U.S.-ARAB CHAMBER SUPPORTS
IRAQ ECONOMIC DAY
Forum in Nation's Capital, Led by New
Iraqi Ambassador, Highlights Growing
Importance of U.S.-Iraq Commercial Relations
Today in Washington DC, the Commercial Attaché in the Embassy of the Republic of Iraq hosted an "Iraq Economic Day" forum to examine the evolving commercial relationship between Iraq and the United States. The event took place under the auspices of the Iraq Commercial Office, headed by Mr. Naufel Alhassan, Commercial Attaché, with participation by H.E. Dr. Jabir Habib Jabir, Iraq's new Ambassador to the United States, and. The forum brought together more than 100 government officials and private sector representatives, including member companies and leadership of the National U.S.-Arab Chamber of Commerce (NUSACC).
"In the aftermath of U.S. military withdrawal from Iraq, the bilateral relationship is evolving rapidly," noted David Hamod, President & CEO of the U.S.-Arab Chamber. "The commercial dimension has taken on greater importance than ever, with all parties looking to our respective business communities -- in America and in Iraq -- to step up to the challenge."
H.E. Dr. Jabir Habib Jabir, who presented his credentials recently to U.S. President Barack Obama, opened the forum. "This important meeting of Iraq Economic Day is held at a time when Iraqi-American relations are witnessing and experiencing a new phase of bilateral relations," he noted. "I wish in this context to quote my Prime Minister, who stated during his last visit to the U.S. that our future partnership with the U.S. will no longer involve military operations and military generals, but businessmen and companies."
He continued, "We are in need of committed partners who are prepared to support us in standing against challenges of terrorism and reconstruction of a country that suffered the heavy toll of dictatorships and wars."
Ambassador Jabir concluded, "I assure you, ladies and gentlemen, that the volume of business in Iraq is enormous -- especially in the fields of agriculture, industry and reconstruction -- which will avail all those interested an advantageous opportunity to enter the Iraqi market with a view to investing and participating in the reconstruction, which will receive the [full] support of the Iraqi government."
Ambassador Jabir's welcome remarks were followed by a statement read by Mr. Alhassan, Commercial Attaché, on behalf of H.E. Khairallah Hassan Babakir, Iraq's Minister of Trade. He said, "Despite the difficulties and challenges, Iraq is working toward building a solid and stable government that will provide to its people all the requirements of a secure life and to reduce the effects of deprivation and injustice left by years of dictatorship and war. Among the most important requirements of a modern state is to build a strong economy, benefit from the great wealth that is available in Iraq, and provide job opportunities for new generations."
The statement concluded, "Iraq is headed for great and promising opportunities with the approaching ratification of the largest budget in its history -- up to $100 billion. We believe that there is an important role to be played by U.S. and global companies in different sectors to assist our efforts to build our country and invest in its wealth."
Opening remarks were provided by two U.S. Government officials: Hon. Holly Vineyard, Deputy Assistant Secretary of Commerce for Africa, Middle East, and South Asia, and Hon. John Desrocher, Acting Deputy Assistant Secretary of State for Iraq.
"The U.S. Government firmly believes that America's leading companies have what it takes to succeed in the Iraqi market, and likewise possess the skills and technologies desired by the Iraqi people," noted Desrocher. "The State Department continually works to increase U.S. exports to Iraq, support U.S. business engagement in Iraq, and partner American and Iraqi companies -- all prominent themes during Prime Minister Maliki's December trip to Washington."
He concluded, "Iraq has enormous potential as it is just getting started in its efforts to rebuild its economy from years of conflict and decades of economic isolation."
Mr. Naufel Alhassan, Commercial Attaché, told forum participants, "Wherever you put your hand in Iraq, there is opportunity." He mentioned some challenges to doing business in Iraq, as stated in the Iraqi National Development Plan, but the advantages of entering this booming market far outweigh the disadvantages, he said. As one measure of the way U.S. business is picking up in Iraq, he said, his office has processed more than 12,000 certification documents since mid-2008.
He presented a historical view of the U.S.-Iraq trade relationship, focusing on the upward trends of recent years. As part of his responsibilities in the United States, Mr. Alhassan said, he has undertaken a number of "Iraq Road Shows" to communities across America. The most recent of these involved a trip to the States of Washington and Oregon, co-organized by the Iraq Commercial Office and the National U.S.-Arab Chamber of Commerce. The Commercial Attaché also highlighted the role of his office in promoting the recent Baghdad International Fair, which drew more than 80 U.S. companies and organizations -- the largest turnout of any national pavilion. This joint effort of the Iraq Commercial Office, the U.S. Embassy Commercial Office in Baghdad, the National U.S.-Arab Chamber of Commerce, and other entities resulted in the first U.S. presence at the Baghdad International Fair in nearly three decades.
