The Market Monitor Minding the Nation's Business
The Philippine Embassy in Baghdad expressed hope that more Fil- ipino companies would explore investment opportunities in Iraq following the recent inauguration by Manila-based International Container Terminal Services Inc. (ICTSI) of its USD 130-million port development project Basra.
In a statement, the Embassy welcomed the inauguration of ICTSI’s Basra Gateway Terminal Project in Umm Qasr—Iraq’s largest and only deep-water port and the main gateway to the Iraqi market. “We are glad that ICTSI, a leading Filipino company, is helping spur economic growth in Iraq,” Embassy Chargé d’Af- faires Elmer G. Cato said.
“We hope that more Filipino companies would take a second look at Iraq and consider investing in the country,” Cato said, cit- ing possible opportunities in construction and the oil and gas sectors, particularly in Basra, the country’s commercial capital, and other southern provinces as well as in the Kurdistan Region.
In his remarks during the inauguration, ICTSI Chairman and President Enrique K. Razon said that with the new berth and equipment, Umm Qasr port can now handle larger ships and en- sure a more efficient trade gateway for the economic future of the region.
ICTSI poured US $130 million to expand the capacity of the port, which handles 80 percent of the country’s imports, by con- structing a new berth and container yard, building a multipurpose terminal complex and installing the first Post Panamax STS cranes in Iraq. In addition, the company provided employment and train- ing to 240 Iraqis.
“We look forward to seeing Basra Gateway Terminal efficiently support the needs of international shipping lines using standards comparable with the region’s best,” Razon said as he expressed hope that the new terminal, which is the first public-private part- nership project in Iraq’s port sector, will jumpstart economic activ- ities in the country.
Basra Gateway Terminal Chairman Phillip Marsham said ICTSI expects increased cargo flows with the high economic growth projected for Iraq in the next 30 years. “As Iraq develops in the region, it is essential that there is infrastructure and investment support to ensure a rapid growth to the Iraq economy,” he said.
“This will require larger vessels that would in turn require larger and more advanced facilities, equipment and information technology capabilities,” Marsham said. “Basra Gateway Terminal is investing in providing the expertise and infrastructure to facili- tate this change, which will contribute enormously to developing more stability within the Iraq.”
Marsham said ICTSI’s operations can be expected to lower handling costs for vessels; ensure faster transit times for cargo; and lower turn-around time for equipment. “This provides extra flexibility in the services and schedules of shipping lines and gives cargo importers more certainty and he ability to plan accordingly,” he added.