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Iraq Presents Billions of Dollars Worth of Business For Indian Companies: Iraq Commerce Minister
Thursday, March 01, 2012
Mumbai: On a special day that comes once in four years, a business and political delegation from Iraq visited India’s business capital Mumbai 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). The mood was buoyant as Iraq, leaving its past behind, is looking ahead at the future with anticipation and is looking for partners to do the same.
“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,” said H E Dr. Kheer Allah Hassan Babkr, Minister of Trade, Iraq.
He added, “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 said. He invited Indian companies to participate in the Baghdad International Fair so that their process of identifying opportunities in Iraq is eased up.
Dr. Sami Araji, Chairman, 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 began before giving details of the exact investment 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 2140 clinics in the country. We need 3 billion housing units till 2019 and are giving incentives and tax exemptions for these. From 6 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. 5000 schools need rebuilding and 3000 new schools need to be made immediately and we have put aside 10 billion dollars just for this. For basic infrastructure we have 6 billion dollars worth of project,” the minister informed the esteemed gathering of captains of Indian industry adding, “On a whole Iraq is ready to look at serious investors on any basis: private, PPP and governmental.”
Mr. Ninad Kapre, MD & CEO – 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.”
Mr. Mayank Mallik, MD & CEO – CITI Bank – Jordan & Iraq, said, “The opportunity in Iraq is very compelling and attractive. We see a Saudi in the making in Iraq that has one of the largest population in the arab world and has a very good level of education and talent in the region. If Indian business wants to have a front runner advantage, t his is the time. It is a long 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.”
Data from Iraq that will be music to the ears of Indian business include a proven oil resource of 143 billion barrels – the 2nd largest in the world, strategic location between the Arabian Gulf and Middle East region, highly skilled population of 32 million, huge land mass, abundant resources and an improving security situation backed by a democratically elected government.
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Thursday, March 01, 2012
Mumbai: On a special day that comes once in four years, a business and political delegation from Iraq visited India’s business capital Mumbai 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). The mood was buoyant as Iraq, leaving its past behind, is looking ahead at the future with anticipation and is looking for partners to do the same.
“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,” said H E Dr. Kheer Allah Hassan Babkr, Minister of Trade, Iraq.
He added, “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 said. He invited Indian companies to participate in the Baghdad International Fair so that their process of identifying opportunities in Iraq is eased up.
Dr. Sami Araji, Chairman, 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 began before giving details of the exact investment 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 2140 clinics in the country. We need 3 billion housing units till 2019 and are giving incentives and tax exemptions for these. From 6 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. 5000 schools need rebuilding and 3000 new schools need to be made immediately and we have put aside 10 billion dollars just for this. For basic infrastructure we have 6 billion dollars worth of project,” the minister informed the esteemed gathering of captains of Indian industry adding, “On a whole Iraq is ready to look at serious investors on any basis: private, PPP and governmental.”
Mr. Ninad Kapre, MD & CEO – 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.”
Mr. Mayank Mallik, MD & CEO – CITI Bank – Jordan & Iraq, said, “The opportunity in Iraq is very compelling and attractive. We see a Saudi in the making in Iraq that has one of the largest population in the arab world and has a very good level of education and talent in the region. If Indian business wants to have a front runner advantage, t his is the time. It is a long 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.”
Data from Iraq that will be music to the ears of Indian business include a proven oil resource of 143 billion barrels – the 2nd largest in the world, strategic location between the Arabian Gulf and Middle East region, highly skilled population of 32 million, huge land mass, abundant resources and an improving security situation backed by a democratically elected government.
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