Jumat, Juli 30, 2004

Iraq Negotiating With Neighbors to Increase Ties

Iraqi Prime Minister Iyad Allawi, currently touring his neighboring countries, told reporters that he discussed oil and gas agreements with Syria and Lebanon.

The agreement would permit oil to flow through Lebanon to Syria in an existing pipeline in exchange for kerosene, liquefied gas and benzene from Syria. Both countries need the approval of Lebanon.

The pipeline was in use until 1980 when Syria backed Iran in the Iran-Iraq war.

Allawi also said his country is prepared to participate in a natural gas consortium between Egypt, Jordan, Lebanon and Syria to supply the Arab states with Egyptian liquefied natural gas through an also existing pipeline.

Allawi is expected to tour in Saudi Arabia then continuing to Kuwait and the United Arab Emirates in his efforts to increase commercial and social ties with his neighbors.

Kamis, Juli 29, 2004

Iraq Oil Fields Can Produce Billions

Although it may take years and billions of dollars in reconstruction, Iraq has the capacity to triple its oil production to 6 million barrels a day, which would make it the world’s third largest oil producer, behind Saudi Arabia and Russia.

Iraq may have over 200 billion barrels in yet to be explored regions, with over 110 billion barrels in proven reserves.

Iraq has 73 oil fields, but under the old regime, only 15 were developed, drilling about 2,000 wells. Compare that to Texas where 1 million wells have been drilled in the last 50 years.

Prior to the Gulf War in 1991, Iraq produced 3.5 million barrels a day. The old regime did not invest in construction and maintenance, reducing the yield of the fields to 2 million barrels a day in 2002.

Before the war, Iraq had hoped to dramatically increase its production to more than 6 million barrels a day, which would make Iraq the world’s third-largest oil producer after Saudi Arabia and Russia.

Rabu, Juli 28, 2004

Baghdad Real Estate Booms

“Real estate is the best investment you can make” — says a potential buyer in an affluent suburb of Baghdad.

Although no banks offer mortgage loans and incomes remain low, confidence in the future of Iraq is reflected in the booming real estate market.

The fall of the regime has encouraged the return of many Iraqi exiles, who bring with them the desire and ability to buy property undervalued by years of onerous restrictions on property ownership.

Iraqi citizens with the means are now able to buy houses and property usually held for the privileged class of government and high ranking officials. This has created a tightening housing market for those who now feel free to trade up into more affluent neighborhoods.

As the economy recovers, real estate prices can only go up and many are buying now fueling the real estate boom.

Senin, Juli 26, 2004

Returning Iraqi Entrepreneurs Hopeful for Economy

Iraqi exiles are returning to Baghdad looking for business opportunities that are now possible with the old regime gone.

After decades of exile, many successful Iraqi’s who were forced to flee Iraq, are coming home and bringing with them money and business acumen gained from their years of exile in Europe and the United States.

Some see Baghdad as dominating the region, much as Dubai does now, as the commercial center of the oil rich region.

With the old regime gone, signs of plenty seem to be everywhere in Baghdad.

Supporting these hopes is the World Bank projection of a sharp rebound in 2004, ranging anywhere from 30% to 70% in an overall economy worth $17 billion to $22 billion.

Jumat, Juli 23, 2004

Two-Thirds of Iraq Security Forces Trained

Security forces and the new Iraqi police have trained over two-thirds of the personnel needed to begin to meet the internal security needs of Iraq.

The new military for Iraq are also being trained, but as with the police and security forces they still face materials shortages in equipment and supplies.

These forces will begin to replace the Coalition forces on the ground in Iraq, allowing the government to manage its own security, as important component for Iraq’s sovereignty.

Insurgents plague the new government and the battle against them has had mixed results, due in part to the lack of equipment and also in part to the reluctance of some of the police and security personnel confront the insurgents, who view the police and security forces as collaborators.

This has prompted the Coalition to move up the time table in order to more quickly hand over day to day security to the new Iraqi units.

Some well-equipped Iraqi units seem to be performing well as they conduct large scale operations seeking to disrupt the insurgents and secure Baghdad and the surrounding areas.

Kamis, Juli 22, 2004

Hopes Brighten for Iraqi Schools

For the first time in years, Iraq is financing it public schools, teachers and supplies. Under Saddam, education was not given funds needed to keep schools open.

