British firms vie for contracts in Iraq’s Basra

 

By Abed Battat

 

February 15, 2010

 

The southern Iraqi Province of Basra has invited 25 British firms to persuade them to bid for contracts and invest in the impoverished region and .

 

The British business executives were led by  Baroness Emma Nicholson.

 

Hayder Fadhil, head of the province’s investment commission, said the visit was an opportunity for the firms to see that conditions were suitable for foreigners to invest.

 

He said the province, of which the city of Basra is the capital, was in urgent need of foreign investment.

 

Fadhil said foreign firms were also most welcome to bid for contracts in southern Iraq.

 

Foreigners are not yet willing to start businesses in the country or implement the contracts they sign. They cite lack of security as the main reason.

 

The province holds the largest portion of the country’s proven oil reserves of about 115 billion barrels.

 

It is home to some of the world’s giant oil fields which still await development.