Iraq has signed two significant investment agreements with Chinese company Shang Shin to advance key industrial projects, Minister of Industry Khaled Battal Al-Najm announced on Saturday.
The first deal focuses on a sponge iron project with an annual production capacity of one million tons. The second involves developing a large-scale industrial city in Basra, incorporating heavy industries. Speaking at a press conference, Al-Najm highlighted that negotiations took considerable time due to the scale and strategic importance of these projects.
Valued at over $2 billion, the industrial city will be managed by an investing company under the Industrial Cities Law, while ownership remains with a state-owned entity.
“These projects faced legal complexities, but we successfully resolved them with direct support from Prime Minister Mohammed Shia Al-Sudani,” Al-Najm stated. He also emphasized that the ministry has proven its capability to execute large-scale industrial initiatives.
During his visit to Basra earlier in the day, the minister reviewed ongoing industrial projects, laid the foundation stone for new factories, and oversaw the trial operation of the steel factory’s furnace. He also visited the iron pipe factory in Umm Qasr to monitor the progress of the Basra-Haditha oil pipeline.