Iraq seeking Japanese investment as reconstruction enters new phase

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TOKYO, July 10 Kyodo -
The Iraqi government on Friday called for more assistance from Japan in the
areas of trade and investment as Iraq has entered a new phase of its
reconstruction, while praising Japan's involvement in global efforts to rebuild
the war-torn country, Japanese officials said.
At a meeting with executives of a large number of Japanese firms, visiting
Iraqi ministers also stressed that it is safe for businesses to return to the
Middle Eastern country, the officials said.
During a series of talks with the Iraqi delegation this week, the Japanese
government pledged its support to companies willing to invest in Iraq, they
added.
Japanese Foreign Minister Hirofumi Nakasone held talks with the Iraqi
delegation led by Oil Minister Hussain al-Shahristani, and Industry and
Minerals Minister Fawzi Hariri. Japanese Economy, Trade and Industry Minister
Toshihiro Nikai met the delegation Thursday.
The Japanese and Iraqi ministers confirmed the need to upgrade economic
relations between the two countries, with the Iraqi ministers promising to
support Japanese firms operating in Iraq and to continue making efforts to
improve security in the country, where insurgent attacks are continuing, the
officials said.
The Japanese side said that in order to boost bilateral trade as well as
investment by Japan, Tokyo is ready to cooperate with Baghdad in upgrading the
insurance framework for such business activities, they said.
Iraq acknowledged that Japanese companies that had offices in the country are
immune from taxation for the period during which they were absent after the war
broke out in 2003, they said.
Japan pledged $3.5 billion in loans to Iraq at a donors' conference in Madrid
in 2003. Japanese officials said Friday that Tokyo has already extended $2.4
billion with regard to 12 projects.
The two countries also agreed to cooperate to resume their joint business
forum, which has been suspended due to the war, as soon as possible.
The Iraqi ministers visited Japan to join an Iraqi investment seminar organized
by the Japanese government.
On negotiations between a group of Japanese companies and the Iraqi government
on obtaining the right to develop an oil field in the southern city of
Nasiriyah, Oil Minister Shahristani said the outcome of the talks will be
announced ''in due time.''
==Kyodo
2009-07-10 21:35:43