Germany to host Iraq investment conference

23rd October 2009, Comments 0 comments

The United States and Britain have already hosted investment conferences for the war-torn country, which is desperately in need of cash injections as it struggles to rebuild its economy.

Baghdad -- Germany will host a two-day investment conference for Iraq in Berlin next month, the country's embassy in Baghdad told AFP on Thursday.

"The conference will take place on the 5th and the 6th of November in Berlin," said Luay al-Rubaie, secretary to the German ambassador.

The United States and Britain have already hosted investment conferences for the war-torn country, which is desperately in need of cash injections as it struggles to rebuild its economy.

Iraqi Prime Minister Nuri al-Maliki attended the latest conference in Washington on Tuesday and Wednesday, which followed a similar meeting in London in May.

The Berlin-based German-Arab Chamber of Industry and Commerce confirmed the dates of the conference, which is designed to improve economic ties between the two countries.

Organisers are expecting around 200 German businesspeople to attend the conference, along with a 100-strong Iraqi delegation, a chamber spokeswoman said.

Exports from Germany to Iraq in the period from January to June 2009 increased by 96.2 percent compared to the same period last year, according to event organisers.

Finance Minister Baqer Jabr Solagh estimated last November that Iraq needed 400 billion dollars to rebuild the country, a figure the government is unlikely to be able to afford on its own.

This month, the cabinet approved a 67-billion-dollar annual budget for 2010.

Maliki said earlier this month that around three-quarters of the 2009 spending programme was used on security force salaries and operations alone, leaving little left over for other projects.

AFP/Expatica

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