Keyword: iraqieconomy

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  • Russia's Lukoil Wins Huge Iraqi Oilfield

    12/12/2009 6:51:06 PM PST · by FromLori · 28 replies · 1,066+ views
    The Business Insider ^ | 12/12/09 | Joe Weisenthal
    So much for America getting all the oil it spent billions of dollars, and thousands of lives to "liberate." ----- By SINAN SALAHEDDIN (AP) – 10 hours ago BAGHDAD — A consortium led by Russia's private oil giant won the biggest prize of Iraq's second oil auction this year, nabbing a field initially promised them a decade ago by Saddam Hussein while other companies Saturday showed little interest in offerings outside the secure southern part of the country. Lukoil and Norway's Statoil ASA won rights to develop the 12.88 billion barrel West Qurna Phase 2 field in the Basra region,...
  • PM says Iraq cannot afford to pay General Electric

    08/01/2009 4:27:23 PM PDT · by Cheap_Hessian · 15 replies · 910+ views
    Reuters ^ | August 1, 2009 | Mohammed Abbas and Waleed Ibrahim
    BAGHDAD, Aug 1 - Iraqi Prime Minister Nuri al-Maliki said on Saturday his government could not afford to pay General Electric for its services and rebuked parliament for failing to allow a $3 billion bond sale. In May, Iraq's cabinet approved the sale of the treasury bonds, of which $2.4 billion was meant to pay to revamp Iraq's dilapidated electricity sector. A lack of power is a major complaint among Iraqis, especially in the searing summer heat. Iraq's electricity minister had said he hoped parliament would ratify the cabinet's decision in early June, but lawmakers stopped work for the summer...
  • Program Bonds Iraqi Women, Strengthens Economy

    07/15/2009 4:57:35 PM PDT · by SandRat · 2 replies · 262+ views
    American Forces Press Service ^ | Spc. Stephanie Cassinos, USA
    CONTINGENCY OPERATING BASE BASRA, Iraq, July 15, 2009 – The view from a Humvee window in rural Iraq is a confusing sight. Small, broken structures disrupt long stretches of sand. Closer to town, abandoned vehicles corrode on the side of the road, trash collects in puddles and ditches, and people herd animals mere yards away from shops on the street. Army Capt. Jennifer Glossinger, Women’s Initiatives program coordinator for Multinational Division South, learns more about the specific talents of Iraqi women at a conference in Zabir, Iraq, July 7, 2009. Glossinger hopes to find women who are willing to teach...
  • Microgrants Assist Growing Economy in Iraq

    07/14/2009 4:22:37 PM PDT · by SandRat · 5 replies · 264+ views
    American Forces Press Service ^ | Staff Sgt. Jason Douglas, USA
    FORWARD OPERATING BASE WARRIOR, Iraq, July 14, 2009 – As security improves in Kirkuk, the business community has the opportunity to grow. But some small businesses still need a helping hand. Army 1st Lt. Daniel Braud takes a photo of Salar Ghazi Fauzi showcasing the new impact socket wrench he purchased for his automotive repair shop using a U.S.-issued microgrant in Daquq, Iraq, July 7, 2009. U.S. Army photo by Staff Sgt. Jason Douglas  (Click photo for screen-resolution image);high-resolution image available. U.S. forces issue microgrants of up to $5,000 to help Iraqi small-business owners build or revitalize their businesses, and they...
  • Seminar Educates Iraqi Businesswomen

    06/24/2009 4:12:32 PM PDT · by SandRat · 1 replies · 189+ views
    Iraqi Member of Parliament Safiya Talib al-Suhail was keynote speaker at an Iraqi women's business seminar June 20 in Baghdad. Al-Suhail has a long history of promoting the rights and status of Iraqi women. USACE Photo by Rick Haverinen. BAGHDAD — Sustainment contracting was the focus of the U.S. Army Corps of Engineers’ Gulf Region Division (GRD)-sponsored women's business seminar here, June 20, as 35 Iraqi businesswomen attended this half-day event, part of a continuing series of meetings for the Women's Advocate Initiative. "Our goal is to encourage and support Iraqi businesswomen to be more involved in the execution and...
  • Soldiers Assist in Iraqi Business Initiatives

    06/15/2009 4:49:11 PM PDT · by SandRat · 1 replies · 171+ views
    American Forces Press Service ^ | Sgt. Mark Miranda, USA
    CONTINGENCY OPERATING BASE ADDER, Iraq, June 15, 2009 – Just a short bus trip from work and in a well-secured area here, soldiers of 1st Armored Division’s 4th Brigade Combat Team can be seen on any given day shopping in the Iraqi-based industrial zone. Army Spc. Jerrod Quinn and Army Spc. Jill Grey browse an electronics counter at the Oasis market on Contingency Operating Base Adder, Iraq, June 10, 2009. U.S. Army photo by Sgt. Mark Miranda  (Click photo for screen-resolution image);high-resolution image available. Industrial zone locations are designated secure areas on coalition bases where a commercial business with a...
  • Iraqi Businesses Thrive on Coalition Bases

