Iraq Trade Minister seeks Indian investments

MUMBAI: Stating that his country is the new investment destination for the world in the West Asia region, Iraq’s Trade Minister Dr Kheer Allah Hassan Babkr on Wednesday called upon the Indian industry to invest in diverse sectors of that country. “We are in the process of renovating our country. We are in need of everything and we have the money to pay for it. No matter what your sector, we can do business with you,” he said. Dr Babkr, who is leading a business and political delegation from Iraq, visited India’s business capital to interact with the captains of the Indian industry in an exclusive session titled ‘India- Iraq: Unlimited Business Opportunities’, organised by the Confederation of Indian Industry (CII). He further said “The new government’s focus today is on strengthening economic evolution, enhancing standard of living and reinforcing governance and security in the country. To do this we are looking for business and expertise in a host of industry. Today, because of its huge economic potential, Iraq is the new investment destination for the world in the region. And with the world’s third largest proven oil reserves, we have the money to pay for our own rehabilitation.” He called upon Indian industry to have bilateral protocols as per their choice, either directly with the private companies or with Iraqi state companies. “There is no need for government intervention in these,” the Iraqi minister added. He invited the Indian industry to participate in the Baghdad International Fair so that their process of identifying opportunities in that country is eased up. Dr Sami Araji, chairman of National Investment Commission of Iraq, outlined the sectors in which investment is being sought in the country. “We have 10 economic sectors in Iraq each with huge business and investment opportunities. Agriculture, electricity, health, industry and minerals, pharmaceuticals, chemicals and petrochemicals, oil and gas, education, infrastructure and telecommunication,” he said while giving details of the exact investments they are seeking in these. “Currently there are 80 private and 208 state-owned hospitals and 2000 clinics. We immediately need 32 general and specialised hospitals and 2,140 clinics in the country. We need three billion housing units till 2019 and are giving incentives and tax exemptions for these. From six million barrels per day, we want to increase our oil production to 12 million barrels by 2017 and hope to be competing with Saudi Arabia for that. There’s need to newly build or rebuilt seven airports. Five thousand schools need rebuilding and 3,000 new schools need to be made immediately and we have put aside 10 billion dollars just for this. For basic infrastructure, we have six billion dollars worth of project,” the minister said. “On a whole, Iraq is ready to look at serious investors on any basis: private, PPP and governmental,” he said. Ninad Kapre, managing director and chief executive offi cer of Aptech Ltd, said “To take advantage of the existing opportunities, we need to increase and enhance understanding of local conditions, encompassing all aspects that impact investments and business activity, ranging from culture to infrastructure, as also costs of land, power, and indeed cost of living. Such knowledge will lead to informed business decisions. There is need for the goodwill between our two countries to be translated into a vibrant business relationship.” Mayank Mallik, managing director and chief executive offi cer of CITI Bank (Jordan & Iraq), said “The opportunity in Iraq is very compelling and attractive. We see a Saudi in the making in Iraq thathas one of the largest population in the Arab world and has a verygood level of education and talent in the region. If Indian business wants to have a front runner advantage, this is the time. It is along term play as we see this market lead the Middle East in the future. Besides, the historical relationship, India’s expertise of low cost but quality innovation would prove crucial between the two countries.