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Alina Romanowski: American companies are ready to increase investment in Iraq and cooperation in the field of energy
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2023-02-18 01:05
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Shafaq News/ The US Ambassador to Baghdad, Alina Romanowski, expressed, on Saturday, the readiness of American companies to increase investment in Iraq, especially in the field of energy, to serve the population and contribute to achieving sovereignty for this country.
This came in a speech she delivered during the second oil and gas conference that was held in the capital, Baghdad, and was attended by the Shafaq News agency reporter.
Romanowski said during the speech, "I recently returned from Washington, where we had the honor of hosting Foreign Minister Fuad Hussein and his accompanying delegation, and this visit was historic, as it was the first Supreme Coordination Committee to focus on economic cooperation, energy sector development and climate change, and not about our security relations in addition to To meetings with our Secretary of State and other senior government officials."
She added, "The delegation of the Iraqi Foreign Minister met with the American Chamber of Commerce and American companies and invited them to play a role in the economic development of Iraq," adding, "I have returned from this trip and I am confident of the strong and expanding relationship between Iraq and the United States, and excited about the strong and growing relationship between Iraq and the United States." ".
The ambassador also indicated, "Our goal through these meetings with Foreign Minister Fuad Hussein is to expand US-Iraqi relations on the basis of economic development and economic cooperation, which leads to more American companies investing in Iraq, and these companies will bring with them good-paying jobs." To work in developing infrastructure and strengthening the ties between our economies for the benefit of both countries," she said, adding, "I am particularly interested in seeing the return of American companies that have been absent from the Iraqi market for many years."
Romanowski expressed her optimism regarding Iraq's economic prospects, and said that "the prime minister's economic development plan is ambitious and puts Iraq on a path of strong economic growth that defines his plan," noting that "all critical points are combating corruption, investing in critical infrastructure here in Iraq, and reforming the economy." In a way that will create a better business environment that is more friendly to foreign direct investment and encourage foreign companies to do business in Iraq.
In order to attract companies with a good reputation for investment, the ambassador said, "Iraq needs a more diversified economy, and that Iraq is overly dependent on oil, and it is beneficial for Iraq to have large oil resources as long as oil prices are high, but oil prices are set." Globally, which means that something could happen far away in another part of the world that could affect the overall price of oil, exposing the Iraqi economy to risks.”
And she stressed that "it requires a great keeper of oil prices not to jeopardize government spending and investments, including Iraq's ability and expertise that they can bring to the country, in addition to that cooperation with the Iraqi Ministry of Finance and the Ministry of Commerce as well as the American Chamber of Commerce."
Romanowski noted that "we will organize missions to bring American companies to Iraq to see that this is a place of great opportunity that they can feel and feel reassured in doing business again," stressing that "the government must also take steps to ensure that American companies that their investments will be safe."
She went on to say that "there are challenges that we have to acknowledge and the thing that comes to mind unfortunately is corruption, and the business environment must be one in which foreign companies feel that their investments are protected and that the regulatory climate is predictable."
And the American ambassador added, saying, “There is another consideration, which is to ensure that the private companies that will deal with the government will pay their financial dues on time according to their contracts,” describing that this matter “was a problem here, unfortunately, and finally we need to see that the bureaucracy and the ministries themselves Contracts and projects are dealt with efficiently, and when companies compare projects in Iraq with other opportunities in Jordan or Qatar, for example when they are given the same return on investment, they will always choose the fastest and hassle-free option, as time is important for international investors.
And she pointed out that "the Iraqi Prime Minister has begun to address these issues, and it is difficult now to determine when we can expect significant increases in investment, but we are taking the necessary first steps through partnership with the Ministry of Commerce to bring American companies here and highlight the investment opportunities that exist, and we hope that it will begin." In seeing the contracts signed in the near future and from what I saw in the discussions with the Ministry of Oil and the Ministry of Electricity, there is no reason why investment contracts cannot be signed within the next six months.”
And she continued by saying, "I spoke with both: the Minister of Oil, as well as the Prime Minister's Energy Adviser, who laid out their vision for modernizing the energy industry, not only oil, but using the huge quantities of gas in Iraq for the Iraqis."
The ambassador also stated that "the development of the electricity sector to meet the energy requirements of the Iraqis will support economic growth, and we will continue to encourage American energy companies to explore opportunities in Iraq and where they can offer their world-class expertise, and I do not think that most people realize the extent and quantity of associated gas in the oil fields there." Energy officials in Iraq say if we can actually invest and sell all the gas that is currently being burned in the oil fields, it will be worth six billion dollars annually, of course, and you cannot invest and sell the gas easily because it is not like oil.
Romanowski continued, "There are some countries that do not do that. They are only interested in selling you the same product, and after five years you will have to renegotiate the project to decide who will maintain it, and sometimes they bring their own foreign labor to build factories instead of hiring and training Iraqis."
It considered that among the indicators of the maturation of US-Iraqi relations is this growing common interest in ensuring that economic growth is a priority. The electricity sector in Iraq corresponds to Iraq's ability to become a self-sufficient, stable and sovereign country that is able to provide for its people without having to depend on anyone else, stressing that this is important not only for the economy of Iraq, but for the greater future of Iraq and the first step is to simply use Iraq's resources existing ones to their maximum extent and help the country meet its energy needs."
The US ambassador concluded her speech by saying, "We created a new and expanded vision for Iraq that enhances our focus on economic development, and it is a view that we not only adhere to in the embassy, but also in Washington. We want to work with the government to create new opportunities and a more secure future for the Iraqi people," expressing the readiness of "American companies We are ready to make a commitment to modernizing and revolutionizing the Iraqi energy sector and other industries that are beneficial to Iraq and the world. We look forward to working directly with the government of Iraq, the private sector and the Iraqi people to achieve this.”
