Clinton urges U.S. companies to invest in Iraq

"Now, we are entering a new phase in our relationship with Iraq, and we are very committed to making a major civilian commitment to Iraq's future. We'll be opening, as you know, and running consulates in Irbil and Basra, we'll have civilian experts available to work with not only Iraqi counterparts, but also Americans and to support American businesses in the years to come, as we do in our diplomatic -- especially our commercial diplomatic work all over the world. And so it's time for the United States to start thinking of Iraq as a business opportunity. And the sacrifice that the Iraqi people have made for your freedom is one that we highly respect.

"According to the IMF, Iraq is projected to grow faster than China in the next two years. Now, let me repeat that, because when I read it I said, okay, are you sure because we always think of China as being the juggernaut? But no, indeed, Iraq is projected to grow faster than China."

She continued, "...Today, Turkish, Chinese, French, Jordanian, Iranian companies are lining up to do business. But very honestly, we see too few American companies alongside our soldiers and our diplomats. Iraqis are looking to rebuild every sector of their economy, not only their oil sector but agribusiness, transportation, housing, banking, and many others. For example, Citibank is now engaging with Iraqi financial institutions and working with corporations who wish to invest in Iraq. Now, I do not want to sugarcoat the difficulties. I think, among friends, we need to have an honest conversation about what is it we all need to do to realize these very positive projections.

"Now, one reason there are so many opportunities is because Iraq remains a tough environment. There are still significant security challenges, bottlenecks in infrastructure, unclear regulations, and, unfortunately, corruption. But as our Iraqi colleagues will tell you, they are working hard to make it easier to do business in Iraq for Iraqis and foreign investors alike.

"Now, each company will make its own decisions about the costs and benefits, but we want to go on record unequivocally in encouraging American business to begin that process, and we will do everything we can to support you in it. Our embassies and consulates will be hubs that support commercial activity in every region of Iraq. The State Department will work hard to champion American companies, including through events like this one. USAID, Treasury, the Departments of Energy and Agriculture, OPIC, Ex-Im, and many other agencies have unique and proven experience that we can bring to the table to work with you.