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Iraq needs $500-700 billion of investment

29 February 2012 14:16 (UTC +04:00)

Baku - APA-Economics. A top Iraqi government official said Tuesday his country needed $500-700 billion in investment to rebuild its infrastructure, comparing the war-shattered nation to post-war Germany, APA reports citing AFP.

Nine years since the US-led invasion to oust former president Saddam Hussein, Iraq’s reconstruction needs are still huge, Sami Araji, chairman of Iraq’s National Investment Commission, told a business audience in New Delhi.

"Our message to the world is that we are open for business-there are huge opportunities," said Araji, who was part of a government delegation urging Indian companies to seek business in Iraq.

Araji compared the opportunities offered by Iraq’s broken infrastructure to "Germany after the Second World War" and said the country’s infrastructure investment needs over the next 10 years totalled $500-$700 billion.

Much of Iraq’s trade, transport and industrial infrastructure was destroyed during three decades of war and sanctions culminating in the US-led invasion and its aftermath.

Iraqi officials conceded that violence was still a risk for investors-a wave of attacks last week claimed by Al-Qaeda killed at least 42 people. But security was improving in the country of 32 million people, Araji said.

"I don’t deny there are security considerations but the situation is much better than before," Araji told the reporters.