Romstrade holding plans to invest in Iraq

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Romstrade Holding, owned by businessman Nelu Iordache, plans to invest in Iraq, in infrastructure, transport and agriculture projects and, to this end, the holding management paid a visit to this Middle East country, announced on Wednesday general manager of the holding Gheorghe Racaru.

‘We paid a visit to get informed and we gathered projects in which we are interested in investing, projects starting from motorway and road construction, air transport, capacities for bitumen production, as well as investments in infrastructure. The first projects we are to invest in will be launched in the spring next year’, said Gheorghe Racaru.

He stressed that in order to implement these planned investments the holding is to open in the upcoming days an office in Erbil city, Kurdistan, a zone in northern Iraq, where Romstrade investments will be focused. ‘Everybody asks why we chose to invest in Iraq. The answer is simple:’ The crisis reached Germany, but not Iraq’, said Racaru.

Romstrade construction company has an integral Romanian capital and it was set up in 1994. Romstrade has run business 230 million euros worth in 2008, 20 percent higher than in 2007, winning in the past two years several contracts for the rehabilitation of national roads and for the construction of some ring roads in total value exceeding 650 million euros.
Gheorghe Racaru and Romstrade Co. hold 10 percent each of the share package of the low-cost air market leader in Romania, Blue Air, which accounts for a market share of 40 percent.

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