IBBC and the Southern Governorates

Zubair Sherba of the Najaf chamber of commerce had a similar message: the provincial council were aware of the challenges cutting through red tape to do business and were willing to work with investors to overcome these problems.

Najaf, he said, was booming from religious tourism, a truism since for a number of years now visitors to the city have remarked how well it is doing, compared to other areas.

Mr. Sherba noted that it was not only Shi’a religious tourism that was providing opportunities for new investment: the Shrine of Imam Ali is thought by some to be the burial place of Adam and Noah from the Bible, another example of how Iraq’s religious history shows us the intersection of the Abrahamic religions.

Sadeq Hashem Fadhil, of the Babylon chamber of commerce began by outlining his province’s famous archaeological heritage, visible today at the site of the ancient Biblical city of Babylon, an area being promoted by the province as a major tourist attraction.

Elsewhere in Babil, he reminded us of one of Iraq’s big post war success stories, the truck and car factory at Iskandariyah, which has seen investment from Volvo, Scania and Iran’s Khodro company, more recently attracting interest from South Korean auto firm Kia Motors. Iraq’s best performing state owned textile factories were in Babil, he said, and the government are seeking to privatise them as part of a review of 67 SOEs (State Owned Enterprises.)

From the Basra Investment Commission, Ali Chasib concluded remarks from the Iraqis, noting his optimism at the creation of the Basra Investment Company and the recent alteration of tax laws which offer investors 3 tax free years, among other incentives.

Although the city faces a host of challenges, Chalib said private and public partnerships are growing and the local economy benefits from good security and rapidly growing Internet penetration.

Chasib was keen to announce that the province will launch a new website in English with lists of investment opportunities, in a city that is home to nearly two million Iraqis, with as much as 60% of Iraq’s oil and gas reserves located in the province.

Mega projects are still being planned and Basra is only a short drive away from the forthcoming Arand Free Trade Zone in Iran, which could yield new opportunities when relaxed sanctions take effect.

In the Q & A at the end, someone remarked how much more business they would like to do in Iraq, noting that investment laws had improved--for example, new commercial courts could be a big development.

But he lamented the slow process of obtaining visas in the south. It’s worth pointing out this is not always the case -- citing an emergency change of plans, I was able to obtain a visa in just 5 working days. The key is building relationships with Iraqis, being patient and persevering -- the unwritten rule of working in Iraq.

With that in mind, there are still many opportunities to explore in the south for those willing to “do the legwork” and find the right contacts. Once again the IBBC have shown they are providing the best forum in the UK for these opportunities.

If you have any questions or comments on this story please Email: [email protected]