ITF EU Representative Dr Hassan Aydinli attended the Seminar INVESTMENT and BUSINESS OPPORTUNITIES IN IRAQ

ITF EU Representative Dr Hassan Aydinli attended the Seminar INVESTMENT and BUSINESS OPPORTUNITIES IN IRAQ  

7th October 2013 - BRUSSELS

* The reality of investment in Iraq

* The Partnership and Cooperation Agreement between Iraq and the EU in light of the political developments inside Iraq and the region

* Investment in Transportation

* Investment in Energy

* Opportunities and Obstacles

H.E. Mohammed Al-Humaimidi, Ambassador of the Republic of Iraq

H.E. Dr. Rowsch Nuri Shaways, Deputy Prime Minister of the Republic of Iraq

H.E. Mr. Didier Reynders, Deputy Prime Minister and Minister of Foreign Affairs, Foreign Trade and European Affairs of the Kingdom of Belgium

Mr. Pieter Jan Provoost, Director Carbon Energy Club - World Petroleum Council BE NC

Mr. Qiasar Hijazin, Secretary General of the Arab - Belgium - Luxembourg Chamber of Commerce

Mr. Ghassan Ejjeh, Vice-President of the Besix and member of the Board of Directors of the ABLCC

H.E. Dr Sami Al-Araji, Head of the National Investment Commission in Iraq

H.E. Dr. Ali Al-Sindi, Minister of Planning in the KRG

H.E. Mr Herish Muharam, Head of the Investment Commission in Kurdistan Region

Mr. Wafy Al-Bahash, Head of Al-Najaf Province Investment Commission

Mr. Christian Berger, Director for the Middle East and North Africa and Arabian Peninsula, EAS in the European Commission

Mrs. Michèle Deneffe, Director for the Middle East and North Africa, Ministry of Foreign Affairs, Brussels

Mr. Khalid Al Khero, Deputy Head of Department of Europe, Ministry of Foreign Affairs of Iraq

Prof. Dr. Bichara Khader, University Catholique de Louvain

Mr. Henrik Hololei, Head of Cabinet - Transport, European Commission

Mr. Albert Pegg, Senior Advisor at port of Antwerp

Mr. Michael Hager, Head of Cabinet-Energy, European Commission

Mr. Koen Van Peteghem, General Manager EMEA and the responsible for Iraq Projects at CG Holdings Belgium

Mr. Adel Hamid, Advisor of the Ministry of Electricity of Iraq

Mr. Hisan Al-Attar, Expert in the Ministry of Oil

Mr. Hoffmeister, Deputy Chair of Cabinet of Trade

Mr. Willy Gils, Vice-President sales and marketing and sales director of WATERLEAU

Mr. Selim Haddad, Commercial Manager Byblos Bank Europe

Mr. Waleed Eidi, Director General of the Department of Statistics/Central Bank of Iraq

Mr. Amer Farhan Al-Mohammedi, Chairman of Anbar Province Investment Commission

H.E. Mohammed Al-Humaimidi, Ambassador of the Republic of Iraq welcomed the speakers and participants to the Seminar.

In his speech H.E. Dr Rowsch N. Shaways, Deputy Prime Minister of Iraq said: " Our efforts continue to convert the nature of Iraq's economy from a unilateral (Reinter) economy to a productive economy. This we intend to achieve through a long term plan that aims at building a multilateral and prosperous economy, with increased focus on education and health sectors, driven and developed by several sectors, such as mineral, industry, energy, agriculture, tourism, and communications sectors, with special focus on education and health sectors. This in addition to giving sufficient attention to the main driver of the Iraqi economy and that is oil sector and associated industries."

Then, H.E. Dr Rowsch N. Shaways updated the participants on actions and steps taken in regards to Iraq's economy during this year.

He mentioned that Iraq launched the 2nd National Development Plan for the period 2013-2017 and he called upon those who are interested in investing in Iraq to familiarize with the plan as it provides essential information, development and investment indicators.

He said that the plan calls for investing some 357 billion US Dollars in various development projects over the coming four years. These projects are in the sectors of industry, energy, housing, services, agriculture, water resources, transportation and communication. According to the plan, 79% of the total projected investment amount will be born by the government and 21% will be through private investment.

H.E. Dr Rowsch N. Shaways said he is optimistic about Iraq's economy, that a general reading of the tentative resources will show that Iraq has about 530 geological installations, out of which only 115 have been drilled and 71 of those proved to contain huge oil reserves. Out of the 71 fields, only 27 have been utilized. In addition, geological information suggests that some province are rich with minerals both in terms of variety and quantities. These enormous potentials by having the third largest oil reserves internationally, ranking the tenth in having confirmed natural gas reserves and huge ability to produce oil derivatives at competitive prices, have enabled Iraq to enjoy a huge wealth, become an effective economic player internationally and a powerful regional competitor. In addition, Iraq possesses large capacities and expertise in the fields of Sulfur and Fertilizers and their associated industries. It also has huge reserves of Moonstone, which is considered to be among the purest in the world.