Iraq plans to open its first steel-focused industrial zone this year in Basra as part of a broader effort to attract investment in steel, petrochemicals, and other sectors, according to the official Al-Sabah daily.
The project, awarded in 2024 to China’s Tsingshan Holding Group, will be Iraq’s largest steel cluster, spanning 7,500 square meters and including aluminum and other metals, according to Riad Jazim, deputy director of industrial cities at the Industry and Metals Ministry.
It remains unclear whether the project will be executed under the Iraq-China oil-for-projects agreement, which allows Chinese firms to undertake infrastructure projects in exchange for oil supplies. The country continues its post-war efforts to rebuild infrastructure and attract investment to diversify its oil-dependent economy.
