CURRENT AFFAIRS UPDATE. India and Iraq signed a Pact to enhance Co-Operation In Energy Sector. India and Iraq on 8 July 2013 signed a pact to enhance co-operation in energy security, bilateral trade & commerce, infrastructure and others. The agreement was signed between the Union Petroleum Minister Veerappa Moily and his counterpart from Iraq, Abdul Karim Luaibi at the end of the India-Iraq Joint Commission on technical co-operation in Baghdad. As per the agreement, in energy sector, Iraq will supply more crude oil to India to meet the growing needs of energy in the country. Petroleum Minister M Veerappa Moily is leading a 28-member delegation to Iraq to participate in the 17th India-Iraq Joint Commission meeting in Baghdad. The delegation reached Baghdad on 6 July 2013. Earlier, Salman Khurshid, the Union External Affairs Minister was on a two-day visit to Iraq from 19 to 20 June 2013, which was the first visit of an Indian Minister to Iraq after 1990 visit of Inder Kumar Gujral, during his tenure as Union External Affairs Minister. India Iraq Economic Cooperation Council About the Council India Iraq Economic Cooperation Council was established under the patronage of the Embassy of the Republic of Iraq in Delhi as a non-profit organization in India. This council was established with the aim of helping businessmen on both sides to enhance and diversify economic and commercial relations between the two countries. The MoU to establish the Council, with its chapter in both Delhi and Baghdad, was signed on 22 March 2010 during visit of a six member delegation from Iraq to India from 22 to 24 March 2010. Why a country specific council for Iraq? • Indian companies were present in Iraq before the war broke out and now in the reconstruction phase, they are required to revive their old contacts. • Security scene in Iraq is getting better day by day and there seems to be more international confidence in the stability of the country. • There will remain continuous flow of revenues in Iraq as the country is sitting on the world’s third largest oil reserves of at least 115 billion barrels. The war ravaged country is trying to boost its revenues amid unstable oil prices by offering more oil and gas fields to international companies for development. • Rebuilding Iraq is focusing on brand new horizon of business prospects that only unexplored market can offer, showcasing full range of infrastructure projects, products and services. Indian business is well placed to take advantage of the opportunities that exist in Iraq today. • With normalcy fast returning, Iraq is keen to focus on rehabilitation of its economy. Interestingly, Iraq has sufficient financial resources to undertake its ambitious development plans. Iraq is expected to accord priority to rehabilitate oil refineries, power plants, telecommunications, hospitals, roads, railways, bridges etc. Besides these projects, Iraq is in need of food, medicine and other items of daily necessity. Indian companies are uniquely placed to participate in the projects/services under the reconstruction phase of Iraq.
Posted on: Sun, 21 Jul 2013 08:03:24 +0000
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