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Iraq business opportunities and investments

 

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Iraq now open for business, says former ambassador

(28/02/08) Western companies risk losing out to emerging competitors if they delay investment in Iraq, according to the former Iraq ambassador to the UK. Dr Salah Al-Shaikhly, who served in London for over three years, says that companies from Eastern Europe, the Middle East and the Far East are now looking to capitalise on the many investment opportunities found within Iraq and that the established order needs to move quickly to avoid being left behind.

The former ambassador, now a leading commentator on Iraq, added that the media has played a major role in slowing investment, pointing to dominant coverage of problem-laded Baghdad as opposed to areas of relative peace and stability, such as the northern Kurdistan region and the south west. Dr Al-Shaikhly commended the Kurdistan Regional Government (KRG) for its bravery in signing oil agreements with international operators and further criticised those "driven by political bias" for discouraging the progress made within the oil sector.

"Critics assume that commercial companies are always trying to take unfair advantage of Iraqis and that we do not have the kind of technicians who are able to assess a commercial package - all of which is quite untrue," Al-Shaikhly added.

He also praised those companies prepared to move quickly in aiding the regeneration of Iraq, through infrastructure projects and investment in areas such as real estate and tourism.

Communications was described as a now flourishing sector, with the uptake in mobile phone subscriptions seen as a prime example of the progress made, while also noting that Internet access needed to improve significantly.

Dr Al-Shaikhly sounded a final note of caution by emphasising how businesses coming to Iraq needed to do their homework and should look to partner with established local Iraqi companies, while also being mindful of local rules and traditions.

Such focus on the tremendous investment opportunities available within Iraq comes following the news that Iraqi Minister of Industry Fawzi Hariri is looking to open up Iraq's largest non-oil industries to the global market. This process, described as the first step towards privatisation, will culminate in a large scale summit in Dubai on 19-20 April.

Source: Noozz

 

Iraq lawmakers approve new flag

 

old iraq flag(New flag on top).

By Kimi Yoshino, Los Angeles Times Staff Writer
January 23, 2008

BAGHDAD -- Iraqi lawmakers approved a new flag Tuesday, defusing a long-simmering dispute with the country's northern Kurds, who had refused to fly the national banner because of its connection to Saddam Hussein.

The temporary flag, a one-year stopgap until a more permanent design is selected, will no longer bear the three green stars representing the "unity, freedom, socialism" motto of Hussein's Baath Party. The former leader's handwritten "Allahu akbar" (God is great) will be replaced with an old-style Arabic font.

Kurds have long flown their own flag, a sun-splashed banner with bands of red, white and green. But the division between them and Iraq's Arabs escalated in September 2006 when Kurdistan regional President Massoud Barzani banned the national flag from being flown atop official buildings.

He had also said he would not raise the Iraqi flag in March for a pan-Arab meeting of politicians scheduled to be held in Iraqi Kurdistan.

But after 110 of the 165 lawmakers present approved the changes, Kurdish officials said the regional government would accept the new flag.

"We are glad for the change that was implemented to the old flag," said Fuad Hussein, Barzani's chief of staff. "We will raise this flag side by side the Kurdistan regional flag."

Parliament rejected three other options, which included changing the meaning of the stars to "freedom, justice and forgiveness," changing the color of the phrase "God is great" to yellow from green, or changing it to yellow outlined in blue. The addition of yellow would have been an acknowledgment of the sun on Kurdistan's flag.

Though lawmakers were able to strike a deal, they remain deeply divided on how to unite the central government in Baghdad and the semiautonomous Kurdistan regional government.

The Kurdish region in northern Iraq also has its own language and national anthem. It proclaims itself "the other Iraq," and Kurds consider themselves vastly different from their Arab neighbors.

The two factions continue to spar over the budget, the future of oil-rich Kirkuk and oil contracts Kurdistan officials have signed with foreign businesses despite the objections of the federal government.

"It's a gesture of good intentions and, honestly, it's a positive development," acknowledged Adil Barwari, a Kurdish member of parliament. "When the dictator has changed, the flag has to change."

Still, he said he was troubled by continued efforts to cut Kurdistan's proposed 17% share of the national budget. If the amount is reduced, Barwari said, he will vote against the spending plan.

Other parliament members who opposed the new flag said the changes might cause further problems.

"We feel that this matter is going to divide the Iraqis again," said Saleh Mutlak of the National Dialogue Council, a Sunni Arab slate that includes former Baathists. "It will reduce the stability of the country and increase the violence. It will separate the Iraqis more than they are now from the government."

He said the government should tackle more pressing issues, including the country's electricity crisis and problems with water treatment.

"They are not caring about the suffering of people, but they do care to take revenge for the past," Mutlak said.

Throughout the country too, Iraqis remained divided.

"This is literally a comedy," said Haseeb Mohammed, 33, a Sunni Arab in Mosul. "Is this Iraq's flag? What was wrong with it? What has changed? Nothing has changed. It's just a poor comedy charade to satisfy some sides. It's a conspiracy against Iraq and the Iraqi people."

But in the northern city of Kirkuk, residents were praising the move. "Thousands of people were killed and whole villages were annihilated by the fascist Baath regime and under the old flag," said Rizgar Khorsheed, a 55-year-old Kurd. "This change signifies that Iraq is treading toward democracy and the establishment of a federal country founded on justice and equality."

With the flag issue temporarily resolved, parliament might now address more important matters, said Waheed Khalil, a Shiite Muslim in Mosul.

