Remarks at Dialogue on Economic Cooperation Press Conference

MINISTER BABAN: (In Arabic)

UNDER SECRETARY JEFFERY: Minister Jabr, Minister Baban. Thank you very much, Deputy Prime Minister Salih for hosting the past two days series of workshops related to bilateral economic issues.

As the Minister has indicated, this was a chance to engage with our Iraqi counterparts on a variety of economic issues and explore ways (inaudible) to expand our relationship and for the U.S. to best support Iraq’s progress in the area of economic development.

The meeting has underscored our commitment to work with our Iraqi counterparts to realize the economic benefits that Iraq can achieve while unlocking the enormous potential of the Iraqi people and their tremendous resource base.

The topics of the meetings, as Minister Jabr indicated, covered a broad array, from ministerial capacity building, to the development of the banking and finance sector, to trade and investment issues and, most importantly, ways in which to create employment opportunities, particularly through private sector development. That's going to be an ongoing theme of our working relationship going forward.

Rather than go into more specifics of the meetings, perhaps the best way to proceed, Minister Baban, do you want to make some additional comments and we take questions?

Thank you.

MINISTER BABAN: (In Arabic).

QUESTION: Can you give us an idea about, you know, (inaudible) projects on the ground thus far (inaudible) this dialogue?

UNDER SECRETARY JEFFERY: Sure. We mentioned, for example, the discussions that Iraq is having, which we certainly support for WTO accession. We have a number of programs in place, which Secretary McCormick might describe, relating to continuing to support the restructuring of the Iraqi banking sector, more broadly the development and encouragement of a private banking industry in Iraq.

And we have ongoing business-to-business discussions. I mentioned the Iraq – in the closing remarks – the Iraq-U.S. commercial discussions that took place last month from which we would hope and expect to see ongoing business-to-business dialogues supported by our respective governments.

And again, this comes back to the theme of taking advantage of the recent gains in security which have been so painfully won due to sacrifice of Iraqi military, Iraqi civilians, American and Coalition Forces to quickly take measures to encourage the private sector, the creation of jobs and the development of the Iraqi economy.

MINISTER BABAN: Okay, thank you. Please. (In Arabic)

QUESTION: From the American standpoint, what’s the best way for America to help in this sort of macro economic sense? Is it an advisory tasking? Is it (inaudible) private sector (inaudible)?

UNDER SECRETARY JEFFERY: No. It’s an excellent question. As we think about this, we’re at a transitional phase in our relationship in many respects. And as we think about where we are today, it’s very much moving from an assistance relationship to a true partnership where we can provide (inaudible) some degree of ongoing economic assistance.

But Iraq itself has significant financial and economic resources. But also we can provide policy support. An area that’s particularly significant to both our countries – and it was referred to in the various remarks – is that of dealing with bottlenecks in ministerial capacity. Helping with – it sounds simple but we all have these challenges in any organization or any country – with training, development, management, budgeting, strategy planning, etc., so that Iraq can most efficiently provide services to its people and create conditions whereby the economy, through the private sector and initiatives of individual Iraqis, can develop, grow and prosper.

MINISTER BABAN: Thank you. (In Arabic)

QUESTION: (In Arabic)

MINISTER BABAN: (In Arabic). Reuben, David, thank you very much for everything.