06 November 2009
Business Conference Seen as Marker of New U.S.-Iraq Relationship
President Obama, Iraq’s al-Maliki point to new focus on Iraqi development
Washington — The U.S-Iraq Business and Investment Conference, held in Washington October 20–21, is another marker of the transition in the U.S.-Iraqi relationship from a focus on security to an emphasis on development of the Iraqi economy, President Obama and Iraqi Prime Minister Nouri al-Maliki say.
The conference was designed to promote investment and business opportunities in Iraq and to foster business-to-business engagement. It provided a venue for U.S. and Iraqi companies to meet and discuss opportunities, challenges and partnerships.
Al-Maliki attended the conference and also met with President Obama at the White House October 20. Obama, in comments to reporters with the Iraqi prime minister, said that what was “wonderful” about al-Maliki’s trip to Washington is “that it represents a transition in our bilateral relationship, so that we are moving now to issues beyond security and we are beginning to talk about economy, trade and commerce.”
Al-Maliki said U.S.-Iraqi relations “have moved along and [are] not only confined to the security cooperation, but today have moved to the economic development and to providing prosperity for the Iraqi people.”
Obama pledged his administration’s “full support for all the steps that can be taken so that Iraq can not only be a secure place and a democratic country, but also a place where people can do business, people can find work, families can make a living, and children are well-educated.” The president also repeated that the United States plans to remove all combat troops from Iraq by August 2010.
The conference covered development in a number of sectors: agriculture, banking and finance, defense, electricity, health, education, housing and construction, oil and gas, telecommunications, tourism, and transportation.
Secretary of State Hillary Rodham Clinton, joined by al-Maliki, opened the investment conference. The Iraqi delegation consisted of some 250 officials, businessmen and representatives from more than 100 private-sector firms.
Clinton spoke of Iraq’s great potential because it sits at a “global crossroads” and because of its “religious and ethnic diversity.”
The secretary called Iraq a pivotal state for the stability of the region, and said that now is the time for Iraq and its friends, like the United States, to demonstrate how there can be a new, more prosperous, peaceful future for Iraq.
Addressing the U.S. business people at the meeting, Clinton praised their expertise, ingenuity and capacity to innovate. “So even as we encourage financial investment in Iraq, we also seek to leverage these core strengths of American business,” she said.
The conference also provided opportunities for collaborations between U.S. and Iraqi companies. Panel discussions addressed the challenges of doing business in Iraq, and provided opportunities for U.S. companies to meet with senior Iraqi government officials and Iraqi business owners.
“There has never been a better time than now to invest in Iraq,” said Sami Al-Araji, chairman of the Iraqi National Investment Commission. “There is room for development in many areas of Iraq’s economy and opportunities exist in all sectors and all provinces.”
The October 20–21 meeting was the first such business conference held in the United States since the signing of the Strategic Framework Agreement between the two countries.
A transcript of remarks by Obama and al-Maliki after their meeting and a transcript of Clinton’s remarks at the conference are available on America.gov.