    06/15/2009 4:29:45 PM PDT · by SandRat · 1 replies · 216+ views
    Multi-National Force - Iraq ^ | Sgt. Mark Miranda, USA
    Sgt. James Witt is greeted by Iraqi merchant Saheb Abaes at the Oasis Market located on Contingency Operating Base Adder, recently. Photo by Sgt. Mark Miranda, 1st Armored Division. COB ADDER — Just a short bus trip from work and in a well-secured area here, U.S. Soldiers can be seen on any given day shopping and visiting the various vending booths in the Iraqi-based industrial zone (I-BIZ).I-BIZ locations are designated as secure areas on Coalition bases where a commercial business with a land use agreement through the Coalition can establish operations. The Coalition is actively supporting this program."We are here...
  • Daimler opens office in Baghdad, Iraq

    02/20/2009 7:07:07 AM PST · by frankenMonkey · 6 replies · 342+ views
    Autoblog ^ | Feb 20th 2009 | Jonathon Ramsey
    As a small step that could be considered a healthy vote of confidence in Iraq's return to stability, Mercedes has established a corporate representative office in Baghdad. Daimler set up shop in Erbil, Iraq last February, opening a training center that would get mechanics ready for coming Mercedes products. By installing a corporate representative, the company will have someone on the ground to figure out how best to introduce new Mercedes products to the country. The rep will focus on examining and developing the market for trucks and buses, which Daimler should have all to itself for a while.
  • Iraq economy 'on track' says IMF

    12/24/2008 9:46:25 AM PST · by FocusNexus · 10 replies · 483+ views
    BBC news ^ | Dec. 18, 2008 | BBC
    Economic development in Iraq in 2008 has been "encouraging" according to a review of the country's economy by the International Monetary Fund (IMF). Improved security and a more stable political environment mean economic activity has "picked up" on the back of increased oil production and exports. IMF deputy managing director Takatoshi Kato said the authorities had kept the economic programme "on track". Oil revenue in 2009 would be much lower than in 2008, he added. To compensate, the Iraqi government has already prepared measures to reduce spending next year.
  • STOCKS SOAR! (IN BAGHDAD): Iraq Stock Market Up 40% Even as Rest of the World Plunges

    10/10/2008 7:12:54 PM PDT · by SeekAndFind · 21 replies · 2,120+ views
    New York Post ^ | October 10,2008 | JENNIFER FERMINO with Reuters
    Now it's stock and awe in Baghdad! As the Dow plummeted nearly 700 points yesterday to fall well below the 9,000 mark, the Iraqi stock exchange - where this broker was merrily keeping up with her booming business - was flourishing, buoyed by four-year lows in violence and hopes of a reconstruction windfall. Last month, Iraq's general index went up nearly 40 percent, about the same percentage the Dow dropped over the past year. The jovial trading-floor mood is reminiscent of Wall Street's bygone "greed is good" era of the 1980s. Wall Street Routing World Markets The Middle Eastern "masters...
  • Iraq signs billion-dollar power deals with GE, Siemens (Where's the outrage MSNBC?)

    09/28/2008 9:01:46 AM PDT · by tobyhill · 9 replies · 665+ views
    yahoo news ^ | 9/28/2008 | Simon Webb/Reuters
    DUBAI (Reuters) - Iraq has signed preliminary deals worth billions of dollars with General Electric Co and Siemens for equipment to almost double electricity generation capacity, an energy official said on Saturday. The deals with GE, Siemens and a third company would be worth a total of $7 billion to $8 billion, Iraq's Electricity Minister Karim Waheed told Reuters. Years of war, sanctions and neglect have battered Iraq's power grid and the country suffers chronic power shortages. The capital Baghdad receives only a few hours of electricity a day. The deals would mark a big step in the country's reconstruction,...
  • China marches past USA to stake a claim to Iraq's oil

    09/07/2008 5:25:35 PM PDT · by sidewinder009 · 20 replies · 258+ views
    telegraph ^ | 07 Sep 2008 | Damien McElroy
    China has secured Baghdad's first post-Saddam Hussein oil deal by reviving a 1997 concession to exploit reserves on the al-Ahdab field south of the capital. The two countries are expected to formally sign an agreement later this month that will earn the state-controlled China National Petroleum Corp (CNPC) a fixed price for every barrel it produces in Iraq. While China opposed the Iraq war and stood back from post-war rebuilding, Beijing has quietly outflanked its global rivals to grab a large slice of Iraq's oil industry. The pioneers of its overseas quest for fuel are already exploring vast tracts in...
  • Iraqi Business Owners Network at Trade Show

