Secretary Clinton Business Forum News

[rocky]

Secretary Clinton To Deliver Remarks to Business Forum Promoting Commercial Opportunities in Iraq on June 3

Notice to the Press
Office of the Spokesman
Washington, DC

June 1, 2011

On Friday, June 3, Secretary Clinton will lead the Department of State in hosting a Business Forum with senior executives from major U.S. corporations from across our economy to discuss opportunities in the new Iraq.


Deputy Secretary of State Tom Nides will also moderate discussions between senior officials from the Departments of State, Treasury and Energy and the corporate executives. Senior Iraqi government officials will deliver remarks as well.

Secretary Clinton’s remarks to the forum will be open to credentialed members of the media at approximately 10:30 a.m. in the Benjamin Franklin Room at the Department of State.


Pre-set time for video cameras: 8:15 a.m. from the 23rd Street Entrance Lobby.



Final access time for journalists and still photographers: 9:45 a.m. from the 23rd Street Entrance Lobby.

After years of civil conflict and economic isolation, Iraq is eager to develop its economic potential. As the United States transitions this year from a military-led to civilian-led partnership with Iraq, the State Department is leading a broad interagency effort to support U.S. companies looking to do business there.

While businesses entering the Iraqi market continue to face hurdles, including a greatly improved but still difficult security environment, some positive developments, such as rising oil revenues, expected double-digit domestic economic growth, significant investments in infrastructure, and a stable democratic government point to the conclusion that Iraq represents a unique business opportunity with benefits for the United States and Iraq.

The Department of State wants to ensure that commercial opportunities in Iraq are not lost at this critical juncture. Some U.S. companies have seized opportunities in Iraq, but many more opportunities exist for additional U.S. involvement.

In many cases, U.S. firms are well placed to bring their expertise to bear in the Iraqi market. Given America’s reputation for innovation and quality, Iraqi entrepreneurs are also anxious to partner with U.S. counterparts.


http://www.implu.com/government_news/482/259217

[Out to Dinar]

Without a recognized currency, I don't see much opportunity for business in Iraq. Unless you are in the oil business, with "black gold" as your currency, how can you take your profits out of the country? Secretary Clinton can talk until she's blue in the face, they need a currency that is recognized internationally. Heck, come out at 1170 and don't RV, the market will make us a ton of cash. The fundamental reasons we all got in this investment is that their currency is horribly under-valued right now. The market will correct it and Ms. Clinton will actually have something to talk about.

[duck2000]

i hate to disagree but if they come out at that low rate down is the only place the dinar will go and quickly !

[Out to Dinar]

Duck, I'm not sure about your logic for an already under-valued currency to go even lower if it comes out. If that is the case, then we might be wasting our time with this investment and should probably write the whole thing off. The oil wealth alone is reason enough for the currency to increase in value. Of course, I don't think that is the quickest way for the dinar to increase in value, but if down is where you really believe the currency belongs then why invest in the first place?

[rocky]

Clinton calls on U.S. companies to invest in Iraq
04/06/2011 12:18

Erbil, June 4 (AKnews) – A few months before U.S. military engagement in Iraq is expected to come to an end, U.S. Secretary of State Hillary Clinton urged companies to invest in Iraq.

Clinton spoke at a meeting of executives from companies, such as Occidental Petroleum, JP Morgan Chase, General Electric, Microsoft and Lockheed Martin, as well as governmental officials and the Iraqi Ambassador to the U.S., Samir Sumaidaie, in the State Department on Friday.

“We are entering a new phase in our relationship with Iraq, and we are very committed to making a major civilian commitment to Iraq’s future”, Clinton said.

Iraq could be an interesting market for U.S. companies, Clinton said, pointing out that Iraq has one of the largest customer bases in the Arab world and is projected to grow faster than China in the next two years, according to the International Monetary Fund (IMF).

“But we see too few American companies alongside our soldiers and our diplomats”, Clinton criticized. U.S. companies are reluctant to invest in Iraq which is “looking to rebuild every sector of [its] economy, not only [its] oil sector but agribusiness, transportation, housing, banking, and many others.”

Clinton acknowledged that there are still obstacles, such as “significant security challenges, bottlenecks in infrastructure, unclear regulations, and, unfortunately, corruption.”

But both, Iraqi and U.S. officials were trying to improve this situation.

“Our embassies and consulates will be hubs that support commercial activity in every region of Iraq. The State Department will work hard to champion American companies, including through events like this one. USAID, Treasury, the Departments of Energy and Agriculture, OPIC, Ex-Im, and many other agencies have unique and proven experience that we can bring to the table to work with you”, Clinton promised.

She said that Ambassador James Jeffrey is trying to establish an American Chamber of Commerce in Iraq.

Clinton said that she agrees with President Barrack Obama’s recent remark that the “greatest untapped resource in the Middle East are its people”, and specifically stressed the importance of women.

