U.S. Chamber Welcomes Prime Minister of Iraq to Highlight Growing Commercial Relationship

America’s Role in Iraq Turns to Commerce, Trade, and Investment

WASHINGTON, D.C.—The U.S. Chamber of Commerce today welcomed Prime Minister Nouri Al-Maliki to mark the transition from U.S. military engagement in Iraq to economic engagement through the establishment of commerce, trade, and investment.

“Under the prime minister’s leadership, the landscape is transforming for both Iraqis as well as those who support a robust bilateral relationship between the United States and Iraq,” said David Chavern, chief operating officer of the U.S. Chamber of Commerce.  “As U.S. engagement in Iraq transitions, the private sector will play an increasingly important role to help shape virtually every sector, from electricity and housing to transportation, telecommunications, and healthcare. These commercial opportunities translate into jobs in both Iraq and the United States, benefitting both countries.”

In the first eleven months of 2011, total foreign direct investment in Iraq totaled $70 billion, on track to nearly double the $42.6 billion in 2010.  The United States has also displayed a strong showing thus far in 2011, increasing foreign direct investment from nearly $1.99 billion in 2010 to more than $8 billion in 2011, representing 11.6% of all investment entering the country.

More than 30 Iraqi business representatives attended today’s event at the Chamber with top U.S. business leaders.  They represented firms from a wide range of sectors including, oil and gas, financial, health care, and construction.  The renewed business interest comes as the Iraqi government and the private sector looks to ramp up infrastructure spending in areas such as the construction of roads, bridges, housing, and power plants.

At today’s event, the U.S. Chamber underscored the growing business being conducted between U.S. companies and their Iraqi counterparts by having an accreditation ceremony for the U.S.-Iraqi Business Council, which was inaugurated in July of this year.  The ceremony signifies the Council’s dedication to promoting and strengthening the relationship with both the local business community and the government of Iraq.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.