British Peer Calls for UK Investment in Iraq before Multi-Billion Pound Market is Lost to Far East
Baroness Nicholson of Winterbourne, Executive Chairman of the Iraq Britain Business Council (IBBC), has called on UK businesses to invest in Iraq or face losing out to more aggressive competitors from the Far East.
Despite an upsurge in terrorist violence Iraq’s oil wealth is powering double digit growth making it one of the world’s fastest expanding economies with multi-billion pound contracts in construction and other sectors like health, education and telecoms up for grabs.
Speaking at the Offshore Europe Conference in Aberdeen tomorrow (September 4th 2013) Baroness Nicholson will tell hundreds of the world’s oil and gas executives:
"If the UK doesn’t fight for lucrative contracts - you can be sure other countries will - and are doing so already.
"I am deeply saddened and frustrated Britain is so slow off the mark and losing out to nations in the Far East like South Korea and China who are investing billions in Iraq.
"Baghdad is also pushing ahead with mega defence contracts with Russia and the Czech Republic – Britain has a major defence industry, but so far the UK has been squeezed out.
"And other European countries like the French and the Germans are making major assaults on the Iraqi market. Why not the UK?
"Britain on the other hand has closed down its consulate in Basrah – Iraq’s commercial capital.
"I urge the British Government to reverse that decision."