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About the Council
India Iraq Economic Cooperation Council, which has been established under the patronage of the Embassy of the Republic of Iraq in Delhi, is a non-government organization in India, with the aim of helping businessmen on both sides to enhance and diversify economic and commercial relations between the two countries.
Why a country specific council for Iraq?
- Security scene in Iraq is getting better day by day and there seems to be more international confidence in the stability of the country.
- There will remain continuous flow of revenues in Iraq as the country is sitting on the world’s third largest oil reserves of at least 115 billion barrels. The war ravaged country is trying to boost its revenues amid unstable oil prices by offering more oil and gas fields to international companies for development.
- Rebuilding Iraq is focusing on brand new horizon of business prospects that only unexplored market can offer, showcasing full range of infrastructure projects, products and services. Indian business is well placed to take advantage of the opportunities that exist in Iraq today.
- With normalcy fast returning, Iraq is keen to focus on rehabilitation of its economy. Interestingly, Iraq has sufficient financial resources to undertake its ambitious development plans. Iraq is expected to accord priority to rehabilitate oil refineries, power plants, telecommunications, hospitals, roads, railways, bridges etc. Besides these projects, Iraq is in need of food, medicine and other items of daily necessity. Indian companies are uniquely placed to participate in the projects/services under the reconstruction phase of Iraq.
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