Al-Sudani directs the preparation of a new package to support industrial projects, and encourage industries contributing to reconstruction and development

Prime Minister Mohammed Shia Al-Sudani chaired a special meeting today, Sunday, to discuss new methods, in addition to sovereign guarantees, to finance and support the localization of a number of industries in Iraq and the establishment of industrial projects. Al-Sudani pointed out, at the beginning of the meeting, that "Iraq has a real opportunity to possess an advanced and economically successful industry, with the presence of human resources, a growing local need, and an abundance of raw materials, especially those resulting from refining crude oil, in light of the economic growth witnessed by Iraq." The Prime Minister reiterated the reference to "the importance of what the development road project provides in terms of the possibility of establishing industrial cities along the road, in addition to the current industrial cities." Al-Sudani also highlighted the need to "formulate clear mechanisms to support industrialists and encourage them towards specific industries that complement the rest of the gove rnment's economic plans, most notably housing plans, new cities, and the construction of service infrastructure, which are activities that require the availability of several times the current capacity for the construction materials industry and materials used in construction." The Prime Minister directed "the preparation of an integrated package of measures that contribute to raising the efficiency of the Industrial Bank and finding simplified mechanisms for borrowing operations, conditions, and guarantees, in a way that supports the establishment of a number of quality factories capable of creating new job opportunities for young people and contributing significantly to the gross domestic product." Source: National Iraqi News Agency