A senior official of the United Arab Emirates (UAE) said the UAE would play a major role in channeling private investments to Iraq that was in urgent need of funds of reconstruction, local newspaper Gulf News reported Thursday.
The UAE had strong economic, political and cultural ties with Iraq and would help it develop its government and business infrastructure, Sultan Bin Saeed Al Mansouri, minister of Development and Public Sector, was quoted as saying.
"The UAE has a strong investment community representing more than 120 countries. ... We will help Iraq gain access to investment pools from across the world," he told an Iraqi business delegation headed by Iraqi Vice President Adel Abdul-Mehdi, who attended the First Iraq Business and Investment Conference that opened on Wednesday in Dubai.
Bilateral trade volume between the UAE and Iraq exceeded 8 billion U.S. dollars in 2006. With Iraq set for major reconstruction and economic revival, the figure could double in a few years, Al Mansouri added.
While addressing the conference, Abdul-Mehdi expressed optimism about the investment opportunities in Iraq despite the current security crisis in the country.
"There is a huge market supported by a population base of close to 30 million people. The country faces shortages in every sector of the economy, which guarantees adequate demand for all types of enterprises," he said.
Abdul-Mehdi encouraged people to invest in Iraq. "War and instability is not going to be a permanent feature. Iraq is going through a massive political and economic change and those who take risks will be abundantly rewarded," he said.
Source: Xinhua
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