USA Today Great Article
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    USA Today Great Article

    6-25-2012 USA TODAY: Iraq's economy shows signs of growth. Buoyed by an increase in oil production and declining violence, Iraq's economy is showing signs of life. Iraq has boosted oil production to 3 million barrels a day with the help of international oil companies. That's up from the 2.5 million barrels before the 2003 U.S.-led invasion. The government expects to expand capability to 10 million barrels a day in six years, which would put it at the top of world oil producers. The International Monetary Fund forecasts Iraq's economy will grow 11.1% this year to about $144 billion. One of the encouraging signs of Iraq's economic recovery is foreign investment. Last year, Iraq attracted $55.67 billion in foreign investment and other commercial activity, a 40% increase from the previous year, according to Dunia Frontier Consultants. Chinese firms have shown no hesitation. "If you go to Wasit, it's like Beijing," he said referring to an oil-rich province in the south. China's Shanghai Electric has a $1 billion deal to expand a power plant there. Last year, China's investment and other business activity in Iraq was valued at more than $3 billion, according to Dunia. South Korea ranked No. 1, with about $12 billion in Iraq, according to the report. A South Korean real estate developer is in negotiations on a deal potentially worth $35 billion to build 500,000 housing units and related infrastructure, according to Dunia. U.S. firms have been showing more interest in Iraq. ExxonMobil is among a number of large oil companies working to help develop Iraq's oil fields, and Iraq has agreed to a $2.3 billion contract to purchase 36 U.S. F-16 fighter jets. Economists and business people see enormous potential in Iraq. [not confirmed by me ]

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    Read the article in it's entirety :

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