LONDON: The security situation in Iraq is in a “good” position and the country is looking to develop and build its economy, according to a senior government official.
“That is why (we are making) all these contacts with the outside world, with the business communities in other countries, with companies (and) investors, inviting them to come to Iraq so that we can now build the economy. We are in a different stage,” Foreign Minister Fuad Hussein told Arab News.
He was speaking on the sidelines of his recent official visit to the UK, his first as foreign minister, the aims of which included strengthening ties with Britain and promoting what he described as promising opportunities for investment in his country.
Foreign Minister Fuad Hussein took part in a roundtable discussion at the Arab-British Chamber of Commerce in London. (AN Photo/Sarah Glubb)
“Within this framework, we are discussing economic ties, trade ties, but also the security and political situation in the Middle East, as well as encouraging British companies so that they can invest and can come to Iraq,” he added.
“I tried to give them a picture of the economic reality, of economic life in Iraq, and the development in the near future and how the Iraqi economy desperately needs investors from abroad, and I think the investors have got the chance to invest in Iraq in different fields.”
The sectors Hussein mentioned included agriculture, health care and education, and he also highlighted the need for Iraq to acquire “know-how and technology” from the UK. He said he hopes that through cooperation between Iraqi and British officials, more companies can be encouraged to be part of the process of building up the Iraqi economy.
Fuad Hussein highlighted the economic reality in Iraq and the development in the near future during the discussion. (AN Photo/Sarah Glubb)
Asked about Iraq’s relations with Gulf nations, Hussein said it has “very strong ties” with Gulf Cooperation Council member states, including Saudi Arabia, and with companies and the business communities in those countries.
“Because of the culture and the language, it is easier for them. And geography, of course — Iraq is a neighboring country. They can play an important role,” he said.
“I think after various visits to Riyadh and discussions with the officials there, we are expecting huge investment from all these countries, including Saudi Arabia.”
On the issue of oil markets, Hussein said Iraq is “committed” to the strategies agreed by OPEC and OPEC+ member states.
“We are loyal to the decisions that have been taken by OPEC and I think the happiness among OPEC and OPEC+ countries is going well,” he said.
During his two-day visit to the UK on July 3 and 4, Hussein met senior British MPs and officials to promote bilateral relations under the Iraqi-British strategic dialogue.
He also met representatives of the European Bank for Reconstruction and Development and the heads of British businesses, and took part in a discussion at the Arab-British Chamber of Commerce in London.
From international sanctions after the 1990-1991 Gulf War, the effects of the Iraq War that began with the US invasion in 2003 and continued until 2011, followed by the rise and spread of Daesh, Iraq has endured a lot over the past 30 years or so, said Ghazi Al-Attia, a British Iraqi property investor. Previously, there was an overwhelming fear of terrorism and concerns about a lack of security, he added, but the situation has changed.
“When you see people visiting Iraq for tourism, that indicates that the average person is happy to be walking in the streets” he said.
During the roundtable, attendees got the opportunity to ask the foreign minister questions and for one-to-one networking. (AN Photo/Sarah Glubb)
“What has happened since then is there has been production of oil, a great demand for consumables and regeneration, and for the development of infrastructure, and this creates opportunities internally and externally for investment to develop the country.
“This is really the main point that he (Hussein) was trying to drive at and by coming to these Western countries, he highlights what our previous situation was, the progress and the development that we’re now facing, and that there is room, space and a welcoming spirit for foreign companies and governments to be involved in this development.
“We welcome foreigners, we welcome investment, we welcome business, and the people in the country are very keen to work, so we have good expectations for the future.”
Fuad Hussein highlighted the promising opportunities for investment in various sectors of Iraq’s economy. (AN Photo/Sarah Glubb)
