Iraq's reconstruction market is worth a stunning $100 billion - making it one of the biggest anywhere in the world - and is set to expand further, as yet more contracts are signed and projects drawn up. Frenzied construction activity surrounds hundreds of projects, worth billions of dollars, and spanning every single sector of Iraq's rebounding economy. Iraq's liberal, open markets - almost entirely free of restrictions - are helping fuel construction sector activity. Meanwhile, ever more leading manufacturers and suppliers from across the globe are seizing lucrative slices of Iraq's construction market, and in doing so are helping positively forge the future of the country. Benefits from Iraq's construction sector are set to increase further. The country's revenue generation potential - bolstered by abundant oil and other resources, as well as the long-term commitment of global donors to the reconstruction effort - is enormous. It can rival all other major regional economies.
The Government of Iraq, led by the Iraqi Ministry of Industry and Minerals (MIM) is currently in the process of evaluating investor proposals to enter into joint venture partnerships between many of Iraq’s lucrative State-Owned Enterprises (SOEs) and international companies. These partnerships will permit investors to acquire production output from Iraq’s productive factories in exchange for investment of expertise and capital to improve and rehabilitate these assets. This initiative is part of a larger process to transition and modernize key industries through 2012. Minister of Industry and Minerals Fawzi Hariri has publicly confirmed that companies taking up these early ventures will have the right of first refusal on eventual privatization. The government has also established an investment board to oversee foreign direct investment in Iraq and the development of SOEs.
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