"There are many problems that the Iraqi people are suffering from that the representatives should have taken care of," Khalil said. Now, he said, "I hope that our officials will look after the Iraqi people's needs and priorities."

Meanwhile, a suicide bomber pushing a small cart carrying an old water heater blew himself up in front of a high school in Baqubah, capital of troubled Diyala province. The blast killed one other person and injured 21 more, most of them teachers and students, police said.

Just south of Baqubah, police discovered seven dead family members. A joint patrol of the Iraqi army and police discovered the bodies of a father, his five sons and a cousin. All had been killed execution-style, with their bodies showing signs of torture, police said.

In Anbar province, police thwarted a female suicide bomber after receiving a tip that she might attack a checkpoint northeast of Fallouja.

kimi.yoshino@latimes.com

Times staff writer Saif Hameed and special correspondents in Baghdad, Kirkuk, Sulaymaniya, Ramadi and Mosul contributed to this report.

 

 

The inauguration of the first Iraqi tanker in 27 years

 

The inauguration of the first Iraqi tanker since 27 years

 

Translated by IRAQdirectory.com - 12/20/2007

Official spokesman for the Ministry of Oil said that the public company for Iraqi oil tankers will inaugurate the first Iraqi tanker within its fleet on Monday in an official ceremony.

The spokesman, Asim Jihad, said that the oil tanker (Tigris) will be the first in a fleet which the Ministry of Oil intends to establish after the public company for Iraqi oil tankers stopped work for over 27 years with the start of the Iraq-Iran war in 1980. He added, "the tanker (Tigris) is modern and with a cargo of 14 thousand tons; it is one of three tankers contracted on by the company with a Chinese company," noting that the second tanker is hopefully arriving during the next couple of weeks with a payload of 14 thousand tons and the third tanker, with a payload of 16 thousand and 800 tons, is expected in the coming months.

He said, "The company has taken all necessary precautions for the work of those pieces; it contracted with a Norwegian company to prepare studies for the advancement of this sector, the training of its cadres and to make it within the international specifications ( I.S.M.). It also contracted with a Swedish company for world specifications of tankers for the exercise of maritime activity." Jihad continued, "The Iraqi Company for tankers was founded in 1972 and has had 22 pieces, the smallest one is with a payload of one thousand five hundred tons and the largest with 155 thousand tons."

He pointed out that the tanker will transport oil from Iraq and imported oil derivatives into Iraq during the current phase. The Ministry has a plan to expand the fleet to include modern oil tankers and it has already contracted with Hyundai Company of South Korea to build a number of oil tankers to Iraq.
Prepared & Translated By:
IRAQdirectory.com Team Iraq Daily Business Updates

 


 

NEWS FROM IRAQ AS REPORTED BY THE UN - NOVEMBER 30, 2007

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Ban Ki-moon, Iraqi leader convene high-level talks on international assistance to Iraq

Permanent Security Council members, Iraq's neighbours, G-8 countries and regional organizations participate

We face numerous challenges in Iraq, and today it was clear that the time for determined collective action has come. This meeting has helped to promote a stronger partnership between the international community and Iraq. The United Nations is committed to supporting this partnership.

Secretary-General Ban Ki-moon in remarks at news conference
following the high-level meeting on Iraq - 22 Sept. '07
Secretary-General Ban Ki-moon (R), and Prime Minister Nouri Al-Maliki at high level discussions in New York.


"The United Nations looks forward to working in close partnership with the leaders and people of Iraq to explore how we can further our assistance."

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to ensure support from the UN system to the implementation of Compact commitments towards a peaceful Iraq

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» Mid-year progress report



International Reconstruction Fund Facility for Iraq

To ensure swift, flexible, and coordinated donor financing for priority investments in Iraq , the UN and the World Bank created theInternational Reconstruction Fund Facility for Iraq (IRFFI).

UN Development Group Iraq Trust Fund
The UN Development Group (UNDG) Iraq Trust Fund (ITF) is one of two funds that make up the IRFFI. The IRFFI is funding the reconstruction and development activities of the 16 UN agencies operating in Iraq (UNDGITF).

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International Advisory and Monitoring Board (IAMB)
- An audit oversight body for the Development Fund for Iraq (DFI)
- DFI was established pursuant to Security Council Resolution 1483

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The UN stands ready to actively assist the Iraqi people in the "crucial endeavor" of stopping the violence and promoting national accord.

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• Key tasks outlined in resolution 1546


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UN agency reports death of 2 Palestinian refugee children in Iraq - 30 November

One-third of adults in rich nations are ignorant about AIDS, UN-backed study finds - 29 November

Iraqis returning from Syria, UN agency confirms - 29 November

UN-backed drive against gender-based violence spotlights 5 ‘underreported’ stories - 27 November

UN refugee agency cautious about returns to Iraq - 23 November

 


Small Business Development Centers Programs

October 2, 2007


The Iraqi Association of Securities Dealers implemented the pilot stage of the Small Business Development Centers (SBDC) Voucher Program.

The participants had been selected by the District Advisory Council (DAC) of Karrada, and their attendance fee was paid for with vouchers purchased by U.S. Army units.

Two months after the start of the program the vouchers are already contributing to the financial sustainability of the IASD. The number of coupons - whose intrinsic value is $125 - purchased in August rose to 205. Additionally, 185 vouchers were obligated by three embedded Provincial Reconstruction Teams (ePRT) and one ministry of the Iraqi Government, and the demand seems to be growing.

"The Karada and Nine Ni