News: Investment Promotion
IZDIHAR Advances the United States-Iraq Business Dialogue Iraq's Parliament Passes Crucial Investment Law Trade and Commerce Leaders, Government Institutions Vow to Work Together to Promote Investment in Iraq Iraq Investment Promotion Agency Completes First Investment Mission to Turkey Iraqi Trade Information Center Opens Iraq Investment Promotion Agency Opens IZDIHAR Facilitates Investment Promotion Training for Iraqi Officials Iraqi Businessmen Learn about Financing Opportunities for Investments Future Employees of Iraq’s New Investment Promotion Agency Undergo Training USAID Helps Create One-Stop-Shop for
Business Development in Iraq US and Iraq Sign Agreement
to Create Iraq Investment Promotion Agency USAID Sponsors Investment
Promotion Conference in Arbil Investment Promotion
Database Completed Iraqi Officials Visit Rebuild Iraq
2005 Expo
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IZDIHAR Advances the United States-Iraq Business Dialogue On December 11, 2007, the USAID-funded IZDIHAR project hosted a three-way video teleconference that advanced the United States-Iraq Business Dialogue – a process established in early 2007 by bilateral agreement between the US Department of Commerce and the Iraqi Ministry of Trade to facilitate private sector business growth in Iraq and to strengthen trade and investment ties between the two countries. High level representatives of major American companies like Nortel, Case New Holland, JP Morgan, Exxon, Pepsi, representatives of the US and Iraqi Chambers of Commerce, USAID, government officials from the US Department of State, US Department of Commerce and the Iraqi Ministry of Trade conferred in front of the cameras in Baghdad, Erbil and Washington, DC. “It was a historic moment – the first joint transcontinental video teleconference meeting of the US-Iraq Business Dialogue”, said Mr. Timothy Mills, President of the American Chamber of Commerce-Iraq and Chair of the US Section of the US-Iraq Business Dialogue, who attended the conference on the IZDIHAR premises. The participants in the conference discussed and approved a report of the Dialogue to the US Secretary of Commerce and the Iraqi Minister of Trade. The report provides advice and counsel to the American and Iraqi Governments through jointly-agreed recommendations on various topics that impact business ties between Iraq and the US. It is likely to be presented in February 2008 at a Secretarial-Ministerial Meeting with the Dialogue. Iraq's Parliament Passes Crucial Investment Law 17 October 2006 - In a serious bid to attract investment in a highly competitive global environment, the Parliament of Iraq passed on October 10th a new investment law which opens the economy of the country to investors all over the world along with local and regional businesspeople. The new law provides foreign investors with adequate legal protection and with the ability to repatriate capital and profit. It offers opportunities to apply for significant exemptions from taxes and duties for 10 years and possibly longer, and it highlights the need to facilitate the process of obtaining necessary licenses and permits. “It is great to have the new law, which gives us a clear frame and solid ground for promoting investment in Iraq”, said a senior official at the Iraq Investment Promotion Agency (IIPA). “We are expecting positive reactions by foreign investors, who have been interested and enthusiastic about doing business in Iraq. It is very beneficial for our agency and for the country”, said the official. The agency was established early this year with the support of the USAID-funded IZDIHAR project, which has also provided substantial technical assistance and counseling in the preparation of this crucial law. In a significant institutional development, the law establishes the National Commission for Investment (NCI), attached to the Office of the Prime Minister and headed by a Chairman with the rank of minister. NCI will be responsible for overseeing and executing Iraq’s investment policy. Trade and Commerce Leaders, Government Institutions Vow to Work Together to Promote Investment in Iraq 27 July 2006 – Several recently established Iraqi institutions focused on fostering foreign investment in Iraq presented their ideas and achievements to top Iraqi and American officials and industry leaders at a recent event in Baghdad sponsored by the American Chamber of Commerce. Dignitaries at the event, entitled “Recent and Coming Advances in Communication and Trade”, included Iraqi Minister of Trade Abdul Falah Al-Sudani, US Secretary of Commerce Carlos Gutierrez, US Ambassador to Iraq Zalmay Khalilzad, Iraqi government officials and business representatives from a number of companies invested in the communications, IT and construction sectors in Iraq. Presentations by the Iraq Investment Promotion Agency (IIPA), the Iraqi Trade Information Center and the Iraqi Association of Securities Dealers focused on past achievements and future plans. These organizations, with assistance from USAID’s IZDIHAR project, have played an active role in promoting Iraqi trade and investment interests in a number of high profile events, including the international “Rebuild Iraq” Fair in Amman and investment missions to Turkey. “The event was a good opportunity to present ourselves and brief the US Secretary of Commerce, the Iraqi Minister of Trade and other officials on our activities. It was very encouraging to see that our presentation was met with great interest. It made us feel that our agency is important, viable and effective”, said a representative of the IIPA. At the event, the American Chamber of Commerce and the USAID-funded IZDIHAR project, jointly committed to working together to forge close ties between US and Iraqi businesses. Iraq Investment Promotion Agency Completes First Investment Mission to Turkey 1 May 2006 – Officials from the Iraq Investment Promotion Agency recently completed their first-ever investment mission to Turkey where they met with executives from more than 100 companies interested in investing in Iraq. Just one month after opening its doors, the IIPA visited organizations in Istanbul, Izmir and Adana