Tuesday, July 23, 2024

IEA Authorities to Initiate Investment Consortium in Afghanistan

Immigration News

Nizamuddin Rezahi
Nizamuddin Rezahihttps://www.khaama.com
Nizamuddin Rezahi is a journalist and editor for Khaama Press. You may follow him @nizamrezahi on Twitter.

Afghanistan’s Ministry of Commerce and Investment has announced that the Islamic Emirate authorities plan to initiate an investment consortium in which investors from Afghanistan, Russia, Pakistan, and Iran will participate.

Nooruddin Azizi, the Acting Minister of Commerce and Investment on Wednesday said the ministry has signed memorandums of understanding with foreign companies to send representatives to Kabul for assessing the project worth a billion dollars.  

According to Commerce and Industry Ministry’s officials, representatives of this consortium from Russia, Iran, and Pakistan will come to Kabul to initiate the infrastructural works of the project in the near future.

“The initial investment of the consortium is estimated to be one billion dollars, and representatives of the foreign investment companies will soon initiate their work,” Akhundzada Abdul Salam, the spokesperson of the ministry said.

Minister Azizi said in an interview with Reuters that 14 Afghan businessmen are involved in this consortium, and their participation in this mega project instills positive energy in other Afghan investors to return to the country.

He further added that besides power and mining projects, the consortium will assess the possibility of a second tunnel in Salang which connects the north of Afghan to the rest of the country, a project that transfers water from Panjshir to Kabul, and the reconstruction of Kabul-Herat high way.

Azizi also stated that the Islamic Emirate is planning on creating special economic zones to attract foreign investment to the country.

This comes as foreign investment in Afghanistan is almost zero since the return of the Taliban to power in August 2021. The late regime change forced foreign and national investors to leave the country fearing their safety.

Minister Azizi announced the development of a plan to convert military bases left by foreign forces into special economic zones and said that a delegation consisting of representatives of several ministries has been created to work in this field.

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