American Businesses Encouraged to Invest in Iraq
Iraq has suffered decades of devastation, but the country is now looking to move on and rebuild. The special representative for commercial and business affairs at the US State Department, Dilawar Syed, recently visited Iraq and is encouraging American businesses to increase their investment in the country. He believes that the US private sector can be a force for good in Iraq, and that the environment is conducive for US companies and entrepreneurs looking to invest there.
Opportunities for Investment
Iraq’s highest ever national budget has been passed, with $150 billion set aside for infrastructure and other outlays. This is a big deal and a milestone for the country, and it presents many opportunities for investment. Syed was part of a delegation of 47 US-headquartered companies representing industries such as construction, education, energy, finance, health, and technology. He was effusive about the opportunities presented through education and tech, and believes that Iraq has a bright future, particularly when it comes to prospective technology talent.
Hurdles to Overcome
There are hurdles to attracting outside investment, not least convincing US interests when it comes to safety. However, Syed believes that the delegation’s presence went some way to providing assurances. There is also further work to do on normalizing standards when it comes to issues of arbitration and intellectual property. Discussions are ongoing with the Central Bank of Iraq over mechanisms to repatriate US businesses’ profits.
Fighting Corruption
Syed believes that it’s important to fight corruption in Iraq. Whatever initiative Iraq puts out, he hopes that US companies will compete on an open, standards-based way. Ultimately, they will be judged on deals closed. The US delegation left having pocketed an early win, with Syed noting that a deal had been reached with Iraq’s Health Ministry on cancer research and developing better cancer care.
Conclusion
Iraq has suffered so much in the past decade, but it’s now on the path to progress. The US private sector can be a force for good in Iraq, and there are many opportunities for investment. The environment in Iraq is conducive for US companies and entrepreneurs looking to invest there, and the recent delegation visit went some way to providing assurances. There are hurdles to overcome, but discussions are ongoing to normalize standards and repatriate profits. It’s important to fight corruption in Iraq and compete on an open, standards-based way. Ultimately, US companies will be judged on deals closed.