Wednesday, May 09, 2007


$300 bn. needed for Iraq reconstruction

(Iraq Directory) - An Iraqi lawmaker has urged foreign firms attending an international reconstruction fair in Jordan to help rebuild his battered country. "Iraq needs more than 300 billion dollars for reconstruction in all fields -- oil, economy, industry, agriculture, infrastructure," said Yunadem Kanna, a member of Iraq's parliamentary commission on the economy, investment and reconstruction.
"Iraq is a huge market that needs expertise and technology in order to take its seat among world countries," he said at the opening of the 4th Rebuild Iraq international trade fair which lasts through Thursday. "There are security problems but we have safe areas in the north and the south, and there is an investment law that gives foreign firms many benefits," he said.
More than 700 Arab companies and foreign firms from Iran, China, Egypt, France, Germany, Italy, Japan, Russia and Saudi Arabia are at the fair. Observers believe Iraq has great potential because of its abundant oil and gas resources. Last week the leaders of more than 50 countries agreed at an international conference at Sharm al-Sheikh to fund Iraq's reconstruction if the embattled nation meets certain economic benchmarks.

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