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Friday, August 12 - August 2011 11:19
A government official said that Iraq was re-launched the tour for tenders for the rehabilitation of 18 factories of its factories idle after failing to attract sufficient interest from foreign investors. Ghani said Honorary Director General, Department of Investment, Ministry of Industry and Minerals said investors are still distancing themselves from Iraq because of the instability of the situation security and low profitability.
He added that the ministry is to facilitate the conditions for foreign investors who will be bids for the rehabilitation of state-owned factories to provide a discount in the price of electricity, fuel, and ban imports of products manufactured in Iraq and pay half the salaries of Iraqi employees in these factories. He said that one of the reasons for lack of interest of foreign investors and abundant supply of cheap imported products that have made investors question the profitability of projects.
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