Lord Howell of Guildford, Minister of State at the Foreign & Commonwealth Office, stressed the importance attached by the UK government to developing its relationship with Iraq. “Fundamental to this relationship is building on our trade links,” he said. He noted that Iraq has “huge economic potential” with its history of innovation, the fourth largest hydrocarbons reserves in the world, population of 30 million and largely untapped mineral resources, noting that it attracted $42 billion of foreign investment in 2010. With its GDP outpacing that of China Iraq is “poised to take off” as it seeks to overcome decades of conflict and underinvestment, he said. “The combination of rebuilding and modernising infrastructure; developing the provision of public services; guaranteeing better security and training the population in the range of skills needed in a modern economy will offer excellent opportunities for British companies prepared to enter the Iraqi market,” he added, noting the contribution of British companies such as Shell, BP, Foster Wheeler and Petrofac. “There is opportunity for British businesses to do more.” The UK will continue to offer support to put Iraq back at the centre of the global economy, he concluded.
HE Mr Herish Muharam, Chairman, Kurdistan Board of Investment, acknowledged the role of the Middle East Association in championing trade with the Kurdistan Region and the rest of Iraq since 2006. Despite a slow start, British companies have been catching up in the past year, he said. The UK has the third highest number of firms registered with the KRG Ministry of Trade and Industry, and had one of the largest pavilions at the Erbil International Trade Fair. British expertise is sought in areas including electricity, water, road transport, health, education, banking and finance and engineering. “Where British firms may not be able to compete on price, you can provide consulting, project management and project finance services, and partner with local contractors,” he said, stressing the Kurdistan Region’s affinity with the UK. The Kurdistan Region will continue to boom over the next two to three years, he said, noting the success in attracting foreign investment and adding that the Kurdistan Investment Law is one of the most investor-friendly in the Middle East.
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