Iraqi PM assures Indian cos of healthy investment opportunities

Iraqi Prime Minister Nouri al Maliki on Saturday urged the Indian private sector to work together with their Iraqi counterparts to help in the reconstruction of the West Asian country, and promised to make available mechanisms for Indian companies to find the investment and business climate secure and conducive to earning profit.

Citing the long relationship between India and Iraq, Maliki, whos in India on a three-day official visit, said Indian companies were extremely committed and would do justice to his countrys invitation to them.

Speaking at an interactive session with business leaders at a forum organised by Indian industry bodies, Maliki assured them they would not face any administrative issues.

Opportunities existed in energy, oil exploration and production, refineries, petrochemicals and fertilisers, he said. Iraq is Indias second largest oil supplier after Saudi Arabia. India became more dependent on Iraqi oil recently after it cut supplies from the sanctions-hit Iran.

Maliki added Iraq needed a huge number of low-cost houses to compensate for the destruction suffered as a result of the wars it had faced. The American-led war of 2003 saw massive destruction of infrastructure and human life in Iraq, which was followed by widespread insurgency.

There was also an urgent need to invest in electricity. Although the Iraqi government had started to build electricity plants, whatever electricity it was generating was being consumed by rapid development. The Iraq prime minister invited Indian industry to invest and manage electricity plants directly through agreements with his government.

Iraq also needed reconstruction of its airports, railways and harbours, said Maliki. He called upon India to invest in his countrys transportation needs. Health and education were other sectors where private investment was invited. He further hoped Indian banks would open branches to facilitate the transfer of finances that were needed for Iraqs reconstruction.