“I know that a lot of the best students in Iraqi universities happen to be women, and I hope that Iraq takes full advantage of half the population, ready to work, ready to roll up their sleeves to assist in the transformation of their country”, Clinton said.


http://www.aknews.com/en/aknews/2/244523/

[rocky]

Forum in the United States in order to stimulate investment in Iraq
.Baghdad morning
.. Government is working to develop a comprehensive strategy for the advancement of the economy and support investment in the country. This comes as sponsored by U.S. Secretary of State yesterday, a forum for businesses for U.S. companies to discuss investment opportunities in Iraq.
.”. The MP said the coalition of state law Alfalh: The current stage requires the transition to a market economy, a Matsay the government to do it. " .”. He Alfalh the "morning": that "the government seeks to adopt a new strategy based on accurate scientific basis to support the economy and attract investors."
.ية. He continued: "We want to rectify this transition so as not to constitute a pressure on the Iraqi citizen, simple or the owner of low income," stressing that the agenda of the second legislative term of the parliament will discuss and approve several economic laws.
.. The Government confirmed in the 13 of last February, seeking to join the WTO and ensure the protection of Iraqi funds abroad, with stressed the importance of working to build Iraqi economy is diverse and the application of economic policies advanced by encouraging investment, facilitate and regulate the trade and the rationalization of the state budget and approval of oil and gas law .
.. In Washington, State Department announced that U.S. Secretary of State Hillary Clinton hosted a forum for businesses for U.S. companies to discuss investment opportunities in Iraq. .”. The spokesman said Foreign Ministry spokesman Mark Toner at a news conference that Clinton presided over this forum, "with senior executives from major U.S. companies from all parts of our economy, to discuss the opportunities available in Iraq."
.صعبة”. He Toner said that "despite the fact that companies that enter the Iraqi market still faces obstacles, including the security environment improved much, but still difficult."
.”. He said: "Some positive developments such as high oil prices and domestic economic growth is expected and significant investment in infrastructure and a stable democratic government indicating that Iraq represents a unique business opportunity that will benefit both from the United States and Iraq."
.. Moderated by Deputy Secretary of State Tom Nides discussions between senior officials from the Ministry of Foreign Affairs and the Ministry of the Treasury and the Department of Energy, with executives in U.S. companies, also delivered a senior Iraqi government officials made ​​speeches during the forum.
.”. Toner said that the State Department "wants to ensure that no loss of business opportunities in Iraq at this critical juncture," adding that "some U.S. companies took the opportunity there, but a lot of opportunities still exist."


http://translate.google.com/translate?js=y&prev=_t&hl=en&ie=UTF-8&layout=1&eotf=1&u=http%3A%2F%2Falsabaah.com%2F&sl=ar&tl=en

[mochasmom]

uote="Out to Dinar"]Duck, I'm not sure about your logic for an already under-valued currency to go even lower if it comes out. If that is the case, then we might be wasting our time with this investment and should probably write the whole thing off. The oil wealth alone is reason enough for the currency to increase in value. Of course, I don't think that is the quickest way for the dinar to increase in value, but if down is where you really believe the currency belongs then why invest in the first place?[/quote]

I think what duck is trying to say is that there is no way they will come out at 1170, it will rv, and he has always said no less than a dollar and no more than a penny over KU.

[rocky]

----Remarks at the Business Forum Promoting Commercial Opportunities in Iraq

Remarks
Hillary Rodham Clinton
Secretary of State
Benjamin Franklin Room
Washington, DC
June 3, 2011

SECRETARY CLINTON: Thank you very much, Tom. And let me join in welcoming all of you here to the Ben Franklin Room on the 8th floor of the State Department where we are privileged to live and make history every single day. And I think this gathering is a very historic one, so I want to express my appreciation to all of our U.S. Government participants from, as Tom said, across the government, all of our American business leaders, and in particular, our friends and partners from Iraq. We are delighted to have all of you here.

And I want to thank Deputy Secretary Tom Nides, who came to the State Department from a long history in business as well as a deep understanding of the difficult strategic, political choices that confront us in the world today. And Ambassador Jeffrey, it’s very good to see you in Washington. Usually we see you on the other side of a video screen, so we’re delighted you could be here. And Ambassador, thank you for being with us, too, and thank you for all the work you do here in Washington representing your country.

Let me welcome Mr. Ghadban from the Prime Minister’s Office; Chairman Araji of the National Investment Commission, and Mr. al-Baker from the Ministry of Industry and Minerals. And we’re delighted that all of you could be taking part in this.

There’s another group that I just want to acknowledge briefly, and that’s a group of young people who are here from across the region of the Middle East and North Africa on an exchange program and are very committed to the political and economic reforms that are taking place across the region, so they hope someday perhaps to be in some of the important positions that our represented at this table in their own countries. And we’re delighted they could be with us.

