Iraq Seeks up to $700bn Investment in Infrastructure

Posted on 29 February 2012. Tags: Citigroup, india, Infrastructure, National Investment Commission, NIC, Sami al Araji
Iraq Seeks up to $700bn Investment in Infrastructure

Sami al Araji, chairman of Iraq’s National Investment Commission (NIC), has told a business audience in New Delhi that his country needs $500-$700 billion in investment to rebuild its infrastructure.

Araji compared the opportunities in Iraq to “Germany after the Second World War”, adding, “our message to the world is that we are open for business — there are huge opportunities”.

Iraqi officials conceded that violence was still a risk for investors, but security was improving in the country, Araji said. “I don’t deny there are security considerations but the situation is much better.”

Analysts say greater stability would encourage a surge of foreign investment into both the oil and non-oil economy.

Dennis Flannery, Iraq country head of global investment bank Citigroup, told the conference that the oil industry will throw up tremendous wealth that will transform Iraq, calling the country a “great frontier opportunity for investors.”

India and Iraq have traditionally enjoyed friendly ties and investment analysts see Indian companies as a natural fit.

(Source: Gulf News)