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| Iraq relies on investors to privatize
BAGHDAD, Oct. 20 (UPI) -- Post-war Iraq is trying to undo damage done by Saddam Hussein by privatizing the struggling state-owned companies. The Los Angeles Times reports the newly appointed Iraqi industry minister plans to lease 18 plants to private investors. BizVantage – Like a personalized newsletter for business, investment or technology. The privatization effort is just one of many challenges facing U.S. officials as they seek to create a free market system in the country. Other obstacles include a budding labor movement, a lack of security and, most recently, an emerging power struggle between U.S. and Iraqi officials over how best to proceed. During the next three years, Iraq's state-owned business will need at least $1 billion in subsidies just to pay workers, not counting needed repairs or reinvestment, according to the country's 2004 budget. Mohammed Tawfik Raheem, the new minister of industry and minerals, wants to lease the 18-state-owned firms to investors for five to 10 years. Bids are due Nov. 11. Raheem opposes further steps toward actual sales of companies until a new Iraqi government is elected. Raheem said he has already received interest from several dozen investors for his leasing program - although, so far, none are from the United States or Europe. C O P Y R I G H T R E M I N D E RThis article is Copyright 2003 by United Press International. All articles in the clari.* news hierarchy are Copyrighted and licensed to ClariNet Communications Corp. for distribution. Except for articles in the biz.clarinet newsgroups, only paid subscribers may access these articles. Any unauthorized access, reproduction or transmission is strictly prohibited. We offer a reward to the person who first provides us with information that helps stop those who distribute or receive our news feeds without authorization. Please send reports to reward@clari.net. [Use info@clari.net for sales or other inquiries.] Details on the use of ClariNet material and other info can be found in the user documentation section of our web page.
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