The old regime viewed education as contrary to their interests and kept the schools sorely underfunded, the teachers ill paid and the classrooms without supplies.

Much needs to be done, but now under the new government, schools are being funded, and although still short of books and desks, classrooms are being repaired and teachers salaries have gone from as low as $3 per month to $200, a living wage bringing teachers back to schools along with the students.

Removing Saddam freed teachers to teach and students to learn, a fundamental strength for a growing and prosperous economy.

In what are certainly difficult times, educating the children of Iraq is a bright spot for the future.

Rabu, Juli 21, 2004

Stock Market Rapidly Outpacing Expectations

Stockbrokers in Iraq’s new stock exchange are reporting double digit returns in less than one month of trading.

Record trading volumes are pushing stock prices drastically upwards for the 27 firms listed, with over 2 billion shares changing hands in only 6 trading sessions.

One trader reported selling shares for 5 million Dinars experiencing a profit of over 66%.

The trading is “historic” says Taha Ahmed Abdulsalam, the exchange’s chief executive.

Trading is currently being done manually while the exchange waits for electronic trading with a completely automated trading floor.

The stock exchange was developed by several brokerage firms and banks. Additionally, 100 companies are scheduled to be trading publicly in the next six weeks.

Selasa, Juli 20, 2004

Foreign Oil Investors Encouraged by Iraq

Iraq is seeking to bring foreign investors into the oil and natural gas sectors in order to “manage the hydrocarbon resources and exploit them as best as possible” it was announced in a statement from the oil ministry.

A new council was formed to oversee this venture. The Higher Oil and Gas Council will solicit proposals for resource development and strategic marketing from foreign companies.

The council will play a significant role in Iraq’s recovery with the allocation of its highly sought fields to the major oil producers currently biddiing.

Prime Minister Iyad Allawi, appointed himself as the head of the council.

Allocation is expected to begin after the elections, and the council will focus currently on reconstruction and repair.

Senin, Juli 19, 2004

Iraq to Create World Class Sea Ports

Iraq will be awarding new management contracts in August for two major ports, Az-Zubavr and Umm Qasr, in its effort to create world class sea ports. The major upgrade is necessary in order for Iraq to allow the flow of goods into the country.

The contract will be for five years, during which time the ports will be modernized. Capacity will be developed for the efficient flow of commercial, military and civilian goods required for the rebuilding of Iraq.

Several international port operators has proffered bids and the final bid selection will be in August.

When completed both ports will be able to handle the influx of goods and materials Iraq will need for many years in the future as it brings its economy on to the world stage.

Minggu, Juli 18, 2004

Implications of the Iraqi Bond Sale

Of the three sectors of a country’s monetary system; stock exchange, foreign exchange and government bond sales, the debt sales or the bond market is the benchmark from which all important indexes derive their foundation.

The new bond sale, slated to open on July 18th, is offering 91 day bonds. These sales will begin the process of establishing external value of the new Dinar and began developing a track record for the creditworthiness of the new government.

The goal of government bond sales is to issue 20 to 30 year bonds which will promote stability for the new currency. This initial bond sale will generate investor interest and serve as a watermark for future longer term bond sales.

Most important private commercial banks in Iraq are expected to participate in the bond sale which will give these newly established banks a revenue source as well as set a foundation for the next round of bonds.

Sabtu, Juli 17, 2004

Expatriates Aid Iraqi Economy

Expatriated Iraqis are contributing to the Iraqi economy to the tune of over $5 million dollars a day being deposited into local private banks.

In addition, the unemployment rate has fallen from between to 50%–70% to closer to 25% since the overthrow of Saddam.

New government jobs, jobs from the private sector’s and reconstruction have given thousands of previously chronically unemployed or underemployed Iraqis jobs.

Notable Since the Overthrow:

Building projects are beginning with reconstruction of government buildings.

One million cars imported a since May 1.

Baghdad seems to be regaining some of its formal glory. Cell phones are becoming more prevalent and imports of high end commodities are increasing.

The gross domestic product, in real growth, could be as high as 25% with the combination of reconstruction spending, the oil industry increasing exports and increased international trade.

Jumat, Juli 16, 2004

Iraq to Export Oil to Taiwan

Iraq’s State Oil Marketing Organization has signed an agreement with Chinese Petroleum Corporation, Taiwan’s state-run oil company, to supply 1.8 million barrels of oil to Taiwan in a six month period beginning July 1 and to run through December 31.

