Baghdad: The Ministerial Council for the Economy has agreed to exempt industrialists from paying rent allowances during the initial phase of project establishment.

According to National Iraqi News Agency, the announcement was made following a session chaired by Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein. The session included key figures such as the Deputy Prime Minister and Minister of Planning, Ministers of Finance, Agriculture, Trade, Industry, Labor and Social Affairs, as well as the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, and other prominent officials. During this session, the council addressed various agenda items and took decisions aimed at mitigating the impact of regional and international changes on the Iraqi economy, particularly focusing on the oil market.

The Council approved a request by the Ministry of Industry’s Board of Directors of Industrial Cities to exempt industrialists from rent payments for the first two years of the project establishment phase. This exemption is aligned with licenses granted by the General Directorate of Industrial Development or the National Investment Commission. The rent is set at 250 thousand dinars per month for an industrial section measuring half a dunum.

Furthermore, the council decided to enhance reserve ratios for two contracts related to power station works in the industrial cities of Dhi Qar and Basra, ensuring that this does not increase the overall project cost. In addition, the council opted to distribute agricultural lands according to the Agricultural Leave Law, accompanied by directives for the removal of war remnants and mines from these areas.

The council also addressed the Iraqi-Jordanian Dijaila Company project, suspending a prior decision pending negotiations with Serbian companies. The project is to remain fully owned by the Ministry of Industry and Minerals, with an emphasis on being updated about the outcomes of these negotiations to inform future decisions.