Baroness Emma Nicholson,

Ladies and Gentlemen distinguished guests,

On behalf of the Iraqi Embassy, the Ambassador Dr Salih Al Tammimi would like to thank Baroness Nicholson for this opportunity to speak with you briefly tonight. The Ambassador apologises for not been with us here tonight because he is outside London.

Ladies and gentlemen,

The recent bomb attack on Karada district in Baghdad killed more than 292 citizen and wounded 200 more, destroyed hundreds of shops and residential flats and has left the country in a state of shock. This is another horrific, savage attack by Daesh. This attack is the first attack since recapturing Falluja a week before the attack. This is a reminder that war on terror is not over. This attack will not prevent our efforts to stand together with our friends around the world against terrorism.

Baroness Nicholson, thank you for your good work and efforts and achievements in helping Iraq always, trying your best to encourage business and investment in Iraq.

I would like to mention that Iraq has good economic potential and a good amount of trade exchange with neighbouring countries, that it has multiple commercial outlets and a border overlooking six neighbouring countries, making trade with Iraq open, successful and with multiple choices.

Iraq has a wealth of natural and abundant raw material resources that qualifies Iraq to be a strong and influential economy in Middle East and in the world.

The circumstances and challenges which faces Iraq, that of war on Daesh and the falling oil prices, in addition to years of sanction Iraq faced before 2003 that prevented Iraq from developments and kept Iraq staying behind in all sectors and in transferring the technology and scientific development, makes Iraq in need of all new types of technology.

The government is taking major steps to resolve some of the challenges, the possibilities to include diversifying Iraq’s income sources, activating the private sector, privatising the public sector and implementing effective programs to combat corruption. The government needs to focus more on non-oil income sources, such as tourism (organise visits to holy places), agriculture, industry and petrochemicals. Privatisation would allow the government to oversee economic activity and end corruption. The government also needs to adhere to the guidelines of international integrity and anti-corruption institutions such as the Global Financial Integrity.

The only way out of the current crisis is for the government is to develop large-scale economic plans that the people of Iraq can contribute to and benefit from.

We encourage companies and businesses to invest in Iraq and support us to rebuild the areas liberated from Daesh starting with demining at first place. The economy sector in Iraq is in need of expertise from British companies and institutions to support the efforts of the Iraqi government in rebuilding the infrastructure and encouraging foreign investment.

Investment opportunities in Iraq today vary in terms of type, size, scope, sector, and purposes. The door is wide open for all investors who wish to have projects in Iraq that would meet the growing needs of the Iraqi population. Iraq has many factors that would attract capital investments. The availability of natural resources like oil, gas and land, plus the human resources. And the sizeable Iraqi market and geographic position, create opportunities for import and export. These attracting factors reflect the diversity of investment opportunities in different economic sectors. Such features and characteristics create favorable opportunities that will attract investors, suppliers, transporters, developers, producers, manufacturers, and financiers to encourage new projects, develop markets and boost business relationships for mutual benefit.

Finally, I’d like to say that the need for Iraq to stimulate investment in various sectors is considered to be part of the reforms which are already underway.

We believe that the IBBC can play an important role in introducing British businessmen and investors to the Iraqi market, who can promote the available investment opportunities in Iraq in different aspects.

I would like to thank you again and wish you successful meetings and hope you have a good time and enjoy the rest of the evening.