to establish cooperative relationships with major Turkish business associations and important chambers of commerce and industry. The mission was made possible with the assistance of investment promotion experts from the USAID-funded IZDIHAR project. IZDIHAR has been an active partner of the new agency by providing much-needed equipment, training and capacity building to the organization during the past year. The Iraqi delegation met with many leading organizations, including the Turkish Businessmen’s and Industrialists’ Association, the Turkish Foreign Economic Relations Board, the Turkish-American Business Association, the American Business Forum in Turkey and the Association of Turkish Travel Agents. The group also met with many private companies and was pleased to learn that opportunities for investing in Iraq is a topic being widely discussed in Turkish business circles and in the local media. Iraq traditionally has been a major consumer of Turkish products of all kinds and companies in Turkey are looking forward to regaining their position in the market. The Iraqis were eagerly received by the highest levels of the Turkish business and industrial community. Five organizations agreed to pursue investment opportunities in Iraq. The agency will be following up with them in the coming weeks. In addition, several chambers of commerce requested that the IIPA officials return to Turkey as soon as possible to speak with other companies interested in investing in Iraq. The Iraqi Investment Promotion Agency is the lead promoter for foreign direct investments that can help reinvigorate the country’s economy and lead to new job growth in Iraq. Iraqi Trade Information Center Opens 16 March 2006 – The new Iraqi Trade Information Center is now open in Baghdad and ready to offer its services to Iraqi business organizations. Iraq’s Minister of Trade and Minister of Industry and Minerals recently attended a grand opening for the facility, which is located at the Baghdad International Fairgrounds. The USAID IZDIHAR project, which is helping to develop Iraq’s private sector, worked closely with the Ministry of Trade to create the new organization, providing support for renovations and office equipment as well as ongoing training for its staff. Businesses are able to use the facility’s conference center, meeting rooms, Internet services, library, and training facilities and later this year will be able to access information online through the organization’s Web site. In addition to providing a range of services to business and industry, the opening of the new Iraqi Trade Information Center is expected to help stimulate trade and create jobs in Iraq. Iraq Investment Promotion Agency Opens 15 March 2006 – The Iraq Investment Promotion Agency recently opened for business at a renovated facility in central Baghdad and began its work to encourage domestic and international investment in the Iraqi economy. The agency was created as the result of an agreement last summer between USAID and the Iraqi Ministry of Planning and Development, which signed on behalf of six ministries in the Government of Iraq. USAID’s IZDIHAR project provided institutional support for the agency, equipment for the facility and training for its seven-person staff in how to manage the organization and promote investment in Iraq. Three Iraqi ministries – Planning and Development, Trade, and Industry & Minerals – supplied the initial staff for the agency. With the launching of the new agency, Iraq has now joined the more than 160 other countries with similar organizations that compete for approximately $7 trillion annually in foreign direct investment worldwide. The work of the Iraq Investment Promotion Agency is to stimulate economic growth through investment in order to create new jobs in Iraq. IZDIHAR Facilitates Investment Promotion Training for Iraqi Officials 17 January 2006 - USAID’s IZDIHAR project recently facilitated a training program to the United States for six future employees of Iraq’s new Investment Promotion Agency to meet with professionals of successful economic development organizations in South Carolina and Georgia and learn about how other agencies attract investment to their regions. “We learned that attracting capital is the secret behind a nation’s economic development,” said one member of the group. “By succeeding in doing so, the country will be more developed by establishing high tech industries, all school graduates will find good job opportunities and the government will be able to improve infrastructure and services – things which will in the end ensure high living standards and a better life.” The two-week training program included meetings with the Georgia Department of Economic Development, the South Carolina Department of Commerce, the South Carolina State Ports Authority, and the BMW USA manufacturing plant. The Iraqi officials will be part of a new Iraqi agency responsible for marketing Iraq as an opportunity for international investment that can lead to increased job growth and economic development in the country. Iraqi Businessmen Learn about Financing Opportunities for Investments 28 November 2005 - More than forty top businesspeople recently attended a seminar in Najaf to learn about available loan opportunities to fund development projects, equipment and machinery. The event, which was covered by three television stations, was sponsored by the Iraqi Economic Development Center and was the first event held at the new Investment Development Center in Najaf in the south of Iraq. Start-up funding for the Investment Development Center was provided by a grant from USAID’s IZDIHAR project. A representative from the Iraq Middle Market Development Fund gave a presentation on business loan opportunities from $500,000 to $5,000,000, followed by a question and answer session. The center, which will formally open in the next month, will serve four governorates – Najaf, Karbala, Hilla and Diwaniya – as it helps businesses develop tourism and investment in facilities for tourists in the holy site areas. Future Employees of Iraq’s New Investment Promotion Agency Undergo Training 31 October 2005 - Eight government workers from three