ERBIL, Kurdistan Region - A multimillion dollar industrial compound for manufacturing sandwich panels and Aluminum extrusion has been opened in the city of Sulaimani and its owner calls on government officials to work with businessmen to help boost the region's economy and industrial sector.
"Such projects have no immediate profits, therefore we need patience in the beginning,” said Faruk Mustafa, chairman of the Fruk Holding who owns IRALEX Industrial Compound."This project is an important framework to bolster the economy for the future. As businessmen we do this work and politicians should imitate us and help develop the economy."
Mustafa added that this industrial complex is the first of its kind in Iraq and it provides job opportunities for many people.
IRALEX Industrial Compound was built on 342,000 square meters at the cost of $75 million.
IRALEX offers its clients a wide range of services and production capabilities.
According to their website, located in Arbat in the outskirts of Sulaimani, IRALEX, “is designed to become a large industrial support compound, featuring several industrial production units of the most advanced international technology to assist various industrial functions across the nation. The company is currently valued at around USD75,000,000 and employs around 100 skilled professionals.”
Sulaimani officials hope that this project will link the Kurdistan Region to the world market.
Faruk Holding is comprised of 27 companies operating across 12 separate sectors vital to Iraq's reconstruction: telecommunication & IT, cement, construction, industry, energy, development, medical services, hospitality, real estate, project management, commerce and trade, and agriculture.
Earlier this month the Kurdistan Region’s Ministry of Natural Resources (MNR) invited local and international companies to explore and invest in the Region’s mining sector and untapped mineral resources which one businessman believes will supply local manufacturers with much needed raw material.
“Investment in minerals will bring raw materials to Kurdistan for those working in this industry and since we have those resources it’s better that we invest in and extract them as we have to do that anyway,” Omer Darwesh, a businessman trading in steel and iron told Rudaw.
As part of reforming its financial sector and find alternative sources of revenue other than oil and gas the Kurdish government has vowed to revive the agriculture, tourism and industrial sector.
"Such projects have no immediate profits, therefore we need patience in the beginning,” said Faruk Mustafa, chairman of the Fruk Holding who owns IRALEX Industrial Compound."This project is an important framework to bolster the economy for the future. As businessmen we do this work and politicians should imitate us and help develop the economy."
Mustafa added that this industrial complex is the first of its kind in Iraq and it provides job opportunities for many people.
IRALEX Industrial Compound was built on 342,000 square meters at the cost of $75 million.
IRALEX offers its clients a wide range of services and production capabilities.
According to their website, located in Arbat in the outskirts of Sulaimani, IRALEX, “is designed to become a large industrial support compound, featuring several industrial production units of the most advanced international technology to assist various industrial functions across the nation. The company is currently valued at around USD75,000,000 and employs around 100 skilled professionals.”
Sulaimani officials hope that this project will link the Kurdistan Region to the world market.
Faruk Holding is comprised of 27 companies operating across 12 separate sectors vital to Iraq's reconstruction: telecommunication & IT, cement, construction, industry, energy, development, medical services, hospitality, real estate, project management, commerce and trade, and agriculture.
Earlier this month the Kurdistan Region’s Ministry of Natural Resources (MNR) invited local and international companies to explore and invest in the Region’s mining sector and untapped mineral resources which one businessman believes will supply local manufacturers with much needed raw material.
“Investment in minerals will bring raw materials to Kurdistan for those working in this industry and since we have those resources it’s better that we invest in and extract them as we have to do that anyway,” Omer Darwesh, a businessman trading in steel and iron told Rudaw.
As part of reforming its financial sector and find alternative sources of revenue other than oil and gas the Kurdish government has vowed to revive the agriculture, tourism and industrial sector.
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