Dr Mohieldin, Iraqi NIC Review Investment Relations

The Minister of Investment, Dr. Mahmoud Mohieldin, reviewed Egypt-Iraq investment ties in light of his last visit to Iraq in August of 2009; when His Excellency met with the Deputy Chairman of the Iraqi National Investment Commission (NIC), Salar Mohamed Amin, and NIC General Director, Diya'a Mohamed Ali.

The meeting came at the end of the 2nd training course organized by the Egyptian Ministry of Investment for a group of government officials from Iraqi investment authorities.

In his August 2009 visit to Iraq, Dr. Mohieldin headed a delegation representing the Ministry of Foreign Affairs, the General Authority for Investment (GAFI) and over 80 chairs and representatives of Egyptian companies.

"The upcoming period will witness more Egyptian-Iraqi investment and technical cooperation, completing a recommended project to establish a tripartite free trade area between Egypt, Jordan and Iraq, enforcing a special program for public contracting and construction companies to join Iraqi firms' reconstruction projects, and means to contribute to Iraq's megaprojects through specialized Egyptian businesses," said Dr. Mohieldin.

The meeting was joined by GAFI Chairman, Osama Saleh, Deputy Chairman, Hassan Fahmi, and a number of the Ministry of Investment's international relations and investment officials.

The Ministry of Investment is carrying out an administrative development program to train approximately 600 Iraqis working in the sectors of investment, the stock market, insurance, financial services and asset management.

The trainees represent different Iraqi administrative levels, either at the central or the provincial level.

The program's first phase was completed in February 2010. A total of 56 people completed their training at the time; 38 from Iraqi investment agencies at the central and provincial levels, 10 from the Iraqi insurance sector and 8 from the Iraq Stock Exchange (ISX).

The entire Iraqi delegation was trained in management skills at the Leadership and Management Development Center. In addition, the trainees took courses at GAFI headquarters, the Egyptian Financial Supervisory Authority (EFSA) and the Egyptian Exchange (EGX).

The second phase, completed this month, trained 52 Iraqis from the NIC, Iraqi local investment bodies, insurance companies, and the Iraq Securities Commission.

GAFI received several delegations from the NIC and prepared a program of meetings and field visits with some Egyptian investment groups and enterprises.