American companies discuss potential of investment in Basra

BASRA / IraqiNews.com: The U.S. Commercial Attaché discussed with Basra‘s Investment Commission the real investment atmosphere in the province during a joint conference between the U.S. Chamber of Commerce and the Iraqis.   The discussions concentrated on cooperation to create a stage of partnership between local and American companies.   The head of Basra‘s Investment Commission Haidar Ali Fadhil declared that the U.S. delegation acquainted itself with the investment opportunities in the province through detailed studies.   He added that the conference was attended by eight American companies specialized in the fields of energy, industry, financing and others.   Fadhil disclosed that the province has two billion dollars allocated for infrastructure projects, which is available to all for establishing different projects.   He pointed out that many American companies were granted investment permissions, which working, now, in the vicinity of the city without foreign security protection.   On the other side, Basra‘s Governor Advisor for Housing Ali Abdul Kareem said that “local companies do not have the necessary expertise for bigger projects, particularly in the construction sector. In addition, local companies lack modern equipment and suitable financing, and we therefore rely on the foreign investor.”   He pointed to the importance of security stability in the province, which is a vital attraction factor for foreign companies.   “This is characterized with the participation of Chinese, Korean and Turkish companies in the province’s projects,” he elaborated. A Global Capital International representative declared that his company began its work in Baghdad one a year ago in the Baghdad stock exchange and financial market. “The main objective of the conference is to find real partnership between American and Iraqi companies in different fields,” a member of the U.S. Chamber of Commerce, Jason Seer, said. He pointed out that Basra‘s governor expected a real economic development in the province, which could be ideal for U.S. companies for their good quality products.   RM (TR)/SR   651