U.S. and Iraqi entrepreneurs pointed to some positive economic numbers in
Iraq as they voiced cautious optimism on Wednesday about doing business in the
country despite the raging violence.
Iraqis check
protective headgear at the Rebuild Iraq 2006 exhibition in Amman, Jordan,
Monday, May, 8, 2006. The weeklong 'Rebuild Iraq 2006' has drawn some
20,000 businesspeople and more than 1,000 exhibitors from 50 countries in
search of ways to enter the Iraqi market or increase their business
presence there. [AP] |
An estimated 20,000 participants from 50 countries looked for business
opportunities at the "Iraq Rebuild 2006" exhibition in Amman — billed as the
largest exposition of its kind since the 2003 U.S.-led war.
"Of course, I'm optimistic about business prospects in Iraq, because frankly
we need everything," said Daoud Mansour, who owns a Baghdad factory producing
electronically operated doors.
"I believe that we will begin to see changes in the security situation but we
must wait another six to seven months," Mansour said. He said the country's new
government needs time to begin inspiring business confidence by tackling
pressing security issues.
U.S. Ambassador to Iraq Zalmay Khalilzad told business leaders during a
Tuesday visit that Iraqis "are going through difficult times right now," but are
on "a path to stabilizing their country."
He cited International Monetary Fund data saying that Iraq's gross domestic
product grew last year by 2.6 percent and about 10 percent growth was projected
for 2006. However, much of the growth has been fueled by high global oil prices.
A new electronic payments system has been installed at Iraq's Central Bank
and by fall all banks in the country were expected to be connected, he said.
Pat and Sandy Boeshart of Lite-Form Technologies in South Sioux City, Neb.,
said they found "absolutely overwhelming" interest among Iraqis for their
product — polystyrene insulation for concrete.
"Literally hundreds of people, mainly Iraqi construction companies, have been
flooding our booth to speak with us," Pat Boeshart said.
"International business and rebuilding will boom in Iraq," predicted Jim
Vaughn, a manager at American-Iraqi Solutions Group, which does construction,
maintenance and security work in Iraq, and employs more than 2,500 people,
mainly Iraqis.
"Iraq has been out of the global economy for some 30 years, so it's been in a
steep learning process but I believe the Iraqi people will come through," he
said.
