Jumbo moves on Iraq

Jumbo Electronics is said to be in negotiations with a leading Iraqi business group for setting up a joint venture in Iraq, the Gulf News has reported.

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By  Paul Barthram Published  September 5, 2003

Jumbo Electronics is said to be in negotiations with a leading Iraqi business group for setting up a joint venture in Iraq, the Gulf News has reported.

Although the name of the company was not revealed, it was hinted the Iraqi partner is a ‘key player’ in the rebuilding of post-war Iraq, which suggests it may already be sub-contracted to one of the major firms involved in the reconstruction.

Jumbo as a distributor has for many years served as an indirect supplier of electronics to the country through its reseller partners’ export trade. The company’s own business, it says has been servicing the Iraq market for the past six months through a network of institution traders and authorised agents.

“We have a pre and post war history in Iraq. There is no doubt that as the financial market in Iraq stabilises, facilitating easy convertibility and exchange of the local currency to the international currencies, will further allow us to grow with them,” said PK Dutta, head of the international business division at Jumbo Electronics.

Although the company’s plans for the Iraq market are vague at present the Gulf News said a top official had confirmed that Jumbo intends to open a chain of retail stores in key Iraqi cities in the future.

“As Iraq's economy starts to define its structure and grow in the next six months, the situation will definitely improve towards expanding the already existing Jumbo presence there,” concluded Dutta.

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