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Power-sharing transparent, says Iraq VP

“The country’s power-sharing system had always been concentrated at the top level and never went down to the common man. The new government has changed the scenario,” Dr Mahdi told reporters yesterday, ahead of the first Iraqi Business and Investment Conference that kicked off in Dubai yesterday.

“We need investments from Arabs, Muslims, Asian friends and from Europe to re-build the country. Iraq’s new investment law will facilitate investment opportunities for both Iraqi and non-Iraqi businesses by providing a secure investment environment,” he said.

“Oil and gas is not the only industry in Iraq. There are a lot of opportunities in infrastructural development, agriculture and in religious and heritage tourism. We are waiting for investment to rebuild the country and we will ensure security,” Dr Mahdi added.

Commenting on the new oil draft, he said, the parliament is expected to pass the bill in the next session after the summer break. “The cabinet has already approved the draft and we will present it before the parliament,” he pointed out.

The two-day conference has attracted over 300 UAE and international businessmen who would be exploring business and investment opportunities with their Iraqi counterparts.

Five Iraqi ministers also are attending the conference.

Iyad Mehmoud, Regional Manager of IABA Catering and Life Support Company, which operates in Iraq, said, “Iraq has a potential market. But we have to spend more money on security than anywhere else. The government should ensure security and that’s the only way to attract investment.”

• UAE