Iraq invites Indian investments for rebuilding infrastructure

New Delhi, Feb 28 (PTI) Inviting Indian investments, Iraq today sought an active participation from India Inc in the rebuilding of the war-torn Gulf country. "... will look forward to seeing you enter the world of business and investment in Iraq and be part of our rebuilding and construction campaigns," Iraqi Deputy Prime Minister Rowsch Shaways said at an Indian industry chamber CII function here. He said Iraq needs investment in all sectors particularly housing. "We hope that through your visit we will strengthen economic and commercial ties in all sectors and will look forward to build up our contacts and cooperation with reputable and experienced Indian firms and businesses," Shaways said. India-Iraq bilateral trade has increased from USD 5.7 billion in indian fiscal 2006-07 (April-March) to USD 9.7 billion in 2010-11. The main export items from India to Iraq include metals, electronic goods, basmati rice, meat and machinery. Imports include crude oil, fruits and nuts, sulphur, wool and chemicals. Speaking on the occasion, Iraqi Trade Minister Kheer Allah Hassan Babkr termed the volume of bilateral trade between India and Iraq as "below potential". "Huge opportunities are available to increase trade. We want more imports from India. Iraq has huge economic potential," Babkr said, adding, "We invite Indian businessmen to have a chance of business and investment in new Iraq". He said that Indian diplomats have promised that they would stimulate Indian businessmen to explore business opportunities in Iraq. Elaborating on opportunities for investments, Sami Araji, Chairman, National Investment Commission of Iraq, said that Iraq would give tax benefits to investors for up to 10 years. Araji said that Indian businessmen can explore sectors like agriculture, machinery, power, health and telecommunication. Speaking on the occasion, India's Minister of State for External Affairs Preneet Kaur said that India will continue to work with Iraq in near future. She assured that Indian government would stand with Iraq and support its efforts to achieve its objective of becoming a peaceful and prosperous nation. Kaur said that the current bilateral trade of about USD 10 billion is much below the potential that exists. Further, the minister said that Indian government has welcomed Iraq's request to send 1,000 students for higher educating and research in India. Currently about 10,000 Iraqi students are there in India. PTI