Fifty Kuwaiti companies to enter Iraq
11/04/2012 17:18
BAGHDAD, April 11 (AKnews) - The Kuwaiti Embassy in Baghdad announced today that 50 Kuwaiti companies will begin work in Iraq at the end of this month.
The Kuwaiti ambassador to Baghdad Ali al-Muamman said the companies will enter the Iraqi market after being informed of the investment law details by the president of the Investment Authority, Sami al-Araji, who visited Kuwait recently.
"The Kuwaiti companies were afraid of entering Iraq because of security problems that many parts of the country witnessed recently, but the situation is different today and the situation is more stable in Iraq," said Araji.
The investment chief explained that the news companies cover various sectors, such as housing, commerce, agriculture, industry and economic activities.
The Iraq-Kuwait relations witnessed development after the attendance of the Amir of Kuwait Sheikh Subah al-Ahmad al-Subah to the Arab League summit on March 29.
It was the Emir's first visit to the country since Iraq invaded Kuwait during the reign of the former regime in the 1990s.
Turkey topped the regional investors in Iraq with $12bn (13.9tr IQD) in 2011. Iraq's trade exchange volume with Iran, Syria and Jordan in the same year reached $4bn (4.6tr IQD), $2bn (2.3tr IQD) and $1bn (1.1tr IQD), respectively.
By Saman Dazzayi
RN/DM/AKnews