    09/04/2008 5:31:29 PM PDT · by SandRat · 1 replies · 142+ views
    American Forces Press Service ^ | Sgt. Grant Okubo, USA
    FORWARD OPERATING BASE RUSTAMIYAH, Iraq, Sept. 4, 2008 – In another indication of a return to normalcy in eastern Baghdad, more than 90 organizations gathered Aug. 29 and 30 at the Palestine Hotel in the Iraqi capital’s Rusafa district for the 9 Nissan District Business Trade Show. An Iraqi businessman shows Turkish artificial grass, which is one of his company’s products, during the 9 Nissan District Business Trade Show at the Palestine Hotel in Karadah, Iraq, Aug. 30, 2008. More than 90 organizations, including more than 80 businesses, gathered for the event Aug. 29 and 30. U.S. Army photo...
  • Iraq reaches oil agreement with China

    09/02/2008 1:12:02 PM PDT · by BGHater · 28 replies · 381+ views
    Reuters ^ | 28 Aug 2008
    Iraq and China have agreed on the terms of a $3 billion oil service contract, the Iraqi oil minister said Wednesday, announcing his country's first major oil contract with a foreign company since the fall of Saddam Hussein. The oil minister, Hussain al- Shahristani, warned that time was running out for big Western oil companies, which have pressed for years for Iraqi contracts, to seal even short-term deals that had been expected to mark their return to Iraq, which has the world's third-largest oil reserves after Saudi Arabia and Iran. Iraq and the Chinese state-run oil company, CNPC, have agreed...
  • Pack your bags for Baghdad? Iraq looks to tourism (Say WHAT?)

    07/23/2008 5:48:27 PM PDT · by Libloather · 8 replies · 247+ views
    Link only - Pack your bags for Baghdad? Iraq looks to tourism
  • Normalization to boost Turkey, Iraq trade to $30 bln

    07/14/2008 3:49:48 AM PDT · by forkinsocket · 1 replies · 90+ views
    Hurriyet ^ | July 14, 2008 | Staff
    The normalization of Iraq, which would generate 250 billion dollars in oil revenues, would boost Turkey's trade volume with this country to 30 billion dollars, Turkey's Trade Minister Kursad Tuzmen said on Sunday. The establishment of stability in Iraq would earn Turkey a neighbor with the ability to generate $250 billion in oil revenues, Tuzmen told the Anatolian Agency. Tuzmen said exports and the construction services Turkey provided to Iraq would be boosted and the transportation sector would also benefit as the revenue of the country increased. "Had Iraq normalized the business volume between Turkey and Iraq would rise to...
  • Recycling Turns Trash to Treasure

    07/13/2008 11:26:24 AM PDT · by SandRat · 7 replies · 250+ views
    Multi-National Force - Iraq ^ | Sgt. Robert G. Cooper III, USA
    Naseb Saad Hasan Altememy, holds up a can of future profits for his company’s recycling center site at a refuse collection site at Joint Base Balad, Iraq. The recycling center, which will provide jobs to local Iraqis, will assist current efforts to sort through daily garbage collection on post for recyclables. Photo by Sgt. Robert G. Cooper III. BALAD — A war can be messy, literally. From the daily trash collections conducted by roving garbage trucks to amassing scrap metals born from the aftermath of battle, waste management is a serious business for Coalition forces in Iraq.And that business is...
  • Germany sends first minister to Iraq since invasion

    07/12/2008 10:31:55 PM PDT · by Uncle Ralph · 28 replies · 170+ views
    Reuters ^ | July 12, 2008 | Mohammed Abbas, Erik Kirschbaum, Tim Cocks, Jon Boyle
    BAGHDAD (Reuters) - German Economy Minister Michael Glos held talks with Iraqi officials in Baghdad on Saturday, becoming the first German cabinet minister to visit since the U.S.-led invasion in 2003. Germany opposed the invasion but his visit is the latest sign many foreign capitals are ready to upgrade ties with Iraq, where violence has fallen to a four-year low. "The German minister confirmed his country's keenness to improve political and economic ties with Iraq and that German companies are absolutely ready to rebuild Iraq," a statement from Deputy Prime Minister Barham Salih's office said. The statement urged German and...
  • Budget Workshop Helps Basra Move Forward