A government panel discussed "2012 and Beyond: Vision and Plans." Panelists included Naufel Alhassan from the Iraq Commercial Office, Susan Hamrock Mann from the U.S. Department of Commerce, Andrew Snow from the U.S. Department of State, Christopher Crowley from the U.S. Agency for International Development, and John Sullivan (moderator) from the U.S.-Iraq Business Dialogue. Among the recent positive developments:
* In the past, the Government of Iraq provided services (only) in support of development projects. Today, that government puts "skin in the game" by providing co-financing.
* With a view to promoting jobs and economic growth, U.S. Government (USG) and Government of Iraq officials are working closely with the private sector in both Iraq and the United States.
* Both governments are placing a high premium on primary healthcare and basic education in Iraq, each of which have a profound impact on future quality of life.
* The USG has an enviable track record when it comes to "reverse trade missions," which bring Iraqis (and other nationals) to the United States. Since 2007, it was reported, Iraqis have attended 40 trade and industry shows in the United States.
Following remarks by government officials, private sector leaders discussed the role of business in strengthening the Iraq-U.S. relationship. Presentations were made by Lionel Johnson, Vice President for MENA Affairs at the U.S. Chamber of Commerce, Hussain Qaragholi, President of the U.S. Business Council in Iraq (USBCI), and David Hamod, President & CEO of NUSACC.
USBCI's Qaragholi described 2012 as a "year of opportunities and challenges" driven by the changed environment in Iraq, now a sovereign nation. He mentioned "Iraqization" programs to employ Iraqi nationals, for example, as well as intensified efforts to enforce Iraqi regulations. From a business perspective, he suggested, Iraq needs sovereign guarantees to promote trade and investment. Such guarantees could play a key role in meeting some of Iraq's reconstruction needs, Qaragholi said, which run in the hundreds of billions of dollars.
The Arab Spring has injected considerable uncertainty into economic relationships throughout the MENA region, Hamod said, but market demand is still very strong, and Iraq is an integral part of that growing demand. By the end of 2013, according to NUSACC research, exports of U.S. goods and services to Iraq are on track to exceed $8 billion, making Iraq the fourth largest destination in the Arab world for U.S. exports. This trend is reinforced by recent statistics from the U.S. International Trade Commission, which shows 62 percent year-on-year growth -- from $1.38 billion to $2.234 billion -- when comparing January to November 2010 with the same period in 2011.
Discouraging news from Iraq sometimes prompts us to lose sight of the medium- and long-term opportunities there, Hamod said, reminding forum attendees about Iraq's remarkable "trifecta": a combination of natural resources + human resources + strategic location. Like other major players in the region, Hamod noted, Iraq's demand drivers include infrastructure build-out, energy development, consumer spending, and investments in defense.
Chamber members are urging the Government of Iraq to adopt more business-friendly laws, Hamod said, that are geared toward promoting investment in Iraq's human capital and knowledge-based economy. We have all learned a lot in the past year, he concluded, "and one of the main lessons of the Arab Spring is that we need to listen more intently to our youth, the future leaders of tomorrow."
"In the aftermath of U.S. military withdrawal from Iraq, the bilateral relationship is evolving rapidly," noted David Hamod, President & CEO of the U.S.-Arab Chamber. "The commercial dimension has taken on greater importance than ever, with all parties looking to our respective business communities -- in America and in Iraq -- to step up to the challenge."
H.E. Dr. Jabir Habib Jabir, who presented his credentials recently to U.S. President Barack Obama, opened the forum. "This important meeting of Iraq Economic Day is held at a time when Iraqi-American relations are witnessing and experiencing a new phase of bilateral relations," he noted. "I wish in this context to quote my Prime Minister, who stated during his last visit to the U.S. that our future partnership with the U.S. will no longer involve military operations and military generals, but businessmen and companies."
He continued, "We are in need of committed partners who are prepared to support us in standing against challenges of terrorism and reconstruction of a country that suffered the heavy toll of dictatorships and wars."
Ambassador Jabir concluded, "I assure you, ladies and gentlemen, that the volume of business in Iraq is enormous -- especially in the fields of agriculture, industry and reconstruction -- which will avail all those interested an advantageous opportunity to enter the Iraqi market with a view to investing and participating in the reconstruction, which will receive the [full] support of the Iraqi government."
Ambassador Jabir's welcome remarks were followed by a statement read by Mr. Alhassan, Commercial Attaché, on behalf of H.E. Khairallah Hassan Babakir, Iraq's Minister of Trade. He said, "Despite the difficulties and challenges, Iraq is working toward building a solid and stable government that will provide to its people all the requirements of a secure life and to reduce the effects of deprivation and injustice left by years of dictatorship and war. Among the most important requirements of a modern state is to build a strong economy, benefit from the great wealth that is available in Iraq, and provide job opportunities for new generations."
The statement concluded, "Iraq is headed for great and promising opportunities with the approaching ratification of the largest budget in its history -- up to $100 billion. We believe that there is an important role to be played by U.S. and global companies in different sectors to assist our efforts to build our country and invest in its wealth."