Iraqi ministries recently received intensive training in Baghdad to become the first employees of the new Iraq Investment Promotion Agency, the independent organization that was created to encourage foreign direct investment in Iraq. The training, which was conducted by investment promotion experts from the USAID IZDIHAR project, helped provide state-of-the-art tools to the new agency staff in order to assist them in marketing Iraq as a site for international investment. The Iraq Investment Promotion Agency is expected to play a leading role in job creation and economic development in Iraq. USAID Helps Create One-Stop-Shop for Business Development in Iraq 26 September 2005 - USAID recently announced that it has reached agreement with the Government of Iraq to assist in the development of a new Iraqi Trade Information Center (ITIC), which will serve as a one-stop-shop for private firms seeking information about trade and investment opportunities in Iraq. Investment promotion consultants from USAID’s IZDIHAR project, which provides support for private sector development in Iraq, are working with the Ministry of Trade to create the ITIC. The new organization, which will be located at the Baghdad International Fair Grounds in Al-Mansour, includes a conference center, meeting rooms, business center services with Internet connections, training facilities, a business information library and an up-to-date, informative Web site. Scheduled to open by the end of this year, the Iraqi Trade Information Center will help stimulate trade, create jobs and offer a full range of facilitation services to business and industry. US and Iraq Sign Agreement to Create Iraq Investment Promotion Agency 21 July 2005 – USAID Administrator Andrew Natsios and Iraq’s Minister of Planning Dr. Barham Saleh signed an agreement in Amman, Jordan on July 10, 2005 to establish the Iraq Investment Promotion Agency, which will play a leading role in job creation and economic development in Iraq for years to come. The agreement commits USAID to equip the new agency’s staff and train them in how to manage the organization and how to promote investment in Iraq. Support will be delivered through USAID’s Private Sector Growth and Employment Generation initiative, whose staff had worked with the Government of Iraq to develop an investment promotion strategy that culminated in the signed agreement. With the creation of this agency, Iraq will join the more than 160 other countries with similar agencies that compete for approximately $7 trillion annually in foreign direct investment worldwide. In addition, the work of the new agency will help expand the markets for Iraq’s domestic products and services, stimulate economic growth, and create new jobs at home. USAID Sponsors Investment Promotion Conference in Arbil 23 June 2005 - The USAID Iraq Private Sector Growth and Employment Generation project was a major sponsor of the recent First Annual Iraqi - American Chamber of Commerce and Industry Conference for Investment Promotion in Kurdish Iraq. The conference, which was held in Arbil, attracted 450 businesspeople, government leaders, association professionals and private investors. This pioneering effort was designed to raise awareness about business opportunities in northern Iraq, create an atmosphere for networking, and share information on capacity development and training assistance programs. Investment Promotion Database Completed 12 May 2005 – The USAID Iraq Private Sector Growth and Employment Generation Project recently completed a study and database that identified 200 top U.S. companies with operations in the Middle East. This database will be a key information source for targeting appropriate companies that are likely to be interested in opening operations or investing in Iraq. This comprehensive database includes the details of the operations, services and products of these companies as well as the contact information for the person in the organization with responsibility for Middle East operations. The database will be one of the main resources for the new Iraqi Investment Promotion Agency, which the government is creating in order to consolidate investment promotion activities for the nation. Iraqi Officials Visit Rebuild Iraq 2005 Expo 17 April 2005 – Seven Iraqi foreign investment and privatization officials participated in the Rebuild Iraq 2005 Expo and Conference held April 4-7, 2005 in Amman, Jordan under the sponsorship of USAID’s Iraq Private Sector Growth and Employment Generation project. The purpose of the trip was to familiarize the officials with prospective investors’ interests and requirements for making investments in Iraq. While in Amman, Iraqi privatization officials also met with the Jordan Executive Privatization Commission. The Rebuild Iraq 2005 Expo, held at the Amman International Fair, brought together buyers, manufacturers, suppliers, and contractors - providing them with direct access to project directors, government bodies and a variety of decision-makers involved in the economic rebirth of Iraq. In conjunction with the Expo, a 2-day Conference entitled "Doing Business in Iraq" was held at the Grand Hyatt in Amman on April 5-6, largely attended by business representatives interested in contract opportunities in Iraq. A total of 986 exhibitors presented such products as: piping systems, steel bridges, wireless networks, security and CCTV products, mapping and aerial imagery, flour mills, plastics, HVAC systems, weather-sealing technology, concrete and mortar mixers, water and waste water treatment equipment. The exhibitors also included various firms providing services in engineering, transportation, manufacturing, and communications. Speakers included Jordan’s Minister of Trade and Industry Ahmad Hindawi, who opened the Expo, along with Iraqi Minister of Planning Mehdi Al Hafedh and Chairman of the U.S. Department of Commerce’s Iraq Investment and Reconstruction Task Force William Lash, both of whom stressed the importance of international businesses partnering with Iraqi firms to develop the sort of thriving private sector the country has not seen since the 1970s. |
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