    06/20/2008 4:49:20 PM PDT · by SandRat · 1 replies · 155+ views
    BASRA, Iraq, June 20, 2008 – The provincial reconstruction team for Iraq’s Basra province, along with the Gulf Region South district of the U.S. Army Corps of Engineers, the U.S. Agency for International Development, and the United Nations Development Program concluded a two-day budget execution support workshop June 18 at the international airport here. The event provided a clear understanding of how the international community can support the provincial governor’s office and technical directorates for the design and implementation of projects for the rest of the year, said Army Maj. Daniel George, a PRT engineer assigned from Gulf Region South’s...
  • Foreign Investment in Iraq Up

    06/17/2008 3:03:58 PM PDT · by newbie2008 · 2 replies · 146+ views
    (Newser) – European and Asian investors are taking advantage of the recently stabilized Iraqi business climate, USA Today reports. US firms still regard Iraq as too dangerous to invest in, but that attitude may cost them the best opportunities. The firms “who are getting in on the ground floor are not American," says a Pentagon official. "It's ironic." Iraq has attracted $500 million in foreign investment just this year. Many of the countries with the largest business presence—such as France, Russia and Turkey—did not take part in the initial invasion. Americans' cold feet perplex some. Says a Washington-based Iraqi official:...
  • Foreign Companies Rush In to Invest in Iraq

    06/17/2008 10:26:36 AM PDT · by mondoreb · 11 replies · 187+ views
    DBKP ^ | June 17, 2008 | Mondoreb
    We Won!The rest of the world apparently doesn't read the U.S. Mainstream Media. Or listen to Congressional Democrats, Harry Reid or Code Pink, either. Companies from around the world are rushing into Iraq to do business, due to the improved security climate in that country. Over a half-billion dollars worth of investments from countries that, in many cases, didn't support the U.S. in its efforts to improve Iraq's security. European and Asian companies are beating their American rivals into Iraq now that security has improved the investment climate, Iraq and U.S. officials say. "It's starting to turn … and the...
  • Economy Booms Again in Southern Baghdad Province

    06/06/2008 3:57:58 PM PDT · by SandRat · 5 replies · 66+ views
    BAGHDAD, June 6, 2008 – When Army Capt. Shawn Carbone first took a good look at the economy in Iraq’s southern Baghdad province, he found it similar to his studies of America during the Great Depression of the 1930s. Hussen Jowd, a butcher in Arab Jabour, Iraq, serves a sandwich at his newly renovated butcher shop and food stand. Jowd received micro-grants that enabled him to increase his stock and expand his business. U.S. Army photo by Sgt. Kevin Stabinsky  (Click photo for screen-resolution image);high-resolution image available. "Most of the historically strong businesses were gone," said Carbone, economics team leader...
  • Iraqi Businesses Display Wares at Expo

    05/28/2008 10:23:38 PM PDT · by SandRat · 3 replies · 103+ views
    American Forces Press Service ^ | Sgt. Jeremy Todd, USA
    BAGHDAD, May 28, 2008 – More than 70 Iraqi business owners gathered in the Babylon Hotel on the Karadah Peninsula in southeastern Baghdad for the inaugural Rebuilding Karadah Expo and Conference, May 23-24. Karadah district business owners display their products to Iraqi patrons during the Rebuilding Karadah Expo and Conference in Baghdad’s Babylon Hotel, May 23, 2008. More than 70 businesses took part in the Iraqi Chamber of Commerce and Industry event, and officials estimate more than 2,000 visitors attended the expo. U.S. Army photo by Sgt. Jeremy Todd, Multinational Division Baghdad  (Click photo for screen-resolution image);high-resolution image available. Entrepreneurs...
  • Iraq’s Financial Free Ride May End

    04/14/2008 1:50:22 PM PDT · by moderatewolverine · 11 replies · 139+ views
    Primetime Politics ^ | April 14, 2008 | Anne Flaherty
    Iraq's financial free ride may be over. After five years, Republicans and Democrats seem to have found common ground on at least one aspect of the war. From the fiercest war foes to the most steadfast Bush supporters, they are looking at Iraq's surging oil income and saying Baghdad should start picking up the tab, particularly for rebuilding hospitals, roads, power lines and the rest of the shattered country. "I think the American people are growing weary not only of the war, but they are looking at why Baghdad can't pay more of these costs. And the answer is they...
  • Basra Fighting Slows Down Southern Iraq's Oil Output

    03/27/2008 3:35:55 AM PDT · by maquiladora · 1 replies · 213+ views
    The continuing military operations in the oil hub Basra have slowed down Iraq's crude-oil production and exports from southern oil fields, an Iraqi official with the South Oil Company and a shipping agent said Thursday. Meanwhile, a bomb Thursday struck the key Zubair-1 crude pipeline -- the largest pipeline to the Basra export terminal -- and will likely affect exports "heavily," the South Oil Company official said.
  • Iraq's oil exports register 6 per cent increase in January from December