This averages over 1,000 barrels a day.

Previously China was unable to import oil from Iraq due partly to the fact that China had no diplomatic ties with Badhdad. This is a trial period with the Iraqi government to begin building a relationship that will be beneficial to both countries.

Kamis, Juli 15, 2004

IMF Will recognize Iraq In Near Future

The International Monetary Fund announced it will begin formal recognition procedures in the near future that will recognize Iraq, an initial step that will begin the process of accepting loan applications from the new government.

In the interim, Iraq is proceeding to negotiate with its creditors in an effort to assemble a debt relief package that will allow the government to manage existing debt while encouraging economic growth.

During discussions of the resolution at the UN, the IMF is consulting with its member nations and is expected to recognize Iraq “in the very near future.”

Selasa, Juli 13, 2004

Iraq Enters Bond Market July 18th

Iraq’s first bond auction on July 18 will set interest rates based on actual market conditions. This is the first time free market forces will have a play in setting interest rates in Iraq.

Iraqi banks are scheduled to bid on approximately 150 billion Dinars (about $100 million) worth of government debt.

The auction will set the yield, a widely anticipated standard which will provide commercial lenders a benchmark from which to set loan rates.

The Iraqi Central Bank (ICB) holds about $2.5 billion in Iraqi government debt. The finance ministry will hold auctions every few weeks and state run banks will be limited in their purchasing to reduce the possibility of undue influence.

Senin, Juli 12, 2004

Rebuilding Iraq Potentially $59 Billion Annual Economy

The International Islamic Finance Forum is a business to business event for the world’s fastest growing financial sector set for September 29th in Istanbul, Turkey.

With a potential $59 billion economy, oilfields second only to Saudia Arabia, the topic was a discussion on methods to assist Iraq in returning to financial and commercial stability and growth.

A consortium of more than a dozen international banks has been organized to operate a newly-created Trade Bank of Iraq, operations to began this month.

The Trade Bank will begin with capital of $100 million authorized by the UN Iraq Development Fund. It will be able to offer payment guarantees on purchases negotiated by the Iraqi government.

Without such guarantees, Iraq will be unable to supply the food, equipment and machinery it needs for reconstruction.

Minggu, Juli 11, 2004

$250m Grant for Iraqi Pipeline Repair

State Company for Oil Projects (SCOP) was recently granted $250m to repair and replace pipeline and oil depots. The allocated funds will be used for new equipment purchases, installation and repair.

“The project includes connecting various Iraqi provinces with a network of pipelines to supply liquid gas for domestic use.” Ahmed Al Shammaa, SCOP director, reported.

The total project includes 20 oil depots, each of a capacity of 10,000CU M, in addition to the already eight more oil depots slated for installation in southern Iraq.

Sabtu, Juli 10, 2004

Iraqi Stock Exchange Opens

Trading which began in late June was higher on the first day than at anytime previously for the old Baghdad Stock Exchange under Saddam’s rule.

“Once trading is fully underway, the potential for growth is huge,” said the exchange’s chief executive Ahmed Taha. “There is a lot of interest in this exchange. At the moment the Iraqi economy is weak but it has a huge potential to grow.” he said. “I don’t want to be over optimistic but I think we will become larger than other exchanges in the region. However, this will take time so we are taking things step-by-step.”

The exchange is the result of more than a year’s work by over a dozen brokerage firms and banks that jointly own it. New companies want to list and the exchange is in the process of considering several.

Over a 50 person staff runs the exchange, a modest staff for a financial institution. “This stock exchange is going to help the Iraqi economy recover because it encourages people to invest money. I was surprised by the level of interest on our first day and hope this will continue.” said the manager of the trading department, Jammy Afham.

On it’s first day, June 24, more than 500 million shares were traded, more than the Baghdad Stock Exchange ever achieved. “It is just like anywhere else in the world, people want to buy and sell shares.” said the exchange’s chief executive Ahmed Taha. “We want to open up to foreign companies and hopefully this will happen in the next couple of months.” Taha said.

Jumat, Juli 09, 2004

Iraqi Bankers Meet Finance Experts

Senior officials of Iraq’s banks are meeting with U.S. and international finance experts to learn the latest banking practices and to meet with potential U.S. business partners.

The delegation includes a deputy governor of the Central Bank of Iraq as well as representatives from 12 privately owned Iraqi banks.

