Iraq holds investment roadshow despite violence<\/p>\n
Agence France-Presse, Singapore<\/p>\n
Iraqi officials appealed here on Monday for foreign investment
\ndespite unrelenting violence in the country, saying peace will
\ncome before long and an open economy will rise from the ruins of
\nSaddam Hussein's regime.<\/p>\n
Interim Trade Minister Ali Allawi met with Singapore trade
\nofficials and businessmen to assure them the bloodshed would not
\nlast and market reforms were being implemented ahead of the
\nestablishment of a constitutional new government in Baghdad.<\/p>\n
At least six people were killed Sunday in a car bombing
\noutside a Baghdad hotel rented by the U.S.-led coalition, and
\nhome to some Governing Council members.<\/p>\n
Violence claimed more lives on Monday when a U.S. soldier died
\nof wounds from a landmine and a provincial governor escaped an
\nassassination attempt when a roadside bomb exploded, seriously
\nwounding two policemen.<\/p>\n
Allawi said attacks in Iraq were \"sporadic acts of violence\"
\nby \"groups of people who are on the way out,\" and insisted that
\n\"within a matter of months\" the security situation would come
\n\"under complete control.\"<\/p>\n
\"So by all means, send your teams to visit, by all means send
\nyour people to look at the market,\" he said at a forum with
\npotential Singaporean investors.<\/p>\n
Opportunities are available in infrastructure and finance as
\nwell as consumer items, foodstuffs, medicine and electronic
\ngoods, he said, noting Iraq's reconstruction was estimated to
\ncost US$55 billion in the next five years.<\/p>\n
\"We have been starved of consumer goods,\" he told the
\nbusinessmen, adding that \"you will find that there is very little
\ncompetition.\"<\/p>\n
The U.S.-educated Allawi, who holds a doctorate in finance and
\nan undergraduate degree in chemical engineering, was on a
\nroadshow to seek support for Iraqi reconstruction ahead of a
\ndonor meeting scheduled for October 23-24 in Madrid.<\/p>\n
He has visited Japan, South Korea and China, and will proceed
\nto Australia.<\/p>\n
Allawi told reporters that China, which opposed the U.S.
\ninvasion of Iraq, \"has been supportive of the reconstruction
\nneeds of the Iraqi economy and we've had some interesting
\ncommitments being made, especially in the humanitarian area.\"<\/p>\n
\"The overall position of China I think is supportive of the
\nreconstruction of Iraq subject of course to the resolution of
\noutstanding UN. Security Council issues,\" he said.<\/p>\n
Apart from seeking donor commitments in Madrid, Iraq is also
\nplanning to negotiate debt relief from the Paris Club of lenders.<\/p>\n
Allawi said Iraq's total commercial debt of 45 billion to $50
\nbillion to bilateral, multilateral and private lenders has not
\nbeen serviced since the 1980s.<\/p>\n
\"We haven't started negotiations but all I can say is that
\ncountries in a similar position such as Egypt and Poland managed
\nto negotiate 65 to 70 percent debt forgiveness,\" he said.<\/p>\n
He said he hoped for even greater relief because \"the debts of
\nIraq were incurred by a brutal, authoritarian, dictatorial regime
\nmainly to fund illicit activities like wars or aggression.<\/p>\n
\"And as much as these debts relate to that, they (lenders)
\nhave to take these factors into account,\" he added.<\/p>\n
Asked how he felt about his own safety as a member of the
\ninterim government, Allawi said \"we have to take our precautions
\nbecause the terrorists are targeting people in positions of
\nauthority.\"<\/p>\n
\"This tends to restrict our movements but it's a necessary
\nthing we have to do in the short term,\" he added.<\/p>",
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"sponsor": "Okusi Associates",
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