Opening remarks were provided by two U.S. Government officials: Hon. Holly Vineyard, Deputy Assistant Secretary of Commerce for Africa, Middle East, and South Asia, and Hon. John Desrocher, Acting Deputy Assistant Secretary of State for Iraq.
"The U.S. Government firmly believes that America's leading companies have what it takes to succeed in the Iraqi market, and likewise possess the skills and technologies desired by the Iraqi people," noted Desrocher. "The State Department continually works to increase U.S. exports to Iraq, support U.S. business engagement in Iraq, and partner American and Iraqi companies -- all prominent themes during Prime Minister Maliki's December trip to Washington."
He concluded, "Iraq has enormous potential as it is just getting started in its efforts to rebuild its economy from years of conflict and decades of economic isolation."
Mr. Naufel Alhassan, Commercial Attaché, told forum participants, "Wherever you put your hand in Iraq, there is opportunity." He mentioned some challenges to doing business in Iraq, as stated in the Iraqi National Development Plan, but the advantages of entering this booming market far outweigh the disadvantages, he said. As one measure of the way U.S. business is picking up in Iraq, he said, his office has processed more than 12,000 certification documents since mid-2008.
He presented a historical view of the U.S.-Iraq trade relationship, focusing on the upward trends of recent years. As part of his responsibilities in the United States, Mr. Alhassan said, he has undertaken a number of "Iraq Road Shows" to communities across America. The most recent of these involved a trip to the States of Washington and Oregon, co-organized by the Iraq Commercial Office and the National U.S.-Arab Chamber of Commerce. The Commercial Attaché also highlighted the role of his office in promoting the recent Baghdad International Fair, which drew more than 80 U.S. companies and organizations -- the largest turnout of any national pavilion. This joint effort of the Iraq Commercial Office, the U.S. Embassy Commercial Office in Baghdad, the National U.S.-Arab Chamber of Commerce, and other entities resulted in the first U.S. presence at the Baghdad International Fair in nearly three decades.
A government panel discussed "2012 and Beyond: Vision and Plans." Panelists included Naufel Alhassan from the Iraq Commercial Office, Susan Hamrock Mann from the U.S. Department of Commerce, Andrew Snow from the U.S. Department of State, Christopher Crowley from the U.S. Agency for International Development, and John Sullivan (moderator) from the U.S.-Iraq Business Dialogue. Among the recent positive developments:
* In the past, the Government of Iraq provided services (only) in support of development projects. Today, that government puts "skin in the game" by providing co-financing.
* With a view to promoting jobs and economic growth, U.S. Government (USG) and Government of Iraq officials are working closely with the private sector in both Iraq and the United States.
* Both governments are placing a high premium on primary healthcare and basic education in Iraq, each of which have a profound impact on future quality of life.
* The USG has an enviable track record when it comes to "reverse trade missions," which bring Iraqis (and other nationals) to the United States. Since 2007, it was reported, Iraqis have attended 40 trade and industry shows in the United States.
Following remarks by government officials, private sector leaders discussed the role of business in strengthening the Iraq-U.S. relationship. Presentations were made by Lionel Johnson, Vice President for MENA Affairs at the U.S. Chamber of Commerce, Hussain Qaragholi, President of the U.S. Business Council in Iraq (USBCI), and David Hamod, President & CEO of NUSACC.
USBCI's Qaragholi described 2012 as a "year of opportunities and challenges" driven by the changed environment in Iraq, now a sovereign nation. He mentioned "Iraqization" programs to employ Iraqi nationals, for example, as well as intensified efforts to enforce Iraqi regulations. From a business perspective, he suggested, Iraq needs sovereign guarantees to promote trade and investment. Such guarantees could play a key role in meeting some of Iraq's reconstruction needs, Qaragholi said, which run in the hundreds of billions of dollars.
The Arab Spring has injected considerable uncertainty into economic relationships throughout the MENA region, Hamod said, but market demand is still very strong, and Iraq is an integral part of that growing demand. By the end of 2013, according to NUSACC research, exports of U.S. goods and services to Iraq are on track to exceed $8 billion, making Iraq the fourth largest destination in the Arab world for U.S. exports. This trend is reinforced by recent statistics from the U.S. International Trade Commission, which shows 62 percent year-on-year growth -- from $1.38 billion to $2.234 billion -- when comparing January to November 2010 with the same period in 2011.
Discouraging news from Iraq sometimes prompts us to lose sight of the medium- and long-term opportunities there, Hamod said, reminding forum attendees about Iraq's remarkable "trifecta": a combination of natural resources + human resources + strategic location. Like other major players in the region, Hamod noted, Iraq's demand drivers include infrastructure build-out, energy development, consumer spending, and investments in defense.
Chamber members are urging the Government of Iraq to adopt more business-friendly laws, Hamod said, that are geared toward promoting investment in Iraq's human capital and knowledge-based economy. We have all learned a lot in the past year, he concluded, "and one of the main lessons of the Arab Spring is that we need to listen more intently to our youth, the future leaders of tomorrow."
