By John Lee.
The governor of the southern Province of Basra, Khalaf Abdulsamad [Dr. Khalaf Abdul-Samad Khalaf] (pictured), is visiting the U.S. this week for talks with American firms considering investing in Iraq.
At a private luncheon hosted today by the Bilateral US-Arab Chamber of Commerce in cooperation with the United States’ Departments of State and Commerce, he addressed more than 100 local executives to outline investment opportunities in the Basra region for American firms:
"Our provincial income has expanded 500% over the past several years. This growth in revenue has exceeded the province's ability to manage and implement projects, so with this in mind, we are looking for expert consultants and quality companies that can help Basra fulfill and fully utilize our ever-expanding spending power."
Basra is currently Iraq’s most promising province for foreign entrepreneurs. In addition to federal government allocations, the province has its own budget which it draws from the so-called petro-dollar project.
Under the petro-dollar programme, Iraqi provinces are entitled to $2 for each barrel of oil produced from their oil fields.
(Sources: Azzaman, Business Wire)