Aswat Aliraq cited Mr Baqir al Zubeidi Iraqi minister of finance as saying that the investments in Basra’s iron and steel factory will provide 50,000 job opportunities.

According to a statement released by the ministry and received by Aswat al Iraq news agency, this came during his meeting with the US assistant secretary of defense for economic affairs and a delegation comprised of representatives of South Korean companies.

The statement quoted the minister as saying that the factory is expected to produce more than 300.000 tonnes of iron in its first stage.