Commerce Deputy Secretary Brings American Companies to Northern Iraq
First Official U.S. Government Business Development Mission to the Region
WASHINGTON—U.S. Commerce Deputy Secretary John J. Sullivan led the first official U.S. government business development mission of nine American companies to Northern Iraq, June 22-25. This mission is a strong indication that the Kurdistan Region of Iraq is open for business and that American firms are increasingly interested in trading with and investing in this region.
“It’s clear that Kurdistan is a place that is changing, growing and looking towards the future,” Sullivan said. “I’m impressed by the people of the Kurdistan Region of Iraq and the remarkable signs of economic progress in Erbil. Security and stability are increasing. Now is the time for American firms to explore and expand their businesses in this part of the world. Far too few U.S. companies are taking advantage of the favorable opportunities for U.S. goods, services and investment in this region.”
The business delegation included nine companies across the United States representing the agri-business, franchising, financial, medical, construction, logistics and engineering sectors.
Sullivan met with Deputy Prime Minister Omer Fattah Hussain, senior officials of the Kurdistan Regional Government (KRG), and private sector representatives to discuss ways to help the Iraqi economy grow, boost jobs and become more integrated into the global economy. Sullivan reaffirmed the United States’ support for the economic development of Iraq and stressed the importance of maintaining a highly favorable investment climate, including the need for the Kurdistan Regional Government to tackle the challenges of corruption and promote the rule of law. He said doing so will increase confidence in international businesses seeking to make long-term investments in this region.
In addition to his government meetings, Sullivan and the business delegation participated in discussions with Iraqi business leaders eager to do business with American companies, and toured historic cultural and modern commercial sites that highlight the remarkable progress made in the Kurdistan Region after decades of neglect.
“The United States is working with Iraqi authorities, including those in the Kurdistan Regional Government, to build a foundation that moves the Iraqi economy forward. This mission is an important step in strengthening U.S.-Iraqi commercial relations and underscores the Bush Administration’s commitment to a secure, tolerant, peaceful and prosperous Iraq,” Sullivan said.
U.S. companies and their partners have already planned more than $600 million in commercial investments in the Kurdistan Region in sectors as diverse as education, housing, and industrial goods.
Sullivan said that by working to integrate Iraq’s informal economy into a more open, modern system, the Iraqi government will be able to increase tax revenues, improve consumer safety, fight corruption, promote investment and advance the rule of law.
Background
Since March 2003, the Commerce Department has supported the Bush Administration’s efforts in Iraq by encouraging ongoing development of Iraq’s private sector and the Iraqi Government’s transition from a state-led economy to a modern, globally integrated free market. Today, the Commerce Department’s International Trade Administration has several full-time professionals to assist U.S. businesses seeking to find a foothold in the burgeoning Iraqi market. Their offices are located in Baghdad, Erbil, and Washington, D.C. The Commerce Department also has provided support to the efforts of the Departments of State and Defense by sending more than twenty professionals to serve in Iraq.
Companies with questions about the growing Iraqi market should contact the Commerce Department’s Iraq Investment and Reconstruction Task Force (IIRTF) in Washington, D.C. The IIRTF serves as an information clearinghouse for commercial opportunities in Iraq and advises U.S. companies on business strategies for the Iraqi market. For exporters, Iraq currently has a tremendous need for electrical generation equipment, engineering/design services, franchising, oil equipment, construction equipment, agricultural machinery, aircraft parts, , and other industrial goods. For investors, ground-floor opportunities are currently available in Iraq’s process of commercializing state-owned factories and the housing construction, agri-business, tourism and numerous other sectors. Interested companies should visit the IIRTF online at: www.trade.gov/iraq or contact IIRTF directly at: 1-866-352-IRAQ (4727) or IraqInfo@mail.doc.gov.
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Published on: 2008-06-27
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