Czech companies to ink more deals in Iraq
With deadly
attacks and political violence threatening to wreck a hard-won power-sharing
agreement in Iraq, business is booming in at least one part of the country, and
Czech companies are positioning themselves to take advantage of the thriving
investment opportunities.
In the
relatively peaceful and semi-autonomous northern region of Iraqi Kurdistan,
foreign ventures and soaring oil exports helped drive a remarkable economic
growth rate of 8 percent last year.
A delegation
of businessmen, led by Industry and Trade Minister Martin Kuba (Civic Democrats,
ODS), has just completed a high-level visit to Kurdistan that culminated in the
announcement of plans to build a new steam-gas power plant in the region, with
an output of 980 megawatts.
The project
will be designed by Czech company PSG International, and will be built with the
help of Turkish and Kurdish companies over the next few years.
The power
plant is being financed by the Czech Export Bank in a deal that will hopefully
attract further foreign and domestic companies, the Kurdish Globe reported June
9.
"I am pleased
to represent the first Czech bank to organize financing support to this kind of
project. There is a strong desire among Czech businessmen to be more engaged and
present in Kurdistan," said Tomáš Uvíra, CEO of the Czech Export
Bank.
Speaking at
the signing ceremony in Erbil, the capital of Iraqi Kurdistan, Kuba said he was
impressed with Kurdistan's continued economic growth and stressed the importance
of strengthening bilateral ties with the Kurdistan regional government
(KRG).
"Today, a
number of our companies are doing good business in Kurdistan; however, there are
many more opportunities for further engagements, and we are here to explore
those opportunities."
Kurdistan's
prime minister, Nechirvan Barzani, highlighted the recent progress the KRG has
made in electricity and energy production.
"We are
continuing our efforts to achieve more progress; we are taking steps to further
modernize the electricity sector, and we will continue these efforts until we
can provide all the necessities of our citizens in this sector throughout the
region," Barzani said.
The Czech
delegation, comprising 24 businessmen and three representatives of the
Confederation of Industry, also traveled briefly to the Iraqi capital Baghdad to
participate in another forum and to meet with representatives from government
ministries.
"It was a
very successful exercise. We are hoping to welcome a Kurdish delegation to the
Czech Republic very soon, perhaps as early as this year," said Olga Zuláková,
the international relations manager of the Confederation of Industry, after
returning from Iraq.
In March,
Iraq was named one of 12 "priority" countries for the Czech Republic's export
strategy 2012-20.
However,
Zuláková concedes that while Kurdistan remains an attractive destination for
business, trade in other parts of Iraq such as Baghdad is considered too risky
for many companies.
Czech trade
with Iraq sank some 40 percent to 1.54 billion Kč last year after previously
experiencing growth.
Latest Iraqi related news from: www.baghdadinvest.com
Latest Iraqi related news from: www.baghdadinvest.com
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