    02/26/2008 3:22:37 AM PST · by Clive · 2 replies · 86+ views
    Associated Press via Sun Media ^ | 2008-02-26 | Sinan Salaheddin
    BAGHDAD - Iraq's crude oil exports in January inched up to 59.6 million barrels, a six per cent increase from the previous month, the Oil Ministry said Tuesday. Iraq's average production was 2.4 million barrels per day in January while exports stood at an average of 1.92 million barrels per day, the ministry's figures showed. December's exports averaged 1.81 million barrels per day. But there was still an enormous difference in output between the southern port of Basra, which exported an average of 1.54 million barrels daily, and the northern city of Kirkuk, which exported nearly 380,000 barrels per day....
  • Iraq's Economy Looking Up for a Change

    01/20/2008 3:38:45 AM PST · by Caipirabob · 1 replies · 76+ views
    ABC News - International (can you believe it?) ^ | BAGHDAD, Jan. 19, 2008 | HILARY BROWN
    Iraqis received a rare piece of good news this week, when the International Monetary Fund predicted that the country would see an overall growth rate of 7 percent in the coming year. The country will benefit from oil prices reaching record highs and the forecast that Iraq's own oil production would go up by 200,000 barrels a day, to a daily output of 2.2 million barrels, the IMF predicted. The optimism is visible everywhere on the streets of Baghdad. The shops are full of produce and electronics and clothes and dry goods. People are out with their families, and they...
  • Iraq's Economy Looking Up for a Change

    01/19/2008 12:48:54 PM PST · by 1rudeboy · 18 replies · 8,700+ views
    ABC News ^ | January 19, 2008 | Hilary Brown
    IMF Predicts Good News for Iraq's Economy, but Growth Depends on Security Iraqis received a rare piece of good news this week, when the International Monetary Fund predicted that the country would see an overall growth rate of 7 percent in the coming year. The country will benefit from oil prices reaching record highs and the forecast that Iraq's own oil production would go up by 200,000 barrels a day, to a daily output of 2.2 million barrels, the IMF predicted. The optimism is visible everywhere on the streets of Baghdad. The shops are full of produce and electronics and...
  • Economic boost gives hope to Iraqis

    01/13/2008 3:51:24 AM PST · by Daffynition · 4 replies · 80+ views
    BBC ^ | 12 January 2008 | staff reporter
    House prices on the up and increased banking business are not readily associated with Iraq. Yet as Humphrey Hawksley reports, there are entrepreneurs who see good times in the horizon. "This is the entrance hall," said Naimah Abdul Jabbah, throwing open a huge pair of wooden double doors. "How much?", I asked. "$1m. Maybe some negotiation. But $1m, I reckon." He turned to my interpreter to confirm the dollar exchange rate to the dinar, because in recent months Iraq's currency has been creeping up in value. Business playground Naimah, in his early 40s, is a leading Iraqi estate agent. He...
  • Army Unit, Civil Affairs Team Hand Out $10,000 in Micro-grants

    12/07/2007 3:26:59 PM PST · by SandRat · 1 replies · 74+ views
    American Forces Press Service ^ | Spc. Alexis Harrison, USA
    BAGHDAD, Dec. 7, 2007 – Troops from Battery A, 3rd Battalion, 82nd Field Artillery Regiment, and a civil affairs team from 422nd Civil Affairs Battalion handed out $10,000 in micro-grant funds to an Iraqi small business and a home for mentally handicapped children. A baker whisks hot bread out of an oven while troops from the 3rd Battalion, 82nd Field Artillery Regiment, 2nd Brigade Combat Team, 1st Cavalry Division, get ready to hand $5,000 to the bakery's owner as part of a micro-grant program in Baghdad’s Qadisiyah neighborhood, Dec. 1, 2007. Photo by Spc. Alexis Harrison, USA  (Click photo for...
  • Iraqi Furniture Factory Fills First Order in Two Years

    11/18/2007 6:28:45 AM PST · by SandRat · 20 replies · 412+ views
    Multi-National Force - Iraq ^ | Spc. Shejal Pulivarti
    Navy Capt. John Dillender (right), economics and industrial advisor for Baghdad 5 Embedded Provincial Reconstruction Team, which operates north of the Iraqi capital with the 1st Brigade Combat Team, 1st Cavalry Division, mimics the sanding technique used by a furniture factory worker near Taji, Iraq Nov. 11. The Henning, Tenn. native helped facilitate (200) pieces of furniture purchased from the State Company for Furniture Industry-Baghdad to be delivered to area schools. U.S. Army photo by Spc. Shejal Pulivarti, 1st BCT, 1st Cav. Div. PAO. CAMP TAJI — The State Company for Furniture Industry-Baghdad, located near Taji, recently filled its first...
  • New Berth Increases Umm Qasr Port Capacity

