Dr. Thair Feely, Director of Baghdad’s Investment Commission asserts that security concerns are ‘hyped’, that investors paying heed to fear mongering will only end up last in line. With over $300 billion [360 trillion Iraqi dinars] ready to be paid to any contractors who enter Iraq to help them build 5 million – yes, 5 million – homes, he reasons companies that move in now will secure their foothold in the market for decades to come.
The US troops pull-out generated increased fears of a renewed insurgency and in-fighting, and recent incidents have confirmed that those fears were in some part justified. And yet development seems to be gearing up, businesses are starting to thrive and deals are being signed. Iraq recently sold its aircraft from the dissolved Iraqi Airlines, and plans to invest more in rebuilding it afresh. France has made a highly publicized commitment to invest aggressively, joining Turkey who have already grown deep roots in the market over the last 5 years.
Prime Minister Al-Maliki never shies away from stating that the country is open for business and even Boris Boillon, the French Ambassador to Iraq, just recently reiterated his country’s support for the Iraqi government in its efforts to consolidate security and stability and achieve economic prosperity. Both even going so far as to meet in an open forum in Amman this November at an Iraq Housing Development Summit by IQPC to discuss these issues with Governors and Investment Chairmen from the 16 provinces .
Where then is the line? Will risk really outweigh reward or is there wisdom in waiting? Perhaps it all depends on who you ask.
Seneca dared us all when he mused that taking risk is not rationale but merely perception. We fail to venture into the unknown not because its difficult to succeed there, but rather that its our perception of difficulty that prevents a successful venture.
Who will win the risky run to establish themselves in the New Iraq? It seems only time will tell.
For more information contact:
Anthony J Permal
Online Communications Manager
IQPC
+971 4 360 2942
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