Nelu Iordache considers investing in Iraq

Romanian-based Romstrade holding, held by Nelu Iordache, said it was considering investing in Iraq’s infrastructure, aviation and agriculture, by opening an office for intermediation and newsgathering, chief executive of the group, Gheorghe Racaru said yesterday.

“A mission from Rostrade Holding visited Iraq to identify potential investment opportunities or the possibility of buying stakes in Iraqi-based joint ventures. We are the first Romanian private-capital company that visited Iraq for business purposes. We hope the Romanian Ministry of Foreign Affairs will establish a consulate in Kurdistan in the near future”, said Gheorghe Racaru.

He added that the company may establish an aviation company in the area. “We have identified investment opportunities in agriculture”. Romstrade group may record a turnover of €300 million this year.

“The first infrastructure project could start at the end of spring. We want to help them by providing them with the equipment to open an aviation company. If a company invests in Iraq, it is exempted from taxes for ten years”, said Gheorghe Racaru.

According to Iraq representatives, the budget for infrastructure will be drawn up in early 2010, and only after the budget plan is finalized the company could conclude agreements with the Iraqi government.

The representatives of Romstrade held a round of talks with the prime minister of Kurdistan region, Barham Salih, minister of construction of the region, Kameran Ahmed Abdullah, minister of communications, Anwar Jibli Shabo as well as with the head of Investment Authority, Hersh Muhram.

Romstrade is a group of companies, held by Nelu Iordache (photo) that includes Blue Air, Romstrade and La Mosie. Romstrade expects an aggregate turnover of €300 million for the end of the year, and €400 million for 2010. The group employs 1,000 persons. Its is also the first private company with fully Romanian capital

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