UK conference to boost investment in Iraq

30 April 2009

The Iraqi Prime Minister, Nouri al-Maliki, met the UK Government and
international business leaders today at a major conference to discuss
investment opportunities in Iraq.

The conference - Invest Iraq 2009 - comes on the day the UK military
begins its departure from Basra and marks a turning point in UK-Iraqi
relations from a military focus to one of trade, investment,
co-operation and educational exchange.

International Development Secretary, Douglas Alexander, arranged the
event to promote new investment and trade opportunities in Iraq,
inviting over 200 of the world's biggest companies and prominent figures
from the Iraqi Government.

It is hoped the conference will help establish long-term partnerships
between UK, international and Iraqi businesses.

The conference has attracted significant interest from the business
world with attendees including Shell, BA, BP, GlaxoSmithKline, Vodafone,
Rolls Royce and JP Morgan.

The interest shown is further recognition of the transformation in Iraq
with improvements in security over the last year creating a more stable
economic environment.

The conference also marks the culmination of the Department for
International Development's (DFID) efforts to promote investment, which
has resulted in proposals worth up to USD $10 billion.

Speaking at the conference Douglas Alexander said:

"Today is an historic day in UK-Iraq relations as the military-led phase
of our engagement in Iraq ends, and we look to a future based on close
economic and cultural ties. This shift has only been possible due to the
hard work and sacrifices of both the UK military and civilians over the
last 6 years, and our Iraqi partners.

"Huge improvements have taken place, and are continuing to take place
across Iraq, and the Iraqi people are now looking to the future with a
sense of optimism. But the country needs more international investment
to generate jobs and economic growth - which will be key to setting Iraq
on the path towards long term prosperity.  There are exciting
opportunities not only in oil but in many sectors such as
infrastructure, manufacturing, telecoms and services.  The range of
companies attending today's conference shows just how much interest
there is and I hope we will see new and increasing investment over the
coming years."