Iraqi Minister of Industry confirms Iraq Development Program as official hosts for investment summit in Dubai

The summit marks the decision by the Ministry to embark on a process of commercialisation, as Minister Hariri looks to open up Iraq's state owned industries to the global market, allowing international companies the opportunity to be joint venture partners and enter into production sharing agreements. This process is seen as the first step towards privatisation of Iraq's largest non-oil sectors, building on the initial success enjoyed last year when a select number of tenders were submitted within the construction sector.

The sectors covered by the Ministry of Industry & Minerals include construction, engineering, petrochemicals, food and pharmaceuticals, industrial services and textiles. Over 40 of Iraq's most lucrative state owned enterprises will be attending the summit, as they look to enter into formal agreements with potential partners. Minister Hariri will lead of delegation of the director generals responsible for these sectors, as well as the individual directors responsible for the attending SOEs.

"The decision by the Minister to choose IDP as organisers of the summit vindicates the success of the unique format established over a number of high level governments summit," said John Glassey, Managing Director of the Iraq Development Program. "The format enables attending delegates not only to hear crucial information from the Ministry on its requirements and current initiatives, but also to engage in private negotiation with key decision makers, providing tangible return on their attendance."

Participation is essential for any organisation wishing to work within Iraq's industrial sectors, with letters of intent and memorandums of understanding to be signed over the two days.