    09/28/2007 7:35:22 PM PDT · by SandRat · 5 replies · 149+ views
    Defend America News ^ | Mohammed Aliwi
    New Berth Increases Umm Qasr Port Capacity Army engineers oversee berth project that was designed and built by Iraqis. By Mohammed AliwiU.S. Army Corps of EngineersGulf Region South District BASRAH, Iraq, Sept. 28, 2007 — The U.S. Army Corps of Engineers has turned control over the newly completed “roll-on/roll-off” berth at Umm Qasr Port to the Iraqi Port Authority. "The Iraqi people can be proud of this project because it is theirs alone."Rebecca Wingfield, project engineer Known as a RoRo because it serves “roll-on/roll-off” ships that share the acronym, the $2.7 million berth project doubles the number of the...
  • New Bases, Barracks, Buildings Foster Iraqi Prosperity

    09/27/2007 5:03:27 PM PDT · by SandRat · 2 replies · 101+ views
    WASHINGTON, Sept. 26, 2007 – New buildings constructed under the guidance of coalition forces are sparking prosperity for Iraqi citizens, a senior U.S. military engineer in Iraq said today. “It’s a concept of ownership,” Navy Capt. Joe Hedges told online journalists and “bloggers” during a conference call from Baghdad. “We’re using Iraqi funds to build Iraqi facilities.” Hedges is assistant chief of staff for the engineering directorate of Multinational Security Transition Command Iraq. His team is currently working to build military bases, barracks, airfields, schools and a hospital on 12 different sites in Iraq. “I’m excited,” Hedges said. “I think...
  • 'Made in Iraq' labels headed for USA

    09/05/2007 3:34:01 PM PDT · by Kaslin · 28 replies · 1,112+ views
    USA Today | September 5, 2007 | Oren Dorell
    Article can not be posted due to publishers copyright complainClick here to read the article
  • Economic Task Force Works to Move Iraq ‘From Front Pages to Business Pages’

    09/04/2007 5:21:02 PM PDT · by SandRat · 3 replies · 178+ views
    WASHINGTON, Sept. 4, 2007 – A task force designed to bolster Iraq’s industry has made “measurable progress,” placing scores of Iraqi workers in sustainable jobs since the program’s June 2006 inception, the deputy secretary of defense said today. Deputy Secretary of Defense Gordon England leads off a press briefing on steps being taken to improve the economy of Iraq in the Pentagon , Sept. 4, 2007. Joining England for the briefing were Iraq's Minister of Industry and Minerals Fawzi Hariri, left, and Deputy Under Secretary of Defense for Business Transformation Paul Brinkley. Defense Dept. photo by R. D. Ward  (Click...
  • Attacks Down, Economic Development Up in Iraq

    08/26/2007 10:36:24 AM PDT · by SandRat · 10 replies · 370+ views
    WASHINGTON, Aug. 26, 2007 – Recent strides in Iraq’s economic development, including the reopening of a flour mill last week, are occurring as Iraqi and coalition forces disrupt al Qaeda and other terrorist elements, a senior military spokesman in Iraq said today. “Local production of flour in a previously dormant mill is a small but meaningful step in Baqubah that demonstrates that as al Qaeda in Iraq is driven out, economic growth emerges,” Navy Rear Adm. Mark I. Fox, deputy spokesman for Multinational Force Iraq, said at a news conference. The flour mill in Baqubah, closed for nearly a year,...
  • Flour Mill Re-opens in Baquoba

    08/23/2007 6:49:43 PM PDT · by SandRat · 8 replies · 321+ views
    BAQOUBA, Iraq, Aug. 23, 2007 — The Baqouba public flour mill began processing wheat Aug. 20, after being closed for nearly a year, marking the local production of flour in the Diyala Province as a major step toward Iraqi self-sufficiency. "This is one more piece to the larger puzzle of providing normalcy here. It's probably the most important thing we've done." Lt. Col. Fred Johnson, deputy commanding officer of the 3rd Stryker Brigade Combat Team, 2nd Infantry Division. "This is one more piece to the larger puzzle of providing normalcy here," said Lt. Col. Fred Johnson, deputy commanding officer of...
  • Surge Efforts, Iraqi Government Independence Spur Economic Growth

