Investment agency to encourage Iraq's economic growth (13/02/05)

Advisers from the United States Agency for International Development (USAID) Private Sector Development Initiative (PSD II) are collaborating with Iraqi government officials and private sector representatives on developing the private sector and generating employment.

The country is in need of development

According to USAID, the restructuring of state-owned enterprises is a core component of this initiative as a liberalized economy would encourage competition, investment and overall economic growth.

Recently, PSD II presented a concept paper for an Investment Promotion Agency (IPA) to a group of 18 up-and-coming Iraqi businesses.

In the next weeks, PSD II will brief Iraqi ministries on IPAs and draft an illustrative budget.

As part of the PSD II efforts in investment marketing promotion, PSD II staff are continuing to track processing of the Investment Opportunity Profiles through the Baghdad Chamber of Commerce and the Iraqi League of Foodstuff Merchants. Of the 220,000 Chamber members, the project anticipates profiling 200 additional investment opportunities, mostly in the services sectors.

Additionally, staff researched regional investment promotion agency charters and regional investment promotion laws to determine a competitive advantage for the IPA.

Source: PortalIraq