Italy intends to “replace development cooperation with economic cooperation between equals” with Iraq. This was Deputy Minister Lapo Pistelli’s comment as he opened the II Trade and Investment Meeting at the foreign ministry in Rome, promoted by the Italian Development Cooperation and UNIDO as a way of increasing commercial investments between the two countries and encouraging the development of small and medium sized enterprises in Iraq.
€3.3 billion in 10 years
Pistelli pointed out that Italy had supported the reconstruction with an investment of €3.3 billion over a ten year period, but that now it was necessary to lift bilateral relations to a commercial plane, filling the gap with countries neighbouring on Iraq. We are Iraq’s top European trade partner, but our €4.1 billion in trade is only half of Iraqi’s trade with Iran and one-third of its trade with Turkey, Pistelli said, who will be at the Baghdad Fair in October.
The leap of quality into an economic partnership is achieved, according to Deputy Minister for Economic Development Carlo Calenda, by consolidating the sectors where we are already strong (infrastructure, energy and environment), expanding to other sectors such as food industry and consumer products and convincing Italian firms to make investments, as well as sales.
“Services and foreign experience much needed”
Iraq’s economic picture is more than inviting. Deputy Premier Roz Nouri Shaways pointed out that over the next 5 years $112 billion dollars would be made available for investment in sectors ranging from agriculture to tourism, and from healthcare industries to oil. “We much in need of services and foreign experience”, he stated, assuring that his government would strive to “create a more welcoming atmosphere” for investors by fighting corruption and improving security. Indeed, security remains a “cause for concern”, Pistelli admitted, but Iraq “must not be left alone, since it is a key actor in the Middle East”. The Iraqi authorities who spoke thanked Italy for standing by their country’s side over the 10 difficult years since the end of the dictatorship.
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