A delegation representing Indian companies is visiting Basra to learn about investment opportunities in the province, according to a report from Aswat al-Iraq.
“The delegation, which consists of a number of Indian companies, held talks with the second deputy governor, Ahmad al-Hasni, on Thursday, regarding investment opportunities in different fields in Basra,” the source told Aswat al-Iraq news agency.
Al-Hasni hoped to sign a memorandum of understanding relating to investment and trade.
A spokesperson from A.A.I.B. Insurance Brokers, a company specialising in Iraq commented: The Indian delegation is the latest amongst many foreign business visits to Iraq, and follows business missions from France, Turkey, Germany, the United Kingdom, etc. As the Indian economy is now the eleventh largest on the world by nominal Gross Domestic Product, it continues to strive to improve its levels of competition internationally and to boost its foreign investment, inwards and outwards.
Indian foreign direct investment in Iraq can involve a number of things besides physical establishment of commercial, retail facilities for example. It could involve the purchase of local businesses, the establishment of joint ventures, or the transfer of technologies and expertise. Interestingly India’s main industries are broad, encompassing telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, and machinery and information technology. Iraq has experience in all of these areas of course and it will be interesting to see in which sectors Indian entrepreneurs feel the most fruitful business opportunities lie.
Iraq, like other countries, competes to attract foreign investment. Further improvements in areas of security, governance, power generation, infrastructure and labour market flexibility etc. will improve its relative position and its attraction to investors.
(Photo credit: Dhirad)