Growing number of countries investing in Iraq — DFA USec

November 1, 2012 3:21pm Filipino business leaders may soon be exploring Iraq's business potential after a recent study found that more countries outside of the Gulf region were involved in different businesses in that Arab nation in 2011. According to Foreign Affairs Acting Assistant Secretary Nathaniel Imperial, a study by Dunia Frontier Consultant found over 45 countries active in Iraq last year, putting $55.67 billion in investments, service contracts and other commercial activities into the country. The amount is 40.3 percent higher than that of the previous year—robust growth despite the complete withdrawal of the American forces from the country in December 2011 and increasing political uncertainties. The United States accounted for the largest share of business activities in Iraq, followed by European and Asian countries particularly the United Kingdom, the Netherlands, Germany, Italy, China and South Korea. The top sectors were residential real estate, oil and gas, electricity, water and sanitation, defense, commercial real estate and telecommunications. "Telecommunications is a new entrant in the top sectors," Imperial said in a report, adding that strong foreign participation was noted from mobile operators Korek and Asia Cell, both Kurdistan-based firms employing Filipino workers. The study noted the existence of smaller-scale projects, especially in electricity, oil and gas, that eventually led to a number of multimillion-dollar deals. — BM, GMA News