The itinerary for the trip includes meeting with members of the Federal Reserve Bank of New York, the Arab Bankers Association of North America, the Institute of International Bankers, the U.S. Department of Treasury, the International Monetary Fund, the World Bank and the International Finance Corporation.

The visitors will also meet with members of the American business community to promote investment opportunities and business partnerships.

The press release highlights several steps that have already been taken to ensure the development of a sound banking sector in Iraq, including the enactment of modern legislation to govern the central bank, the introduction of a new currency, and the liberalization of interest rates.

Kamis, Juli 08, 2004

US Values Current Contracts at Over One-third of $18.6 Billion Allocated

Contracts valued at over one-third of the budgeted $18.4 billion appropriated were signed in June for the reconstruction of Iraq.

Amy Burns, spokesperson for the Project and Contracting Office was quoted as saying “Since January till June 30 these contracts have been signed with hundreds of contractors out of the $18.4 billion allocated for reconstructing Iraq.”

The PCO oversees the coordination and management of the over 2,300 projects projected for rebuilding Iraq. “These contracts comprise the larger infrastructure based projects and also specific community based projects in key locations to quickly and visibly improve the daily lives of the Iraqi people” said Burns.

Burns commenting on the progress of the reconstruction stated, “Combining the small neighborhood projects with large infrastructure ones accelerates the quick rebuilding of Iraq.”

Selasa, Juli 06, 2004

Iraqi Infrastructure Reconstruction Accelerates As Efforts Surpass Goals and Schedules

The Accelerated Iraq Reconstruction initiative, which has currently created employment for over 11,000 Iraqis and pledged more than $300 million for reconstruction, has exceeding the goals established by Ambassador L. Paul Bremer.

$500 million have been allocated from the Development Fund for Iraq (DFI). Implementation of these projects is continuing with transfer of authority on June 28.

“While these aren’t massive projects, they deliver high value services for communities with critical needs, and provide employment opportunities for a number of struggling communities. These communities now have viable waste disposal, potable water or schools for their children for the first time. For them it’s more than a start, it’s a blessing.”

The importance of these projects are underscored by their necessity; potable water, waste disposal, health care, education and transportation. Additionally, a broader range of smaller projects are being implemented to bring community services, youth centers and other neighborhood services back to the people of Iraq.

Minggu, Juli 04, 2004

Banking Sector Shows Growth and Vigor

(Source: whitehouse.gov)

In a sign of Iraq’s improving economy, two new private banks have opened their doors in the past two weeks, and the Central Bank has before it several additional applications for new banks.

Iraqi citizens are gaining confidence in this banking system, and private deposits have doubled since last summer.

In announcing the opening of the new banks, the governor of Iraq’s Central Bank expressed confidence that the positive transformation of Iraq’s economy will “contribute immensely to peace and prosperity in the Gulf region and beyond.”

Jumat, Juli 02, 2004

Central Banks Selects Three to Open Branches

The Central Bank of Iraqi selected three banks to open branches in Baghdad. The three banks; HSBC Group, the National Bank of Kuwait and Standard Chartered Bank, are the first to be granted licenses to provide financial services in the country.

“Any economy goes nowhere without a banking sector, so that’s the first place to invest your money,” said Bill Barron, a managing director at Deutsche Asset Management Ltd. “HSBC and Standard Chartered have the expertise and the Middle Eastern network, so it’s no surprise they got in. I’m surprised there were no US banks, but it’s only a matter of time before Citibank and the others plant their flags there.”

The Iraqi people are casting their implicit vote for the success of the Central Bank’s policies by not selling Dinars for dollars. This week, the Central bank announced it would remove interest rate controls, a signaling growing confidence in the economy’s ability to grow.

The Central Bank has put in place a currency exchange to replaced Iraq’s old notes, a foreign investment law that allows non-Iraqis to own 100 percent of most companies and banks, tax codes for corporations and individuals, and customs duties.

Kamis, Juli 01, 2004

Billions of Dollars Pouring Into Iraq

The World Bank is projecting a significant rebound in 2004 with growth estimates ranging anywhere from 30% to 70% and an overall economy worth $17 billion to $22 billion.

Bush administration officials are optimistic about reconstruction and project that Iraq’s growth will be close to the high end of the World Bank projection.

Salaries and pensions for public employees have been increased. Repair work on the power grid, oil facilities and roads are broadening throughout the economy. Farmers who could not get seed, fertilizer and animal feed in recent years are producing again.

