Tuesday, September 18, 2007
Turkish investors leave n. Iraq in fear of Turkish incursion
Region
(Azzaman) - Many Turkish investors are leaving northern Iraq in droves amid fears of a massive Turkish military operation into the Kurdish region to dislodge Turkish Kurdish rebels there. Turkish businessmen flocked to northern Iraq where Iraqi Kurds have set up a semi-independent enclave which is relatively quiet and peaceful in comparison to the rest of the country. And to lure foreign investors, the Kurdish administration has passed legislation that makes it easy and profitable to do business in the region.
Turkey has topped foreign investors, spending nearly $5 billion a year on a variety of projects. The influx of investments is visible in major urban centers such Dahouk, Arbil and Sulaimaniya. Kurdish authorities say nearly 10,000 Turkish workers have been involved in developing the region. Many of the reconstruction projects such as new roads, buildings and bridges have been done by Turkish contractors. Shops brim with Turkish goods particularly in Dahouk.
But analysts warn that the ‘Kurdish-Turkish business honey moon’ is coming to its end with Ankara warning of an imminent military campaign unless Turkish Kurdish rebels are forced to stop attacks. Residents in Arbil say they have noticed a drop in Turkish commodities in shops and a plunge in the numbers of visiting Turks.
A Turkish campaign is bound to destabilize the region and Kurdish leaders fear it may leave a power vacuum which al-Qaeda may rush to fill as it did with the central parts of Iraq. But Massoud Barzani, the President of the semi-independent Kurdish region has praised economic ties with Turkey, saying that “crises with Ankara will not affect bilateral cooperation.”
Turkey has topped foreign investors, spending nearly $5 billion a year on a variety of projects. The influx of investments is visible in major urban centers such Dahouk, Arbil and Sulaimaniya. Kurdish authorities say nearly 10,000 Turkish workers have been involved in developing the region. Many of the reconstruction projects such as new roads, buildings and bridges have been done by Turkish contractors. Shops brim with Turkish goods particularly in Dahouk.
But analysts warn that the ‘Kurdish-Turkish business honey moon’ is coming to its end with Ankara warning of an imminent military campaign unless Turkish Kurdish rebels are forced to stop attacks. Residents in Arbil say they have noticed a drop in Turkish commodities in shops and a plunge in the numbers of visiting Turks.
A Turkish campaign is bound to destabilize the region and Kurdish leaders fear it may leave a power vacuum which al-Qaeda may rush to fill as it did with the central parts of Iraq. But Massoud Barzani, the President of the semi-independent Kurdish region has praised economic ties with Turkey, saying that “crises with Ankara will not affect bilateral cooperation.”
Labels: business, Kurdistan, PKK, Turkey
Tuesday, August 28, 2007
Iraq Business and Investment Conference to take place Aug. 28 to 30 in Dubai
Conference
(PortAl Iraq) - The Iraq Business and Investment Conference (IBIC) will take place at the Radisson SAS Hotel in Dubai on Aug. 28 to 30.
The first of three conferences, the first IBIC's attendees will include companies based in Southern Iraq looking for investors; entrepreneurs with plans to start a business in Southern Iraq; Iraqi government officials responsible for many aspects of investment in Iraq, including investment laws and publicly-private investment partnerships; and investors, both domestic and international, seeking opportunities to invest in businesses in Southern Iraq.
According to the U.S. Commercial Service of the U.S. Department of Commerce, the IBIC will be a venue for companies with clearly defined projects in need of outside financing to meet with qualified investors. Investment opportunities will range from smaller businesses in need of a minimum of $1 million in financing to large enterprises seeking $200 million. No specific industry is targeted. Instead, the conference is focused on clearly defined investment opportunities that are ready to move forward immediately.
The conference will also include discussions on the investment environment and related laws in Iraq. The second and third IBIC conferences will take place later this year and will focus on investment opportunities in Central and Northern Iraq.
The first of three conferences, the first IBIC's attendees will include companies based in Southern Iraq looking for investors; entrepreneurs with plans to start a business in Southern Iraq; Iraqi government officials responsible for many aspects of investment in Iraq, including investment laws and publicly-private investment partnerships; and investors, both domestic and international, seeking opportunities to invest in businesses in Southern Iraq.
According to the U.S. Commercial Service of the U.S. Department of Commerce, the IBIC will be a venue for companies with clearly defined projects in need of outside financing to meet with qualified investors. Investment opportunities will range from smaller businesses in need of a minimum of $1 million in financing to large enterprises seeking $200 million. No specific industry is targeted. Instead, the conference is focused on clearly defined investment opportunities that are ready to move forward immediately.
The conference will also include discussions on the investment environment and related laws in Iraq. The second and third IBIC conferences will take place later this year and will focus on investment opportunities in Central and Northern Iraq.
Labels: business, Dubai, IBIC, investment, Iraq Business and Investment Conference, southern Iraq
Monday, March 05, 2007
U.S. looks to restarting Iraqi businesses
Industry
(Al Jazeera) The Pentagon's deputy under secretary for business is touring Iraq with about 45 US business figures looking at ways to restart businesses crippled by the US-led invasion of 2003. Paul Brinkley is evaluating industries to find ways to get Iraqis back to work and reduce sectarian violence, thus assisting the US forces in the country.
Brinkley said on Saturday, while in Baghdad, that many dormant state-owned factories would start firing up again "within months". Already, a plant producing vehicles has reopened in Iskandiriya, 40km south of Baghdad, providing job opportunities for locals. "Others will soon follow," he said.
Brinkley told journalists that economic growth could help quell the city's sectarian violence. "There is a recognition that security and economic prosperity go hand in hand, and that unemployment in Iraq is contributing to the frustrations of people and creating sympathy for insurgents." Since US-led forces entered Iraq in 2003 to overthrow the government of Saddam Hussein, most factories have been lying idle or operating at very low rates of production, he said.
(Al Jazeera) The Pentagon's deputy under secretary for business is touring Iraq with about 45 US business figures looking at ways to restart businesses crippled by the US-led invasion of 2003. Paul Brinkley is evaluating industries to find ways to get Iraqis back to work and reduce sectarian violence, thus assisting the US forces in the country.
Brinkley said on Saturday, while in Baghdad, that many dormant state-owned factories would start firing up again "within months". Already, a plant producing vehicles has reopened in Iskandiriya, 40km south of Baghdad, providing job opportunities for locals. "Others will soon follow," he said.
Brinkley told journalists that economic growth could help quell the city's sectarian violence. "There is a recognition that security and economic prosperity go hand in hand, and that unemployment in Iraq is contributing to the frustrations of people and creating sympathy for insurgents." Since US-led forces entered Iraq in 2003 to overthrow the government of Saddam Hussein, most factories have been lying idle or operating at very low rates of production, he said.
At the same time, he said, his department is involved in efforts to connect international entrepreneurs with Iraqi business leaders so that private concerns and factories can be jolted back to life. He and his group had travelled around Baghdad and the provinces or districts of Anbar, Iskandiriya, Arbil and Diyala, meeting business leaders, farmers and others from across the social and economic spectrum.
Labels: business, economic growth, Paul Brinkley