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[You must be registered and logged in to see this image.]
2023-02-18 01:05
Share
Font
Shafaq News/ The US Ambassador to Baghdad, Alina Romanowski, expressed, on Saturday, the readiness of American companies to increase investment in Iraq, especially in the field of energy, to serve the population and contribute to achieving sovereignty for this country.
This came in a speech she delivered during the second oil and gas conference that was held in the capital, Baghdad, and was attended by the Shafaq News agency reporter.
Romanowski said during the speech, "I recently returned from Washington, where we had the honor of hosting Foreign Minister Fuad Hussein and his accompanying delegation, and this visit was historic, as it was the first Supreme Coordination Committee to focus on economic cooperation, energy sector development and climate change, and not about our security relations in addition to To meetings with our Secretary of State and other senior government officials."
She added, "The delegation of the Iraqi Foreign Minister met with the American Chamber of Commerce and American companies and invited them to play a role in the economic development of Iraq," adding, "I have returned from this trip and I am confident of the strong and expanding relationship between Iraq and the United States, and excited about the strong and growing relationship between Iraq and the United States." ".
The ambassador also indicated, "Our goal through these meetings with Foreign Minister Fuad Hussein is to expand US-Iraqi relations on the basis of economic development and economic cooperation, which leads to more American companies investing in Iraq, and these companies will bring with them good-paying jobs." To work in developing infrastructure and strengthening the ties between our economies for the benefit of both countries," she said, adding, "I am particularly interested in seeing the return of American companies that have been absent from the Iraqi market for many years."
Romanowski expressed her optimism regarding Iraq's economic prospects, and said that "the prime minister's economic development plan is ambitious and puts Iraq on a path of strong economic growth that defines his plan," noting that "all critical points are combating corruption, investing in critical infrastructure here in Iraq, and reforming the economy." In a way that will create a better business environment that is more friendly to foreign direct investment and encourage foreign companies to do business in Iraq.
In order to attract companies with a good reputation for investment, the ambassador said, "Iraq needs a more diversified economy, and that Iraq is overly dependent on oil, and it is beneficial for Iraq to have large oil resources as long as oil prices are high, but oil prices are set." Globally, which means that something could happen far away in another part of the world that could affect the overall price of oil, exposing the Iraqi economy to risks.”
And she stressed that "it requires a great keeper of oil prices not to jeopardize government spending and investments, including Iraq's ability and expertise that they can bring to the country, in addition to that cooperation with the Iraqi Ministry of Finance and the Ministry of Commerce as well as the American Chamber of Commerce."
Romanowski noted that "we will organize missions to bring American companies to Iraq to see that this is a place of great opportunity that they can feel and feel reassured in doing business again," stressing that "the government must also take steps to ensure that American companies that their investments will be safe."
She went on to say that "there are challenges that we have to acknowledge and the thing that comes to mind unfortunately is corruption, and the business environment must be one in which foreign companies feel that their investments are protected and that the regulatory climate is predictable."
And the American ambassador added, saying, “There is another consideration, which is to ensure that the private companies that will deal with the government will pay their financial dues on time according to their contracts,” describing that this matter “was a problem here, unfortunately, and finally we need to see that the bureaucracy and the ministries themselves Contracts and projects are dealt with efficiently, and when companies compare projects in Iraq with other opportunities in Jordan or Qatar, for example when they are given the same return on investment, they will always choose the fastest and hassle-free option, as time is important for international investors.
And she pointed out that "the Iraqi Prime Minister has begun to address these issues, and it is difficult now to determine when we can expect significant increases in investment, but we are taking the necessary first steps through partnership with the Ministry of Commerce to bring American companies here and highlight the investment opportunities that exist, and we hope that it will begin." In seeing the contracts signed in the near future and from what I saw in the discussions with the Ministry of Oil and the Ministry of Electricity, there is no reason why investment contracts cannot be signed within the next six months.”
And she continued by saying, "I spoke with both: the Minister of Oil, as well as the Prime Minister's Energy Adviser, who laid out their vision for modernizing the energy industry, not only oil, but using the huge quantities of gas in Iraq for the Iraqis."
The ambassador also stated that "the development of the electricity sector to meet the energy requirements of the Iraqis will support economic growth, and we will continue to encourage American energy companies to explore opportunities in Iraq and where they can offer their world-class expertise, and I do not think that most people realize the extent and quantity of associated gas in the oil fields there." Energy officials in Iraq say if we can actually invest and sell all the gas that is currently being burned in the oil fields, it will be worth six billion dollars annually, of course, and you cannot invest and sell the gas easily because it is not like oil.
Romanowski continued, "There are some countries that do not do that. They are only interested in selling you the same product, and after five years you will have to renegotiate the project to decide who will maintain it, and sometimes they bring their own foreign labor to build factories instead of hiring and training Iraqis."
It considered that among the indicators of the maturation of US-Iraqi relations is this growing common interest in ensuring that economic growth is a priority. The electricity sector in Iraq corresponds to Iraq's ability to become a self-sufficient, stable and sovereign country that is able to provide for its people without having to depend on anyone else, stressing that this is important not only for the economy of Iraq, but for the greater future of Iraq and the first step is to simply use Iraq's resources existing ones to their maximum extent and help the country meet its energy needs."
The US ambassador concluded her speech by saying, "We created a new and expanded vision for Iraq that enhances our focus on economic development, and it is a view that we not only adhere to in the embassy, but also in Washington. We want to work with the government to create new opportunities and a more secure future for the Iraqi people," expressing the readiness of "American companies We are ready to make a commitment to modernizing and revolutionizing the Iraqi energy sector and other industries that are beneficial to Iraq and the world. We look forward to working directly with the government of Iraq, the private sector and the Iraqi people to achieve this.”
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