FOR IMMEDIATE RELEASE March 23, 2004
Contact: Brian Leventhal
Office of Strategic Communications
Tel: 1-914-360-5288 leventhalb@orha.centcom.mil

IRAQ JOINT VENTURE CONFERENCE ATTRACTS POTENTIAL FOR $BILLIONS IN PRIVATE SECTOR INVESTMENT

Baghdad, Iraq. The March 19-20 Iraq Joint Venture Initiative Conference successfully attracted the potential for billions of dollars in private sector investment capital from international enterprises eager to invest in Iraq’s burgeoning construction market.

The Iraq Joint Venture Initiative is designed to bring Iraqi State Owned Entities (SOE’s) and companies into partnership with international privately held companies to launch the next phase of Iraqi reconstruction

More than 55 executives from 25 worldwide companies came to Baghdad to participate in this new phase in Iraqi reconstruction. The following are examples of Conference results:

• The Sandi Group Companies and Haworth of Holland, Michigan, two multi-billion dollar global enterprises, entered into a joint venture agreement to provide capital and services in order to develop modern technological systems in government buildings throughout Iraq.

• Saudi Consulting Services (SCS), a company that specializes in architectural design, engineering and the construction of commercial, industrial and residential structures, and has completed projects throughout the Middle East totaling an estimated $60 billion, announced its intent to form a joint venture with Al Idrisi Engineering Center, an Iraqi national engineering State Owned Entity (SOE).

• Sagric International and its Australian parent company, Coffey International P/L, which have provided modern technical and management expertise in Iraq and within the region since 1978, announced their intent to form a joint venture with the National Center for Construction Research and Laboratories (NCCRL), an Iraqi SOE.

Since the Conference, the CPA Housing and Construction office has received joint venture inquiries from Turkey, Russia, and the UK.

Ambassador L. Paul Bremer has discussed the Joint Venture Initiative with various ministries as a way to provide the Iraqi workforce, whose competitive skills have been underdeveloped during 30 years of isolation from the international community, access to new technology, successful management techniques, and mentoring opportunities.

Senior U.S. Advisor for Housing and Construction, Mike Karem, explained: “Working in partnership with international companies will open the door for new capital, new ideas, and new methodologies in Iraq. It will provide the Iraqi workforce with the opportunity to obtain on the job training and build advanced skills and ultimately improve their ability to compete in the world market “

 

##

If you have any questions, please email Brian Leventhal at leventhalb@orha.centcom.mil