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Firms Line Up for Corporate Invasion of Iraq
By Sue Pleming WASHINGTON (Reuters) - U.S. and foreign companies swarmed to a private investors conference on Iraq (news - web sites) on Tuesday seeking business opportunities in a tight post-war market so far dominated by big U.S. firms.
Architects from Italy, oil product firms from Tunisia and Saudi Arabia, agricultural and telecoms companies and scores of diplomats were among more than 500 people seeking information on reconstruction projects and sub-contracting possibilities.
Most of the work so far has gone to U.S. companies, given contracts by the U.S. Agency for International Development (USAID) or via the Pentagon (news - web sites)'s procurement office.
Private company Equity International, which organized the conference, said $4.9 billion in U.S. and foreign funding had so far gone been committed to reconstruct Iraq, with U.S. funds accounting for more than two-thirds of this.
Many attending the two-day conference were hoping to get some of the lucrative sub-contracting work in Iraq and to share the risk by striking partnerships.
Others were getting in place for the next phase, when more money inevitably becomes available to rebuild Iraq after an international donors conference set for September.
Italian architect Dante Salme came to town to see if there were any opportunities for him in Iraq and for the chamber of commerce (news - web sites) he represents in Turin, Italy.
"We are hoping to make contacts here that will help us later on when more money becomes available for Iraq," he said.
David Champlin of Texas-based technology and equipment company, Stewart & Stevenson, said he had learned two lessons from the conference,
"Firstly, there is a lot of uncertainty and insecurity and secondly it's clear to me that we have to have a presence on the ground to get anywhere here," he said, adding that a team from his company had just returned from Iraq.
Washington lawyer Robert Kyle, who represents several companies touting for business, said a big source of funds came from seized Iraqi assets, which he said were "subject to a less formal approach" in their allocation than those from USAID, which used U.S. taxpayer money.
Aid agencies and others working in Iraq painted a sober picture of life on the ground and Save the Children President Charles McCormack said security remained the main challenge.
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