    08/15/2007 6:03:01 PM PDT · by SandRat · 3 replies · 394+ views
    WASHINGTON, Aug. 15, 2007 – Recent surge operations and a continued commitment to ownership by the Iraqi government are contributing to increased economic progress in Iraq, a senior officer responsible for economic development there said yesterday. During a conference call with online journalists and “bloggers,” Army Col. Tracy O. Smith, chief of the Economic Development Branch of Multinational Force Iraq, provided an operational update on economic progress being made in Iraq’s provinces. He explained that the recent surge of forces and operations has improved the ability of coalition forces to conduct non-traditional military operations in a number of areas simultaneously,...
  • Defense Department Task Force Works to Reinvigorate Iraq's Economy

    08/14/2007 6:36:51 PM PDT · by SandRat · 4 replies · 208+ views
    BAGHDAD, Aug. 14, 2007 – Fagah Al Dhahab needs money -- about $4 million, to hear him tell it. Dhahab is the director general of the Hillah textiles company. His cluster of factories in the capital of Iraq’s Babil province represents one piece of a network of state-run industries that dotted Iraq under Saddam Hussein, providing jobs and consumer goods, but also impeding competitive growth as lynchpins of Iraq’s controlled economy. Dhahab’s operations are ongoing but suffering, victims of inadequate funding, supply shortages, understaffing and a paucity of electricity. In July, the factory’s output was 450,000 meters of fabric. Before...
  • Iraqi Clothing Factories Eyeing U.S. Holiday Market

    08/13/2007 5:40:29 PM PDT · by SandRat · 16 replies · 515+ views
    WASHINGTON, Aug. 13, 2007 – Santa might be visiting Iraq this year to fill his holiday wish, as Iraq’s once-sagging textile industry gears up to export Iraqi-made clothing to the United States, a senior Iraqi government official said yesterday in Baghdad. Deputy Industry Minister Sami al-Araji joined Paul Brinkley, deputy undersecretary of defense for business transformation, and Iraqi Minister of Finance Bayan Jabr at a joint news conference to discuss plans to get Iraq’s factories up and running. Many of the 200-plus state-run factories have been idle more than four years, resulting in mass unemployment that officials say creates a...
  • Iran to offer $1b credit line for Iraq’s economic projects

    08/23/2006 11:04:42 AM PDT · by nuconvert · 15 replies · 699+ views
    MEHRNews ^ | Aug. 23, 2006
    Iran to offer $1b credit line for Iraq’s economic projects TEHRAN, Aug. 23 (MNA) – Iran intends to establish a $1b credit line in Iraq to encourage investment and participation in the country’s major economic projects. The conditions on how to use the funds are yet to be elaborated and specified, general manager of International Relations Office at Iran’s Ministry of Industries and Mines announced on Wednesday. “Aziz Jaffar Hassan, financial advisor to Iraq’s vice-president, was in Tehran this week to discuss the terms and conditions of such an agreement with Mohsen Shaterzadeh, the ministry’s economic deputy. Both sides endorsed...
  • Iraq: Italian support for bussiness district in Nasiriya

    01/21/2006 6:15:25 AM PST · by Wiz · 6 replies · 429+ views
    AKI ^ | 2006 Jan 20
    Rome, 20 Jan. (AKI) - Italian and Iraqi officials will on Sunday inaugurate a new business centre in the southern Iraqi city of Nasirya where Italy's military contingent in Iraq is currently deployed. The Bab Tahir International District includes an "industrial hotel' which aims to provide a venue where Italian and Iraqi business people can display their products and discuss investment and trade opportunities. Sunday's inauguration will be held under the auspices of the Italian Foreign Ministry which has organised the visit by a delegation of industrialists from Italy to coincide with the centre's opening. The event will also mark...

    12/18/2005 11:23:25 PM PST · by HundredPercenter · 2 replies · 282+ views
    HundredPercenter News | December 19th, 2005 | HundredPercenter
    It appears the Iraqi stock market (ISX), is down approximately 25% in 2005, as most would expect-- considering its investors have to endure daily acts of terrorism. However, rough estimates indicate the Iraqi market had doubled in the first half of 2004, sold off, and then finished up 30% for the year. So, this years loss merely cancelled out last years gain. As one would imagine, it is very difficult to retrieve, live, accurate data, regarding the Iraqi exchange. However, despite all the violence and growing pains the exchange faces, the dedicated Iraqi brokers manage to keep the exchange running...
  • Despite bombs, Baghdad stock exchange thinks big

    11/22/2005 5:06:20 PM PST · by Stultis · 5 replies · 605+ views
    Reuters AlertNet ^ | 22 November 2005 | Deepa Babington
    Despite bombs, Baghdad stock exchange thinks big 22 Nov 2005 12:25:03 GMT Source: Reuters By Deepa Babington BAGHDAD, Nov 22 (Reuters) - Bomb blasts around Baghdad routinely shake the trading room and it takes 10 days for an investor to receive proof of a stock order, but Iraq's fledgling stock exchange is thinking big. Operating out of a heavily protected building in a residential sidestreet, the Iraqi Stock Exchange's 50 brokers write up their prices on white boards but there are plans to introduce electronic trading by next summer. Despite the technological challenge of running a virtual exchange in...
  • Poll: Iraqi businesses optimistic (A poll that counts)

