Germany and Iraq signed an investment agreement

28 July 2008 (Iraq Directory)
Germany and Iraq signed an agreement for investments aimed at strengthening bilateral trade ties between the biggest economy in Europe and the oil-rich Arab country.
German Economy Minister Michael Glos and Iraqi Industry Minister Fawzi al-Hariri signed on Wednesday the initials of the agreement in Berlin, while German companies announced their plans to invest in Iraq.
Glos said in a statement after his meeting with Iraqi Prime Minister Nuri al-Maliki in Berlin, "German companies can invest and they are supported with guarantees from the federal government ... to provide in the future an important contribution to the reconstruction of Iraq."
The spokeswoman for the Ministry of Economy said that the agreement is the first of its kind to Iraq since the U.S. invasion of the country in 2003.
Earlier Al-Maliki said that the German companies are to play a more active role in Iraq and urging them to visit the country to see the marked improvement in the security situation there.
He said in a press conference, speaking through an interpreter that Iraq is open for any kind of investment from Germany.
Al-Maliki said that companies which invest in the country would receive additional protection in Iraq, where violence ebbed to its lowest levels since early in 2004, as reported by the American army.
Germany was more conservative in the assessment of the security situation in Iraq, but Glos, who visited Baghdad earlier this month said that the companies are now expected to be there.
He said: "No more intermediaries."
A number of German companies announced on Wednesday that they had concluded deals with Iraq.
The manufacturing company of trucks Man- and making auto company Daimler signed a memorandum of understanding with Baghdad's government for the supply of goods.
Al-Maliki said that his government is keen to encourage Iraqi exiles to return home.

The Executive Director of the Iraq market for securities Taha Abdul Salam, announced that the improvement of security experience in Iraq during the first half of this year, contributed significantly to the revitalization of the Iraqi Stock Exchange.
He stated to «Al Sabah », the number of shares traded amounted to 94 billion, compared with 27 billion for the same period of last year, an increase of 248 percent and increased the number of sessions from 50 to 67. The value of transactions increased 354 percent, rising from 46 billion to 209 billion dinars (about 180 million dollars), as the market index rose from 34 to 38 points.
Abdul Salam expressed his confidence that online trading to be adopted during the very short period of time, will greatly enhance the performance of the stock market, which will enhance investment opportunities. He said: The Stock Exchange seeks to open branches in the governorates, the first will be in Babil province.