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Japan to increase investment in Iraq

Old merchant houses in Basra, Iraq. A Japanese company will provide construction machinery for a project there Alamy via Reuters
Old merchant houses in Basra, Iraq. A Japanese company will provide construction machinery for a project there

Japanese companies are set to expand their investments in Iraq, launching critical infrastructure projects to aid the country’s economic recovery and development.

Futoshi Matsumoto, the Japanese ambassador, told Iraq state news agency that companies like Komatsu, a construction equipment supplier, are “eager” to enter the Iraqi market.

A delegation from the company recently visited Basra, Iraq’s second city in the south of the country, to assess machinery needs.

“Komatsu is very interested in investing in Iraq,” Matsunaga said.

“Japanese loans are crucial for revitalising the Iraqi economy and providing opportunities for the government to attract more Japanese companies, especially in infrastructure and oil projects.”

JGC Corporation, which is constructing a large oil refinery in Basra, has invested $4.5 billion in the scheme.

“It will take two years to complete the project, requiring substantial loans from Japan, which come with significant advantages,” Matsumoto said.

The first phase of a major water supply improvement project in Samawah, also in the south, is already underway.

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