BUSACC hosts breakfast panel over reconstruction opportunities in Iraq, covering healthcare and pharma

The reconstruction of Iraq is under way and opportunities for Texas businesses abound. The Bilateral U.S. – Arab Chamber of Commerce (BUSACC) is hosting a business breakfast and panel discussion featuring Iraq’s Ambassador to the United States, the Senior Commercial Counsel and a high level Ministry of Energy official and delegation, along with American risk and security mitigation experts.

“This event presents a unique venue for Houston companies to learn how to participate in the rebuilding effort and meet key contacts for establishing a business presence in Iraq.”

The event will take place on Tuesday, Feb. 16. Tickets are $35 for BUSAAC members and $100 for non-members.

The breakfast presentation will cover the following sectors:

• Oil and Gas—Iraq has the world’s third-largest petroleum reserves and plans to increase production from the current 2.5 million barrels per day (mmb/d) to 12 mmb/d by 2015, and its finding costs of $1.50-$2.25 per barrel are among the world’s lowest;
• Housing and Construction—Nearly two million housing units will be needed over the next five years, 85 percent of which will be built by private-sector firms;
• Electricity—Infrastructure additions over the next decade contemplate 24,000 megawatts in new generation projects, along with transmission and distribution networks and natural gas facilities;
• Banking and Finance—Guarantees and letters of credit have more than doubled since mid-2008 to US $887 million, bank lending has grown 52 percent since May 2008 to over US $575 million, and the Central Bank of Iraq has sold more than US $2.9 billion a month over the last year to banks for trade transactions; and
• Healthcare and Pharmaceuticals, Manufacturing and Agriculture.

“In these difficult economic times, Iraq is a bright spot of opportunity for business development,” said Aida Araissi, President & Managing Director of BUSACC. “This event presents a unique venue for Houston companies to learn how to participate in the rebuilding effort and meet key contacts for establishing a business presence in Iraq.”

Participating in the panel discussion and networking session are:

• His Excellency Samir Sumaida’ie, Ambassador of Iraq to the United States;
• Dr. Sabah Abdulkadhum Shibeeb Al-Saidi, Deputy Director General Head of Legal & Commercial Department Petroleum Contracts and Licensing Directorate (PCLD), Iraqi Ministry of Oil;

• Dr. Naufel Alhassan, Iraqi Commercial Counselor to the United States;
• Bracewell & Giuliani Partner Martin Hunt, discussing mitigation of legal risk and tips on doing business in Iraq; and
• Dale Allen of Drum Cussac/JSI Group, a veteran Iraq-based security provider.

Online registration is available at www.bilateralchamber.org. Participation is first-come, first-served, as space is limited. The event is sponsored by Baker Hughes, Bracewell & Giuliani, Continental Airlines, ExxonMobil, Fluor, Occidental, Schlumberger and the U.S. Commercial Service.