The new $250m project will include building a 200,000-ton capacity wheat silo and 13 factories in the autonomous region of Kurdistan, north Iraq – an area which he said “needs private investment”.
Domestic firm, Khoshnaw will oversee the project.
"This is a very important project,” Prime Minister Masrour Barzani said during the ceremony. “I hope that we continue with these initiatives in order to further strengthen the economic infrastructure. As we have promised before, the main task of this cabinet is strengthening infrastructure."
In August this year, the US International Development Finance Corporation and the government of Iraq signed a Memorandum of Understanding to mobilise $5bn of private sector capital into infrastructure.