By John Lee.

The National Investment Commission (NIC) has announced new investment opportunities in Iraq:

  1. Glass production, State Company for Glass and Refractories Industry (SCGR)
  2. Drugs and Medical Appliances (Samarra), State Company for Drugs and Medical Appliances

(Source: National Investment Commission)

(Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)

By John Lee.

UK-bassed pharmaceutical company AstraZeneca has said it is the subject of an anti-corruption investigation in the US relating to its activities in Iraq

In its latest quarterly filing with the Securities and Exchange Commission (SEC), the company said:

As previously disclosed, in the US, in October 2017, AstraZeneca and certain other pharmaceutical and/or medical device companies were named as defendants in a complaint filed in federal court in the District of Columbia by US nationals (or their estates, survivors, or heirs) who were killed or wounded in Iraq between 2005 and 2009 (the Lawsuit).

“The plaintiffs allege that the defendants violated the US Anti-Terrorism Act and various state laws by selling pharmaceuticals and medical supplies to the Iraqi Ministry of Health.

“In addition, AstraZeneca has received an inquiry from the US Department of Justice in connection with an anti-corruption investigation relating to activities in Iraq, including interactions with the Iraqi government and certain of the same matters alleged in the Lawsuit.

(Source: AstraZeneca)

By John Lee.

The National Investment Commission (NIC), and the State Company for Drugs and Medical Appliances, have announced an opportunity to invest in the rehabilitation, modernization and operation of the Samarra drugs plant.

In a statement, the NIC said:

It invites reliable Arab and foreign companies directly or their agents – not mediator or supported – to participate in this investment opportunity to rehabilitate and modernize this plant on basisof participating in management, production, increasing the production capacities and take pasrt in this valuable opportunity to satisfy the Iraqi market demands and for the economic feasibility and the realizable privileges for the investors such as the availability of the essential materials for production .

“Willing investors can obtain the investment profile from the company HQ in Samarra as per the companies law no. 22 for the year 1997 as amended, article 15/3rd ; for an amount of (500,000) IDR non- refundable.

“The company shall offer all detailed information and facilitate the visit to the plan. Applications shall be according to the terms stated in the investment profile , provided that applications should be submitted by a sealed envelope before the end of the work time of Thursday 12.07.2018.

You may also visit the website www.sdisamarra.com

More details can be downloaded here (English from page 43)

(Source: National Investment Commission)

By John Lee.

UNICEF has picked UK-based Morningside Pharmaceuticals to supply medicines for emergency aid projects in the Middle East as well as Haiti and Liberia.

According to a report from Leicester Mercury, the £1.2-million [$1.5-million] contract will include the supply of emergency medicines to Syria and Iraq.

(Source: Leicester Mercury)

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Locals in Iraqi Kurdistan say they have no choice but to use smuggled medicines. And business in contraband pills is booming, with drug smugglers benefiting from slow approvals and political corruption.

Iraqi Kurdistan has a problem with pharmaceuticals smuggling. The failure of regulators to stop it has some insiders saying that government officials are complicit.

The amount of drugs that legally enter the market in the semi-autonomous, northern Iraqi region cannot meet healthcare demands in the region, a situation that has nurtured a thriving smuggling business, drug specialists told NIQASH. Not only are customs and quality control measures insufficient, but health authorities also aren’t strictly regulating pharmacies, which often sell the smuggled drugs, they said.

“There are smuggled drugs all over the world, but in the Kurdistan Region the percentage is very high,” Dr. Koran Rosebayani, the official responsible for pharmaceutical quality control in the Kurdistan Region, told NIQASH. “Most of these drugs enter the region by fraud or by deceiving security forces at checkpoints.”

Still, he denied that politicians were behind the illegal trade in pharmaceuticals, saying that authorities had arrested a number of smugglers. “As of October 2015, we were able to confiscate some 150 tons of smuggled drugs in the city of Kirkuk alone,” he added.

But selling illegal pharmaceuticals is so lucrative that neither efforts to shut down smugglers, nor the threat of one to three years in prison, are much of a deterrent.

By John Lee.

The Iraqi Ministry of Industry has issued a list of thirty factories that are currently open for private investment.

The factories cover such sectors as food processing, paper and cardboard, tires, fertilizers, aluminum, cement, natural gas, pharmaceuticals and textiles.

The deadline for participating in the tenders is 15th November!

Please click here to view the document from the Ministry, which gives a full list but few details.

(Business Opportunities image via Shutterstock)

By John Lee.

The head of the Trade Promotion Organisation of Iran, Valiollah Afkhami Rad (pictured), has signed a contract to set up a trade centre in Erbil.

He said that a better understanding of the market in Erbil and throughout Iraq will result from the improved economic ties, and recommended that Iranian companies research the Erbil market before opening a branch in the trade centre.

He added that Iranian leisure and health tourism agencies will be able to offer their services to Iraqi patients who need treatment.

During a recent visit to Iraq, Iran’s Minister of Cooperatives, Labor, and Social Welfare, Ali Rabiei, unveiled plans for the construction of a pharmaceutical factory and a cement factory in Iraq in the near future.

(Source: BasNews, Trade Promotion Organization of Iran)

By John Lee.

The head of the Trade Promotion Organisation of Iran, Valiollah Afkhami Rad (pictured), has signed a contract to set up a trade centre in Erbil.

He said that a better understanding of the market in Erbil and throughout Iraq will result from the improved economic ties, and recommended that Iranian companies research the Erbil market before opening a branch in the trade centre.

He added that Iranian leisure and health tourism agencies will be able to offer their services to Iraqi patients who need treatment.

During a recent visit to Iraq, Iran’s Minister of Cooperatives, Labor, and Social Welfare, Ali Rabiei, unveiled plans for the construction of a pharmaceutical factory and a cement factory in Iraq in the near future.

(Source: BasNews, Trade Promotion Organization of Iran)