    10/01/2005 10:55:34 PM PDT · by FairOpinion · 12 replies · 857+ views
    WP Herald ^ | Sept. 30, 2005 | Anna Carbino, UPI
    WASHINGTON -- Three in four Iraqi business leaders are optimistic about the future though nearly half say they enjoyed better basic services under Saddam Hussein, according to a recent poll released by Zogby International and the Center for International Private Enterprise. "The respondents believe that their own firms will grow and succeed and that Iraq's economy and political system will continue to grow and develop," said the poll, which was released Wednesday. Seventy-seven percent of business leaders polled said they expected the economy as a whole to grow at least somewhat, with more than half of those predicting the growth...
  • Marines in Al Asad help Corps save cash, boost local economy

    08/23/2005 6:18:36 PM PDT · by SandRat · 4 replies · 598+ views
    Marine Corps News ^ | Aug 23, 2005 | Sgt. Juan Vara
    AL ASAD, Iraq (Aug. 23, 2005) -- As if managing the Marine Aircraft Group 26 commanding officer’s budget wasn’t demanding enough, the Marines in the group’s fiscal office have been helping the local economy get back on its feet. While the group is deployed, the fiscal Marines have taken the role of purchasing agents to help the Marine Corps save money. For the last six months they have been accomplishing this and making a difference in the lives of Iraqi families who have businesses here. After being introduced to the local vendors, the MAG-26 Marines started working with them to...
  • Glass, ceramics factories reopen, restore hope for city

    08/18/2005 4:03:03 PM PDT · by SandRat · 5 replies · 479+ views
    Marine Corps News ^ | Aug 18, 2005 | Sgt. Stephen D'Alessio
    CAMP BLUE DIAMOND, AR RAMADI, Iraq (August 18, 2005) -- The Ramadi Glass Works Factory, which was once the second largest employer in western Iraq’s Al Anbar Province, is slowly coming back to life. The factory’s management is working with coalition forces to gradually reopen the plant, which was closed last November after insurgents used the factory to stage attacks. Due to its key role in the local economy, both groups have pushed to open the facility, which also includes a ceramics factory. “It employs 2,300 people and the way we look at it those are 2,300 families affected,” said...
  • NYT: Despite Crushing Costs, Iraqi Cabinet Lets Big Subsidies Stand

    08/11/2005 6:14:23 AM PDT · by OESY · 4 replies · 566+ views
    New York Times ^ | August 11, 2005 | JAMES GLANZ
    A proposal by Iraq's finance minister to reduce the enormous fuel and food subsidies that consume roughly a third of the government's budget and largely crush economic growth has been rejected by the cabinet after a recent similar move in Yemen set off fatal riots there. The subsidies, which artificially produce some of the lowest gasoline and heating fuel prices in the world and finance free basic foodstuffs, have been singled out by financial institutions both inside and outside Iraq as a crippling burden when the country is trying to create a free-market economy as it grapples with insurgent violence...
  • Jobs vital to victory in Iraq, retired general says

    08/05/2005 10:49:58 AM PDT · by Crackingham · 6 replies · 385+ views
    Denver Post ^ | 8/5/05 | Steve Lipsher
    The tenacious insurgency in Iraq that continues to claim the lives of American soldiers could be defused through jobs and undermined if Islamic clerics took a strong stand against violence, the first U.S. administrator for the country said Thursday. Retired Army Lt. Gen. Jay Garner, who served six months in 2003 as director of the Office of Reconstruction and Humanitarian Assistance for postwar Iraq, offered those thoughts as part of a hopeful assessment of the country during a visit to this ski-resort town as part of a public-policy seminar. "Would we have done things differently? Absolutely. But we are where...
  • Reconstructing Iraq: Bringing Iraq's Economy Back Online

    07/28/2005 1:30:05 PM PDT · by forty_years · 2 replies · 482+ views ^ | July 28, 2005 | Gal Luft
    Before the war in Iraq began, many policymakers and oil industry experts believed that Iraq's oil industry, with the second-largest proven reserves of light crude in the world, would recover and provide most of the funds needed for Iraq's reconstruction. On March 27, 2003, for example, Deputy Secretary of Defense Paul Wolfowitz said that Iraq's oil revenues could bring between US$50 and $100 billion within two or three years following the country's liberation. "We're dealing with a country that can really finance its own reconstruction, and relatively soon," he said.[1] Iraqi National Congress leader Ahmad Chalabi promised that American oil...