Press Trust of India / New Delhi Feb 10, 2010, 19:00 IST
Projecting Iraq as a safe business destination, its industry and minerals minister Fawzi F Hariri today invited Indian investments into his country.
"We are looking towards investments and joint ventures. We are now liberalising our economy to become a free market economy," Hariri said at a Ficci function here today, adding all the sectors of the economy are open for private and foreign investments.
He said Iraq went through turbulent times following the defeat of the Saddam Hussein and the American occupation and bomb blasts were a routine feature, but now the security scene has changed.
"Three years ago we had an average of one explosion. That was bad situation...Today you do not get that," he said.
Hariri said unlike the past, the sole duty of the army is to ensure safety of citizens and they have no right to take part in any political activities.
Ensuring safety and security to investors, he said, "we are committed to develop the private sector...Iraq today is classified as safe place in international terms."
He said the earlier centaralised Baghdad-based government is "no longer the name of game in Iraq" as the country has been transformed both politically and economically.
Offering sops like 10-year tax holiday, Hariri invited India Inc to invest in sectors like oil and gas, housing, banking and education.
The minister expressed hope that the war-ravaged economy would be growing at a rate of more than 10 per cent in the next five years.
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