal. Dr. Sami also praised the role of the local and foreign private sector which contributed to motivating the investment wheel in various strategic and vital sectors like (Oil and Gas, Housing, Industry, Health, Agriculture, and higher education) disseminated all over Iraqi provinces in a way that provided new national income resources.
NIC Chairman invited the Government and the Parliament to issue the legislations that can contribute to implementing the five year and ten year plans laid to guarantee the substantial development, stressing the continuance in NIC program aiming at constructing strategic investment projects that serves the country like the housing project of Bismayah consisting of 100 thousand housing unit.
The conference works also witnessed speeches for Minister of Oil, Minister of Electricity, Representative of the Ministry of Industry and Minerals, Ambassadors of US and UK. the conference was attended by more than 200 businessmen from inside and outside Iraq during which presentations of Ministries of oil and Electricity were presented in the fields of energy and alt- energy and was closed by round tables meetings between the Public and private sectors.