Invest in Iraq' conf. is beginning of security, stability in region - KCCI chief

February 14, 2018

The (Invest in Iraq) conference is the beginning of a phase of security and stability in the region, said Chairman of Kuwait Chamber of Commerce and Industry (KCCI) Ali Al-Gahnim Tuesday.

This came in Al-Ghanim's opening remark of the conference, which is part of the overall Kuwait International Conference for the Reconstruction of Iraq (KICRI); held from February 12 to 14.

'Kuwait does not see the conference only as yet another experience that deep-seats Kuwait's Arab, regional and international role, but also as a pioneering endeavor in restoring pan-Arab relations, with an outlook to reconciliation.

The conference, organized by KCCI, will provide an opportunity for the private sector to be introduced to investment opportunities and promising venture-making environments in post-IS Iraq.

The (Invest in Iraq) is considered an investment singularity, with some 1,500 companies from 50 countries participating, which reflects these companies' optimism, noted Al-Ghanim.

All in here realize that the second day of KICRI (Kuwait International Conference for the Reconstruction of Iraq) represents its 'true economic pulse,' Al-Ghanim said, stressing at the same time the role of the private sector in this regard, with potential of development projects in Iraq booming.

On his part, Salman Al-Jimaili, Iraqi minister of planning, called on investors to enter the Iraqi market and explore opportunities and guarantees offered by the government, as well as business-friendly laws.

Meanwhile, Sami Al-Araji, head of the Iraqi National Investment Commission, said that food security was a priority for investment, as well as industrial and oil sectors.

He revealed plans of a road and railway network between Baghdad to Mosul, then linking it to China's 'Sild Road' project through Iran.

He added that Iraq is working on building some 25,000 housing units in many provinces as a first step for development.

Mouayed Makhlouf, regional director for the International Finance Corporation (IFC) in the Middle East and North Africa said IC is investing USD 1.7 billion in Iraq, in addition to being on the lookout for new investments.

IFC's Iraq office Zeyad Bader, on his part, noted that the Corporation launched its first project in Iraq in 2005 in cooperation with the Kuwait central Bank of Kuwait and an Iraqi lender.