The billions of dollars are pouring into Iraq acts as a powerful economic stimulus. The United States is expected to award contracts for $14 billion in reconstruction work this year and $4 billion to $5 billion next year.

Foreign Investment Increasing

Foreign companies are considering long-term investments in Iraq. Pepsi is refurbishing a bottling plant and Nestle has a bottled-water factory in planning stages. Fortune 500 companies researching the market for the best opportunities.

Rabu, Juni 30, 2004

France To Restore Business Ties With Iraq

Shortly after the announcement of the transfer of power to the new Iraqi government, France announced It would normalize business relationship with Iraq.

Complete economic ties with the new government will be restored immediately following the exchange of power.

The new directive, which cancels the 1990 degree suspending all trade with Iraq, will take effect immediately and will restore transactions between France and Iraq without the required French government approval.

Oil Prices Fall on Iraq Power Transfer

Oil prices fell as traders speculated that the transfer of power will reduce the orchestrated attacks on Iraq’s oil production industry.

The decline in oil prices signals a hopeful sign that the world oil supplies may be increased due to the future increase in oil production in Iraq.

Although unlikely to dissipate the insurgants, the transfer of power to the Iraqi people may reduce the willingness of some of the population in Iraq to support the opposition groups.

Selasa, Juni 29, 2004

Blair to Iraqis, "Have faith in your future"

“Have confidence and faith and you will succeed,” Blair said in an interview on Iraqiya television on Tuesday, a day after the transfer of power to the interim government of Iraq.

Blair insisted that the coalition had transferred complete sovereignty to new interim Iraqi government. NATO has pledged to assist Iraq in training its security forces, both inside and outside or Iraq. “The best guarantee of security for Iraq is Iraqi forces and we can help in that.”

“Of course I would like visit Iraq and I would like the people in Iraq to know that they have got a friend in my country,” he said, although he did not know when such a visit might take place.

Senin, Juni 28, 2004

U.S. Transfers Sovereignty to Iraq 2 Days Early

The U.S.-led coalition transferred sovereignty to an interim Iraqi government on Monday, accelerating the move in an attempt to prevent sabotage by insurgents who oppose the rule of the new Iraqi government.

The new interim government was sworn in six hours after the handover ceremony.

With their right hand on the Quran, members of interim Prime Minister Iyad Allawi’s Cabinet vowed to execute their new duties with sincerity and impartiality. A bank of Iraqi flags lined the podium behind them.

“Before us is a challenge and a burden and we ask God almighty to give us the patience and guide us to take this country whose people deserves all goodness,” said President Ghazi al-Yawer. “May God protect Iraq and its citizens.”

Sovereignty documents were transferred earlier by outgoing U.S. administrator L. Paul Bremer to Allawi in a ceremony attended by about a half dozen Iraqi and coalition officials in the heavily guarded Green Zone. “This is a historical day,” Allawi said. “We feel we are capable of controlling the security situation.”

Bremer leaves Iraq

Bremer left Iraq two hours after the ceremony. Bremer was accompanied by coalition spokesman Dan Senor and members of his staff. The interim government will have full sovereignty, yet it will operate under major restrictions, some imposed at the behest of the influential Shiite clergy, which whis to limit the powers this administration.

The Iraqis can in principle ask the foreign troops to leave — although it is unlikely this will happen.

The United States and its coalition partners are hoping that the transfer of power will serve as a boost for Iraqis, who have resisted foreign military occupation. Now that the country has returned to Iraqi control, U.S. officials hope Iraqis will quell the insurgency and work to restore internal stability.

Kamis, Juni 03, 2004

Central Bank of Iraq Declares Objectives

In March, the Coalition Provisional Authority published the Central Bank of Iraq Law, which is far more than a law — it’s a primer on central banking.

Subject to those objectives, the CBI shall also promote sustainable growth, employment, and prosperity in Iraq.

The new law provides for an independent central bank whose objectives are to achieve and maintain domestic price stability, foster and maintain a market-based financial system and promote sustainable growth, employment and prosperity.

The CBI is required to maintain its independence from the Government of Iraq and, except for the provisions set out in the law, will not take instructions from any other persons or entity, including government entities.

The new CBI law has been reviewed by the Iraqi Governing Council, acting on the recommendation of its Economic and Finance Committee.

