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The Week in Germany: Business and Technology July 22, 2005 German-Iraqi business conference highlights opportunities Some 600 German and Iraqi business representatives and government leaders came together in Munich this week for the second German-Iraqi business conference.
Despite ongoing security concerns in Iraq, both Iraqis and Germans are interested in intensifying business contacts. There is particular interest in German investment in the power and water sectors in Iraq. “The Iraqi side underscored very impressively the high level of interest in German companies and German products,” German Economy Minister Wolfgang Clement said after a meeting in Berlin with the Iraqi ministers for trade, industry, energy and water. The Iraqi ministers emphasized that not all of Iraq is threatened by terrorism, so that investment opportunities exist in the south and the north, Clement said. The German government is working towards having an investment protection agreement between Germany and Iraq in place by next year, Clement said. He also suggested establishing a German-Iraqi business commission. Presently, the DIHK, Germany’s national chamber of commerce, has a liaison office for Iraq in Amman, Jordan, and has opened a small regional office in Baghdad. In 2004, the value of German exports to Iraq totaled $479 million, about pre-war level. Debt relief In November, 2004, members of the Paris Club of creditors agreed to relieve 80% of Iraq’s debts, of which Germany’s share of the debt relief amounts to some $5 billion. Minister Clement has now called on other nations, especially Arab nations, to join in providing broad debt relief to Iraq. Making connections The Munich conference followed up on the successful first German-Iraqi business conference held in Berlin in 2004. Chancellor Gerhard Schröder and Iraqi Prime Minister Allawi then agreed to hold the conference again in 2005. The gathering focused on the opportunities for German companies in Iraq and offered German companies a way to familiarize Iraqi participants with their products and services and to make contacts with Iraqi decision-makers. In workshops, participants could learn more about the current legal conditions and possibilities for financing and insurance, as well as hear from German companies already doing business in Iraq. Links:
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