RD: A large number of investors, who wish to enter the Iraqi market, suffer from the lack of information.
What is the best solution to overcome this obstacle?
GJ: The structures to provide information exist in the National Investment Commission and the provincial Investment Commissions i.e. Basra Investment Commission........... they provide limited information to investors and until they operate together as investment promotion agencies and not investment control agencies information will always be limited and be seen as an added cost to an investor.
The INIC should be a single point of information for investors.
RD: There were many conferences about the investment in Iraq, yet they weren’t effective enough.
How can this sort of conferences be a proper trading environment for Iraqi businessmen and foreign investors?
GJ: The information provided at the conferences is limited in depth and only operate as a shallow pool of information for attendees. They do serve a purpose: 12 months ago it was difficult to have a conference discussing Iraq and fill the seats, now there are 9 conferences between now and the end of November.
This is indicative of the massive interest in Iraq and its development – but they will never provide a trading environment – this needs to be done in Iraq and will depend on many other players, not least the banking system in Iraq maturing.
RD: It is an irony that Iraq suffers from high rates of unemployment, especially amongst university graduates, at a time when foreign companies strive to get qualified human resources.
How do you envisage the solution to this problem?
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