The law has also been reviewed by the International Monetary Fund and calls upon the CPA to promote economic reconstruction and the conditions for sustainable development in Iraq.

The Purchase, Ownership, and Sale of Iraqi Dinar

“Since the new, post-Saddam Iraqi Dinar is a public currency that is backed up by the government of Iraq, it is valid as currency throughout the world.”

“There are no prohibitions against purchasing this currency or against reselling it, so long as you are in accord with the local laws wherever you may be.” Quoted in a memorandam by Mr. Pearse Marschner, Coordinator, Regional Arabic Media for the Coalition Provisional Authority.

Senin, Maret 22, 2004

The World Bank Projects 30% Growth This Year

On March 10, the Pentagon awarded the first contracts in its $18.6 billion, U.S.-funded reconstruction program, which officials say should create hundreds of thousands of jobs for locals. The spending will fix sewage treatment plants, bridges and all manner of broken infrastructure.

“We’re seeing a big increase in consumer goods flowing into the country,” said Maria Khoury, chief of research for Atlas Investment Group, a Jordanian investment bank.

Iraqi living standards are higher than at any time since the 1990 Gulf War. Oil revenues, which fund the government and its social safety net, are near prewar levels. The World Bank estimates that the economy will grow by 30 percent this year, after shrinking last year.

Underemployment is chronic. Iraq may have the world's best-educated taxi drivers and waiters.

The coalition authority can boast of notable successes that U.S. officials argue have laid the groundwork for Iraq’s prosperity.

The most important one may have been the changeover last September to new paper money, minus Saddam’s portrait. While many postwar countries suffer from hyperinflation and currency devaluation, the Iraqi dinar has gained value against the dollar since last fall.

“Iraqis would not be placing their savings in this currency and buying more of it if they didn’t believe in its future,” said Olin Wethington, a top coalition economic adviser.

The Coalition Provisional Authority and the Governing Council also passed a new investment law allowing 100 percent foreign ownership in most sectors.

Last month, three foreign banks were granted licenses to open branches. Coalition officials also have helped write a commercial banking law and a central banking law, and have begun work on reopening the Baghdad Stock Exchange.

Mitsubishi Motors announced in January that it would open a Baghdad dealership within two years and has already selected a site.

In January, Pepsi announced a deal with that company to rebuild the factory and begin selling Pepsi by June. The plant will employ up to 2,000 workers.

The Sultan Center, which operates some of Kuwait City’s biggest malls, has put forward a proposals to Iraq’s trade ministry for plans for a hotel and shopping complex, in Baghdad’s al Monsour neighborhood.

“We think this can be open in two years,” said Muthunna Darwish, the Sultan Center’s Iraqi-born company representative. “We see huge potential here.”

Kamis, Februari 12, 2004

Business Climate Improving Every Day in Iraq

The Bush administration, trying to attract companies into Iraq in order to rebuild the economy, said the country offers numerous investment opportunities even in the face of continuing security risks.

“We are getting lots of good feedback from companies from around the world that are going in there and beginning to set up businesses,” Commerce Secretary Don Evans said in an interview with The Associated Press. “There are small pockets where terrorists attack and that is what you see on television and the news, but you have to step back and realize that 95 percent of the country is a secure environment,” Evans said in the interview.

He said that despite the security threats, many companies from the United States and other nations were eager to set up operations in Iraq. “Business conditions are improving every day in Iraq, creating a greater opportunity for U.S. businesses to explore virtually an untapped market,” said Evans.

The Commerce Department held a “Doing Business in Iraq” conference with over five hundred companies participating, including a number of Fortune 500 enterprises, have participated to learn more about how to set up operations in Iraq.

Among the companies were the Boeing Co., Caterpillar Inc., DaimlerChrysler, Microsoft, IBM, Motorola, Nortel Networks, Procter & Gamble Co. and engineering giants Bechtel and Fluor.

Evans said Iraq was doing its best to offer a friendly climate for foreign investment by allowing 100 percent foreign ownership of a business in Iraq, offering low corporate taxes and promising a well-educated work force. The secretary said multinational companies he has spoken to “tell me that their Iraqi workers are among the very best they have in the world.”

Evans, who made an official tour of Iraq last October, said he was impressed with the free-market spirit already in evidence. He said many business executives had told him the same thing. “There are literally thousands of companies that have gone in there and have started to look and establish the relationships they need” to set up operations, Evans said.

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