Jordan Times
Tuesday, April 13, 2004
Jordan's private sector asked to invest in Iraq
By Rami Abdelrahman
AMMAN — Iraqi officials and business consultants are soliciting Jordan's private
sector for assistance and investments in Iraq, saying business opportunities
abound and security is no issue.
Sondul Chapouk, a member of the Iraqi Governing Council told reporters in Amman
late Sunday, that the security situation in Iraq is “not that bad and they
should not fear establishing businesses there.”
“We do not feel any security threat in Baghdad ... I roam its streets unguarded
day and night ... investors can come to Baghdad and see for themselves,” said
Chapouk, one of three women members of the 21-member council.
At a joint press conference held by the Iraqi Governing Council and Iraqi
economy officials, Iraqi Investors Union Director Ra'ad Hamadani said his people
need to find jobs as soon as possible, in order to build security in the
war-torn country.
“Security comes when people feel secure in their lives” Hamadani said. He urged
Jordan's private sector to look more seriously at Iraq and help it reduce its
colossal unemployment rate of nearly 80 per cent.
According to Hamadani, there are lucrative opportunities in the fields of
technology, leadership training and electricity.
An Iraqi-American consultant retained by the Iraqi ministry of economy, appealed
for cooperation from investors in the region. “We have the brainpower, the
resources and the determination to have a better life, but we need Arab
investors to put their hands in ours,” he said.
A World Bank study showed that Iraq needs at least $100 billion to rebuild its
infrastructure. Until now, only $18 billion are expected to be available for
this purpose.
“But we can't wait for the world to grant us all this money, we should work
hand-in-hand as peoples to ease the Iraqi suffering and help the Iraqi people
get up again to establish a growth-oriented economy,” the consultant said.
Jordanian exports to the Iraqi market recorded an unprecedented $100 million
during the first two months of 2004. Exports to Jordan's eastern neighbour
totalled JD18.9 million ($26.6 million) in 2003.