Discussions continue on second day of key Iraqi business summit (29/06/05)

As the Iraq Development Program summit went into its second day, businessmen from the international business community continued negotiating and discussing investment possibilities in Iraq with Iraqi officials and businesspeople. Meetings took place both behind closed doors and that the three-floor exhibition, which featured everything from industrial products to medical and educational goods.

Excluding the delegation of Iraqi officials and businesses, over 40 countries were represented.

Unlike many of the other conferences concerned with Iraq’s rehabilitation, the gathering has provided the platform for all sides to hold face-to-face meetings over the future of Iraq. Discussions are expected to help set the structural guidelines for investment in Iraq, including the legislative framework and materials needed to ensure the smooth progress of the redevelopment drive.

A great deal of focus has been placed on the construction and housing, water and wastewater, industrial and petroleum sectors. Most of the participants at the summit are meeting for only the second or third time.

The issue of security in Iraq has been brought up openly and behind closed doors, but has not diminished interest in Iraqi investment or the expansion of existing investments in Iraq.

Faris Hadad-Zervos, Head of the World Bank Mission to Iraq, said that it is a myth that security has scared people away from investing in Iraq, adding that there have been many bids by foreign companies to invest in the country.

In a detailed discussion about the current economic situation in Iraq, Mr Zervos said that vast investment is needed to bring about major economic development in the country. Aid from the international community, he added, was not enough and the private sector, both Iraqi and international, has a big role to play in bringing about economic improvement in Iraq.

Mr Zervos concluded that gatherings such as the Iraq Development Program were beneficial for creating links and bringing about much needed laws and revisions for economic development.