The Arab British Chamber of Commerce was delighted host a ministerial delegation from Iraq for a business roundtable on investment in Iraq on 21st October 2020.
The discussion chaired by Rt Hon Baroness Symons, ABCC Chairman, took place at the chamber’s premises and was screened live as a webinar.
The ministerial delegation visiting the chamber comprised H E Mr Ihsan Al-Saadi, Iraq’s Minister of Oil, H E Mr Mohammed Jasim, the Minister of Agriculture and Dr Suha Dawood, the Head of the National Investment Commission (NIC).
The event was organised in association with the Embassy of Iraq in London.
The Oil Minister described how Iraq was adopting a new approach to running its economy and was seeking to become a partner with foreign investors who were being offered greater scope for involvement.
The Agriculture Minister said that Iraq was a rich country in terms of natural resources and had been self-sufficient in food produce in the past.
He said that the new investment law enabled foreign investors to buy land for development of agricultural production.
The UK private sector was encouraged to invest in Iraq’s agricultural sector, the minister stated.
Major investment projects were available to UK investors in the agricultural industry. For example, Iraq was looking to manufacture agricultural equipment in the country, such as heavy vehicles used in farming.
Dr Suha Dawood highlighted the need for Iraq to diversify its economy and highlighted a recent white paper that recommended an increased role for the private sector in job creation and achieving sustainable growth.
She said that Iraq was seeking partnership with foreign investors and mentioned that the NIC acted like a one-stop shop for investor enquiries.
The high-level visit to London by the Iraqi ministerial team indicated that Iraq was open for business and eager to deepen trade and investment links with the UK.
For the ABCC, Mr Bandar Reda, CEO & Secretary General, pledged the chamber’s full support for Iraq and hoped to work closely to connect UK investors to the market.