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Iraq Seeks up to $700bn Investment in Infrastructure
Sami al Araji, chairman of Iraq’s National Investment Commission (NIC),
has told a business audience in New Delhi that his country needs
$500-$700 billion in investment to rebuild its infrastructure.
Araji
compared the opportunities in Iraq to “Germany after the Second World
War”, adding, “our message to the world is that we are open for business
— there are huge opportunities”.
Iraqi officials conceded that
violence was still a risk for investors, but security was improving in
the country, Araji said. “I don’t deny there are security considerations
but the situation is much better.”
Analysts say greater stability would encourage a surge of foreign investment into both the oil and non-oil economy.
Dennis Flannery, Iraq country head of global investment bank Citigroup,
told the conference that the oil industry will throw up tremendous
wealth that will transform Iraq, calling the country a “great frontier
opportunity for investors.”
India and Iraq have traditionally enjoyed friendly ties and investment analysts see Indian companies as a natural fit.
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Sami al Araji, chairman of Iraq’s National Investment Commission (NIC),
has told a business audience in New Delhi that his country needs
$500-$700 billion in investment to rebuild its infrastructure.
Araji
compared the opportunities in Iraq to “Germany after the Second World
War”, adding, “our message to the world is that we are open for business
— there are huge opportunities”.
Iraqi officials conceded that
violence was still a risk for investors, but security was improving in
the country, Araji said. “I don’t deny there are security considerations
but the situation is much better.”
Analysts say greater stability would encourage a surge of foreign investment into both the oil and non-oil economy.
Dennis Flannery, Iraq country head of global investment bank Citigroup,
told the conference that the oil industry will throw up tremendous
wealth that will transform Iraq, calling the country a “great frontier
opportunity for investors.”
India and Iraq have traditionally enjoyed friendly ties and investment analysts see Indian companies as a natural fit.
[You must be registered and logged in to see this link.]
