KUWAIT CITY, 20 January 2004 — A massive Iraq reconstruction showcase opened in Kuwait yesterday with calls for international investors to eye lucrative opportunities to rebuild the war-ravaged nation.
“Rebuilding Iraq — in Kuwait’s opinion — is a moral, humanitarian and economic responsibility,” Commerce and Industry Minister Abdullah Al-Taweel said as he opened the fair on behalf of the emirate’s prime minister. “The international community must cooperate to achieve what’s in Iraq’s interests, the prosperity of the region and the boosting of democracy and peace in the world,” said the Kuwaiti minister.
More than 1,450 firms from about 50 states are taking part in the exhibition, including countries such as Germany, China and France that opposed the war on Iraq.
Companies from the US, Italy, Britain, Spain, Turkey, Belgium, Sweden, Austria and other countries are also displaying their products hoping to win contracts in Iraq.
Twenty-five countries are officially represented. “We need almost everything ... Iraq is in a dire situation. Its infrastructure was destroyed ... There is a shortage in everything,” Iraq’s Housing and Reconstruction Minister Baqer Al-Zubaidi said.
“The Iraqi (US-installed) Governing Council has decided to allocate $100 billion from the budget for reconstruction in the coming 10 years. ... We expect another $100 billion of foreign investments in the coming decade,” Zubaidi said.
Organizers expect contracts worth billions of dollars to be signed at the “Rebuild Iraq 2004” fair organized by Kuwait International Fair Co. (KIF) and Saudi Riyadh Exhibition Co. It runs until Jan. 23.
Taweel later told reporters Kuwait wants to become the “gateway for Iraqi reconstruction efforts,” and has taken several decisions to carry out the necessary infrastructure projects in the emirate. Kuwait has eased restrictions on the entry of Iraqi businessmen to take part in the exhibition.
