Industrial manufacturer Honeywell International said on Tuesday that it is opening a full-service office in Baghdad, and plans to open other offices in the country over the next few years.
The Baghdad office will supply technology solutions such as process automation equipment to Iraq's oil and gas industry, which is in the midst of re-construction.
The company said it is hiring local employees.
Iraq is home to the world's third largest proven reserves of crude. Oil exports account for more than 90 percent of its state revenue.
"Honeywell is uniquely positioned to play a key role in the reconstruction and development of Iraq," Norm Gilsdorf, president of Honeywell Process Solutions told Boston Globe. "We are committed to a full-scale presence in order to most effectively manage projects and build and nurture local relationships."
(Sources: MarketWatch, BusinessWeek, AKnews)