SINGAPORE, July 15: Unlimited investment opportunities await Asian businesses in Iraq if they are not deterred by the continuing violence and long rebuilding process in the war-ravaged country, senior US officials said here on Tuesday.

“Opportunity abounds within the limits of manageable risk,” US security and intelligence adviser John Holt told delegates to a seminar on business prospects in Iraq.

“Even with this kind of environment, there still remains what I see as an unlimited business investment opportunities.”

Mr Holt currently serves as an adviser to Paul Bremer, the top US civil administrator in Iraq.

Richard Greco, who has served as economic adviser to Mr Bremer in Baghdad, acknowledged the massive problems the United States faces as it strives to rebuild the Iraqi economy but also highlighted the opportunities.

“As we look forward, and this is part of our vision, a free market is a hallmark of a free society and so economic freedom is really the underpinning of political freedom anywhere. Efforts are currently underway to work out a regulatory and legal framework that will encourage business investments,” Mr Greco said.

“We’re working hard on simplifying the commercial code and regulatory regime so as to lower barriers to entry for new firms in Iraq, both domestic and foreign, and determining which changes are needed to encourage private investment,” he said.

Mr Greco warned the rebuilding process would not be completed overnight. He highlighted the massive investment needed in infrastructure in Iraq, including the areas of telecommunications, transport, electricity and water sanitation. Efforts are also underway to reduce the country’s reliance on oil which plays a very dominant role in the economy, he said.— AFP