President Obama and I and our government believe strongly that expanding economic opportunity is as essential as building democratic institutions. We think they go hand in hand. And in particular, it’s very important for people going through the changes that are sweeping the region and that Iraq has, in many ways, been a leader in demonstrating, to believe and to see that democracy delivers: Is your life better or not? Do your children have a better opportunity or not?

And this is clearly not a job for government alone. It is a very important partnership that has to be forged. Businesses like those represented here at this table create jobs, provide livelihoods, increase standards of living, give hope to individuals and their families. And what government should do, whether it’s in the United States or in Iraq, is to be a good partner, to help create the conditions for investment and growth that will be broadly spread and create a ladder of economic opportunity for those willing to work hard, to acquire the education and skills required in the modern world.

Now, we are entering a new phase in our relationship with Iraq, and we are very committed to making a major civilian commitment to Iraq’s future. We’ll be opening, as you know, and running consulates in Irbil and Basra, we’ll have civilian experts available to work with not only Iraqi counterparts, but also Americans and to support American businesses in the years to come, as we do in our diplomatic – especially our commercial diplomatic work all over the world. And so it’s time for the United States to start thinking of Iraq as a business opportunity. And the sacrifice that the Iraqi people have made for your freedom is one that we highly respect.

According to the IMF, Iraq is projected to grow faster than China in the next two years. Now, let me repeat that, because when I read it I said, okay, are you sure because we always think of China as being the juggernaut? But no, indeed, Iraq is projected to grow faster than China.

Now, nothing is set in stone. The decisions made by the government, made by businesses, could undo that prediction. And so in five years, we’d look back and say, well, why didn’t it happen? And it didn’t happen not because of divine intervention but because we all didn’t do the right things to make it happen. But Iraq has one of the largest customer bases in the entire Arab world. It has one of the world’s largest supplies of oil, and it has one of the best educated workforces in the region.

Today, Turkish, Chinese, French, Jordanian, Iranian companies are lining up to do business. But very honestly, we see too few American companies alongside our soldiers and our diplomats. Iraqis are looking to rebuild every sector of their economy, not only their oil sector but agribusiness, transportation, housing, banking, and many others. For example, Citibank is now engaging with Iraqi financial institutions and working with corporations who wish to invest in Iraq. Now, I do not want to sugarcoat the difficulties. I think, among friends, we need to have an honest conversation about what is it we all need to do to realize these very positive projections.

Now, one reason there are so many opportunities is because Iraq remains a tough environment. There are still significant security challenges, bottlenecks in infrastructure, unclear regulations, and, unfortunately, corruption. But as our Iraqi colleagues will tell you, they are working hard to make it easier to do business in Iraq for Iraqis and foreign investors alike.

Now, each company will make its own decisions about the costs and benefits, but we want to go on record unequivocally in encouraging American business to begin that process, and we will do everything we can to support you in it. Our embassies and consulates will be hubs that support commercial activity in every region of Iraq. The State Department will work hard to champion American companies, including through events like this one. USAID, Treasury, the Departments of Energy and Agriculture, OPIC, Ex-Im, and many other agencies have unique and proven experience that we can bring to the table to work with you.

Ambassador Jeffrey is working hard to establish an American Chamber of Commerce in Iraq, which would be another powerful advocate. Where we have American Chambers, we find they are very value-added. So we think that’s an incredibly important effort. And as President Obama has said, the greatest untapped resource in the Middle East and North Africa are its people. There’s no doubt about that. And we want to see Iraq have a strong democracy and a growing economy that provides stability and prosperity for the Iraqi people, and we need to work to make sure that the investments are there that will help Iraq chart that kind of future.

I also have to say a word about hiring women. I know that a lot of the best students in Iraqi universities happen to be women, and I hope that Iraq takes full advantage of half the population, ready to work, ready to roll up their sleeves to assist in the transformation of their country. And certainly my Ambassador-at-Large for Global Women’s Issues, Melanne Verveer, is here to talk specifically about some of the ways we are ready to support the integration of women into the economy.

Now, I’m very excited about what’s possible and I’m very hopeful about the future, but I also know, from having worked in many different countries on many different issues over too many years to remember, that the United States stands ready to be a good partner, we stand ready to encourage in every way we can. But ultimately these decisions are up to the Iraqi people: the leaders of the government, the leaders of industry, and, of course, Iraqi men and women who want that better future.

So I’m eager to hear from you in the very limited time that I have to be with you. Let me start with Dr. Ray Irani, whose company, Occidental Petroleum, was one of two American oil companies that won bids last year to rehabilitate Iraq’s largest oil fields. And Dr. Irani, I would very much like to hear your views.

PRN: 2011/898

http://www.state.gov/secretary/rm/2011/06/164954.htm