Investment Commission: Progress of 70 thousand housing units in Bismaya

INA - BAGHDAD

Commissioner of the National Investment Commission, Haider Muhammed Makiya, confirmed on Monday, the ongoing procedures related to the requirements for resuming construction work in the city of Bismaya, and the completion of the remaining residential units, estimated at 70,000 units.

Makiya received the South Korean Minister of Lands and Infrastructure, Wan Hee Ryung, and the chairman of the Hanwha Engineering and Construction Company, Kim Sung Mo, at the Bismaya residential city site, and discussed the timings frame for resuming business in the city, according to a statement by the Commission, received by the Iraqi News Agency - INA.

The agenda of the meeting included a field tour by the Commissioner of the National Commission, the Korean Minister, and the chairman of Hanwha Company, in the city's marketing center, and to the laboratories for constructing housing units.

“Iraq is keen on openness in developing economic relations and the reality of investments in vital sectors, including residential ones," said Makiya, stressing "the Commission's support for the Bismaya city project through the measures it took in the context of addressing the technical, legal and financial points with the Korean company."

Makiya confirmed, “The Commission is proceeding with the procedures related to the requirements for resuming construction work in the city, and completing the remaining residential units, estimated at 70,000 units, pointing to the Commission's efforts to repeat the experience of the city of Bismaya in more than one governorate in accordance with modern specifications and sustainability standards.”

"The government program gives the residential sector special importance with the aim of addressing indicators of need for housing units by initiating a policy of establishing new residential cities in Baghdad and the governorates, as well as contracting with companies that have solid businesses. The door is open for South Korean companies to invest in strategic projects in important sectors," he included.

In turn, the South Korean Minister of Lands and Infrastructure, Wan Hee-ryong, expressed his "appreciation to PM Muhammed S. Al-Sudani, for his sponsorship of the Bismaya project, and to Makiya, for his follow-up of the city’s file, and the success of the joint dialogue rounds between Baghdad and Seoul, stressing “the readiness of the Hanwha company, as they were able to complete the project in accordance with legal agreements, in addition to the cooperation of the rest of the Korean engineering companies specialized in major projects.”