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FT: aspiration of major international companies to work in Iraq will double its oil sector growth seven times

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Confirmed a British newspaper specialized economic affairs, said on Monday that major international companies looking to establish a foothold in Iraq, which is one of the markets, "the most promising and prominent" in the Middle East, ignoring the "challenges" of security, while promised that this would contribute to the growth of the oil sector about six or seven times its current size, showed that the business sectors and other Iraqi production has become the focus of attention of other international companies.

The newspaper quoted the Financial Times Financial Times Foundation PricewaterhouseCoopers PwC British Consultancy and economic services, she said, the issue seen by (range Press), said that its business in Iraq has increased by 30 percent during the year 2012 the past, at a time when racing in which international and local companies to strengthen its presence in the country which is the second largest oil producer in OPEC, despite the slight decline that has occurred on production in the year 2013 the current, due to sabotage and infrastructure obsolete. "

Said a senior member of the Foundation PwC and the supervisor of the commercial activities taking place in Iraq, Ismail Mraca, in an interview with the newspaper, said that "Iraq apparently one of the promising markets and prominent in the Middle East, where there are business opportunities in which to gargantuan proportions," returned to this would "contribute to the growth of the oil sector by about six or seven times its current size."

Mraca felt, that "the bulk of the interest of foreign companies in Iraq was focused on the oil sector is tempting," pointing out that "companies are starting to examine other investment sectors Kalaamar, telecommunications, banking, health care and education as well."

And saw the Financial Times, that "the elements of economic growth Iraqi defied security concerns," indicating that "the Iraqi economy began to expand and rapid growth, after decades of wars and international sanctions and sectarian rivalries and the deterioration of security, and that the rates of GDP has doubled since 2003 to reach levels exceeded growth rates of the pre-war ".

The newspaper pointed out that "the growth rate has increased during the past two years to more than eight percent, according to World Bank statistics," pointing out that "the Iraqi Central Bank forecasts growth rates were higher than that."

The newspaper quoted British economic, financial advisor for the Iraqi university professor, the appearance of Mohammed, as saying that "Iraq has enormous economic potential, and that his future will be bright," adding, "but the image looks blurred sometimes because of the deteriorating security situation."

For her part, the Executive Director of the Board of Trade of the Iraqi British, Lady Emma Nicholson, according to the newspaper, "The interest of foreign companies in Iraq has increased, especially since 2008 and the withdrawal of U.S. forces," indicating that "the number of the members of her organization's business operating in Iraq has increased from 39 during the year 2011 last year, to 43 in the past year 2012, up to 54 during the year 2013 the current. "

The newspaper reported, that of "the world's outstanding operating in Iraq, both of Deloitte UK Financial Advisors and Exxon Mobil harmonious with Caterpillar oil," asserting that "the opening of Standard Chartered Bank in Baghdad last month, came to challenge the security conditions and the business activities in the country where he plans to open a branch in Arbil during December, the current, and another in Basra in 2014 next year. "

The Standard Chartered Bank Standard Chartered British, it was announced in (the fifth of September 2013), for approval of the Central Bank of Iraq for having opened a three-branch in the country, noting that it would be in both Baghdad and Erbil in the last quarter of 2013, the current, and then in Basra During the next 2014.

The bank Citigroup Citigroup U.S. banking services, announced in (the 24 of June 2013), the opening of an office in Baghdad to become the first U.S. bank expands its services to include Iraq, betting in his step these economic opportunities, "long-term" in the oil-rich country, according to quoted by the Financial Times newspaper.

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