But the process will not happen overnight. We must be honest with ourselves about the obstacles that still make Iraq a challenging place to do business. It is no secret that the country is going through a difficult period politically. This is creating uncertainty in the business community and puts at risk future investment. Without clear governance and a transparent business sector, Iraq’s economic future risks remaining forever just beyond reach. Overcoming trade barriers is a top priority, and the UK is working closely with the Iraqi authorities to address the most pressing concerns, be they legislative like the Hydrocarbons laws or bureaucratic like the visa and customs processes. We are doing what we can to help UK business work in this market, such as establishing a Visa Application Centre in Baghdad, officially opened by my colleague Lord Green in January.
What is also clear to me - despite much of the media narrative- is that Iraq is a country on the move. The opportunities are fantastic and the potential immense. The global energy market is relying on increasing Iraqi oil and gas production to meet future demand – the International Energy Agency forecasts that almost half of the increase in global demand over the next 25 years will be met by Iraqi oil. Without these new resources, markets will become more volatile, energy security will diminish and fuel poverty will extend across the developing world. Here in the UK, we fully understand that we are connected to a globalised world, and global markets. Nowhere is this more valid than in the energy field, where delivering reliable and affordable energy supplies to the UK, and globally, as part of the secure transition to a low carbon economy, remains a top Government priority. It is no overstatement to suggest that the success of Iraq in realising its ambitious energy strategy will be one of the key components of global economic growth over the coming decades. The UK stands by the Iraqi people in their efforts to achieve this, and is working in close partnership to promote a stable and prosperous future for all.
Mark Simmonds is the United Kingdom's FCO Minister for International Energy.
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