“Responsible Business in Iraq” the Topic of Online Discussion

(New York, 20 September 2012) - The Global Compact Office, the Global Compact Iraq Network and the Principles for Responsible Investment (PRI) convened a webinar today to facilitate a practical discussion on how companies and investors can best build and manage constructive government relations in Iraq. The multistakeholder discussion is the first webinar focused on the country since the launch of the Local Network Iraq in October 2011.

For local and foreign companies operating in Iraq, relying on constructive and well-managed government relations is essential to thriving business operations and successful risk management. Working constructively with the government also ensures that companies do no harm while contributing to the well-being of the communities where they operate.

Following years of war and insurgency, the Iraqi government is advancing economic policy reforms to create opportunities for companies wishing to do business and invest in the country. The private sector is increasingly recognized as a growing partner in development efforts, according to Iraq’s National Development Plan 2010-2014, which states that stronger and sustainable partnerships with business can ensure a successful Iraqi transition to a market economy with minimal economic and social costs. Key sectors envisaged by the plan include the following: oil, electricity, agriculture, transportation, telecom, education, health care, construction and the industrial sector.

Despite the initiation of reforms, companies still face a complexity of issues when navigating the political, legal and security dimensions of operating in Iraq. Challenges of doing business in the country include infrastructure; travel and in-country mobility; security; corruption; government procurement; enforcement of agreements and institutional capacity; and the delicate relationship between the Federal and regional /provincial authorities.

Approximately 30 key local and international actors contributed to this lively online discussion, and shared their views and experiences of building constructive relations with the government in the Iraqi context. The need for building trust between private sector actors and the government was highlighted as the main imperative to advance economic development and corporate sustainability in the country.

The speakers featured local and international companies:

• Arouna Roshanian, Coordinator, Global Compact Local Network Iraq/UNDP Iraq
• Hameed Hilli, Representative, Global Compact Local Network Iraq
• Dr. Simona Marinescu, Director of UNDP International Centre on Private Sector Development and former UNDP Iraq Senior Economist
• Maha Jubori, Senior Manager, Taha Partners Group
• Sertac Firat, Secretary General, Turkey-Iraq International Investors Association
• Cihan Candemir, Member of the Board, Yuksel Insaat
• Mohammad Al Dulaimi, President of Dulaimi Group
• Ziad A. Badr, Iraq Country Manager, International Finance Corporation

Click here to download presentation.

Contact

Adrienne Gardaz
Business and Peace
UN Global Compact
gardaz@un.org