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IRAQ MINISTRY OF INDUSTRY & MINERALS
Commercial Investment Summit |
Investing in Iraq’s Industrial Sectors
"Public & Mixed" |
| 19-20 April 2008, UAE |
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April 2008 in Dubai will see the largest single gathering of Iraq Government officials in one place to meet international operators and investors at this official event to determine joint ventures, production sharing agreements and potential future ownership of Iraq’s State Owned Enterprises (SOEs).
Iraq’s huge state owned industrial sector is to be opened up to the global markets, allowing international companies the opportunity to be joint venture partners at the very beginning of this transformation from centrally planned economy to regional free-market economic powerhouse. |
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This key stepping-stone to Iraq’s free-market economic future is the establishment of joint venture partnerships, production sharing agreements and industrial rehabilitation. Over 40 of the most productive and lucrative SOEs are now in a position to enter into such agreements under the instruction of Industry & Minerals Minister HE Fawzi Hariri. |
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“This official summit is the first step towards the privatisation of
Iraq's largest non-oil industries ” |
Over 70 senior Iraqi Government officials will be participating, including the Minister, industrial sector Director Generals, SOE Director Generals, legal advisors and other senior ministry officials.
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| Benefits of Participation |
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To meet the Minister, the Director Generals in charge of each industrial sector and the individual SOE Director Generals in a pre-scheduled format |
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To meet and enter into negotiations with Iraqi government lawyers and for the first time outside of Baghdad put forward legal questions |
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To hear detailed presentations on the opportunities within each industrial sector including specific market and financial information |
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To receive individual portfolio and information packages on each SOE |
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To enter into contractual negotiations, including on-site signing of Letters of Intent with SOE Director Generals - the only forum where this will be possible |
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For the first time ever, the opportunity to negotiate the right of first refusal on shared production output |
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To present your organisation as the preferred partner of your chosen Iraqi SOE |
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Ministry of Industry & Minerals and the State Owned Enterprises
Over 40 SOEs under the authority of the Ministry of Industry & Minerals will be participating and presented as potential partners at the summit. The Ministry, under the guidance of HE Fawzi Hariri, has adopted an overall strategy with the following key objectives:
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To shift the Ministry from its role as a holding company for SOEs to a development agency for the stimulation of the industrial sector and a regulatory agency for the private sector
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To increase Iraq’s industrial output through greater participation of SOEs, mixed and private sector companies, subsequently increasing national GDP |
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To aid the development of mining and minerals recovery to increase GDP contribution |
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To develop and promote the role of the private sector as a leader in industrial development |
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To introduce new technologies and modern systems with a central aim of promoting entrepreneurialism, innovation and business creation |
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US Department of Defence Task Force for Business & Stability Operations |
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The summit will welcome US Deputy Undersecretary of Defence for Business Transformation Paul Brinkley, the most senior US official responsible for the assistance in the restoration of Iraqi business, who will be attending with a team of senior advisors. Deputy Undersecretary Brinkley leads the US Task Force for Business and Stability Operations in Iraq, which works to help revitalise the Iraqi industrial economy. The Task Force has been working in partnership with the Government of Iraq to restore production in Iraqi industry and to facilitate private direct investment, global supply agreements and joint ventures in Iraq.
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A primary focus of the Task Force is to reinvigorate the Iraqi industrial base by driving demand to viable Iraqi factories. The Task Force holds key information and data on Iraq ’s SOEs and is supportive of the Minister of Industry & Minerals efforts to enter into joint venture and production sharing agreements. |
Iraq Development Program & The Unique Format
IDP has now organised several high-level summits in partnership with the Iraqi Government. Our success is founded on a format whereby half of the summit time is devoted to speeches and presentations and the other half devoted to one-to-one meetings. |
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The Minister for Industry & Minerals will provide an overview of Iraq’s State Owned Industries and the opportunities for establishing joint ventures, production sharing agreements and future ownership of share capital |
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The senior Director General of each industry sector will speak on the first and second mornings of the summit; giving details of the component SOEs within each industry sector and detailed financial summaries, including revenues and market share |
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The afternoons of both summit days will see the main arena converted to dedicated private roundtable meeting areas. Each SOE will have its own roundtable meeting area manned by the lead Director General plus economic and professional advisors |
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The summit will provide the opportunity to meet privately with Iraq’s Central Government lawyers and advisors to discuss the commercial opportunities available |
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The opportunity to sign Letters of Intent with SOEs for joint ventures and production sharing |
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Iraq’s Green Shoots & Economic Liberalisation
Iraq is a centrally planned, state-owned economy of 28 million people. The new democratically elected Government is now committed to economic liberalisation, the expansion of inward investment and the desire to attract foreign partners for joint ventures and technology transfer. Despite security concerns, there has been a vast improvement in recent months. Economic and investment policies are now in place.
As part of its economic liberalisation the Iraqi Government is opening up its State Owned Enterprises. The first step to realising these assets is to give international operators and investors the opportunity to share in production of the SOEs through joint venture ownership. Such agreements will include the opportunity to negotiate right of first refusal when share capital is offered. |
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Iraq has 115bn barrels of proven oil reserves and 3.05trn cubic metres of proven gas reserves. In February 2004 Iraq gained observer status to the World Trade Organisation. In November 2004 the Paris Club agreed to cancel 80% of Iraqi debts under the approval of the International Monetary Fund (IMF).
In January 2008 the IMF praised Iraq’s economic management and growth as “impressive”. The IMF predicts growth of 7% in 2008 with other institutional investors saying it could well be double digit due to higher oil and gas prices. The UN Secretary General also praised the level of security reached.
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Surging oil prices boosted foreign exchange reserves by $7 billion in 2007 to $27 billion, and the IMF forecast reserves will increase in 2008 to $34.3 billion. Furthermore, the IMF has praised Iraqi authorities for keeping spending under control. The Iraqi Government has succeeded in “all but eliminating direct budget subsidies on fuel products”, allowed the import of fuel products from other countries and changed the country’s pension system to make it more fiscally sustainable. |
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The establishment of joint ventures and production sharing agreements between foreign companies and Iraqi State Owned Enterprises represents the first steps to full economic liberalisation and the transition from state owned to free market economy. This official Summit is the first opportunity to be part of this economic liberalization and a unique chance to own and operate the core industrial activities of a regional economic power. |
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Registering for the summit
To register for the IIIS Summit, please select from the list of options below, or request a call back from the IDP team, who'll be happy to help work out the best option for you. |
| HOW TO REGISTER FOR THE SUMMIT |
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Register online |
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Request a call back |
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How to obtain a visa >>> |
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