Iraqi Prime Minister Mohammed Shia al-Sudani launched the implementation of the Toyota Iraq industrial, warehousing, and service investment project in Baghdad on Wednesday.
The total area of the Toyota Iraq project is 225,000 square meters. It will be implemented in two phases at a total cost of 30 billion dinars. It will work to gradually transfer automotive manufacturing and services technology.
During the project launch ceremony, al-Sudani said, "The project marks the beginning of automobile manufacturing in Iraq, especially with the implementation of extensive development, service, and reconstruction projects, which require the availability of vehicles, machinery, and equipment capable of meeting the needs of the urban and service renaissance." He continued, "Foreign investment has found in Iraq an attractive and safe environment for launching such investments, and it embodies an ambitious vision of partnership between the national private sector and international companies such as Toyota."
He emphasized that the Iraqi government is working to support the private sector, create an attractive business environment, and address all the obstacles and red tape that hinder most investment activities.
He explained that "this project is being implemented for the first time in Iraq by Toyota, which has granted the concession to complete it. It is an environmentally friendly project, and this falls within the government's efforts to implement international standards related to climate change and reduce carbon emissions."
Al-Sudani indicated that he has directed the amendment of the commercial agencies law to align with the policies of major international companies and protect their rights.
With investments of 30 billion dinars, the "Toyota Iraq" industrial project was launched in Baghdad
