Iraq Can Help To Resolve Pakistan’s Energy Crisis

Islamabad: Ambassador of Republic of Iraq to Pakistan Dr. Rushdi Al-Ani on Monday said local business community needs to benefit for investment boom in Iraq.
Inviting Pakistani industry to participate in the re-building of Iraq by making investments and entering into business ventures, he said that situation in Iraq is normal and investor friendly.
Dr. Rushdi Al-Ani said this while talking to Vice President FPCCI Mirza Abdul Rehman, Chairman Media FPCCI Malik Sohail and others.
He said that Prime Minister Yousuf Raza Gilani and Speaker of the National Assembly Dr. Fahmida Mirza would soon visit Iraq.
A 30-member high-powered delegation headed by Minister for Works and Investment from Iraq is to visit Pakistan soon; MOUs would be signed with reputable firms, the envoy informed.
He said that Iraq has formally invited five major Pakistan companies to invest in its promising oil sector.
Iraq is changing to a market economy; we have enormous natural resources and our hydrocarbons can help bailout Pakistan from energy crisis, said Al-Ani.

He informed that Baghdad is reforming its financial, legal and administrative infrastructure in order to integrate with the global economy.
Dr. Rushdi Al-Ani said that the sectors which are open for investment include oil and gas, power, housing, transportation, telecommunication, railways, roads, ports, agriculture, education, pharma, surgical, auto parts, and tourism.

At the occasion Mirza Abdul Rehman invited the Ambassador to visit FPCCI so that business community of Punjab and Khyber Pakhtoonkhwa can be directly apprised of the opportunities in brotherly country.

Ensuring participation of Pakistanis business community in International Trade Fairs and Investment Conferences in Iraq, Mirza Abdul Rehman said that some cities with highways of international standard, solar-powered street lights and luxury hotels have become beacon for investment in Iraq.

Malik Sohail said that Pakistan would fully cooperate in realising Iraq’s target under its five-year plan of attracting $85 billion in investment by 2014.

He said that a deal to provide cheap oil to Pakistan will help us overcome energy problems which would be a great help.