SC Bank touts Iraq investment

In line with its continuous efforts to deepen client relationships, Standard Chartered Bank on Monday hosted an informative session tailored for Korean businesses interested in investing in Iraq.

Senior representatives from the bank’s Iraq unit and corporate banking experts participated in the one-day seminar held in Seoul, providing rare insights for South Korean clients interested in investing in oil, power and infrastructure projects in the Middle Eastern country, the bank said.

“Iraq provides substantial opportunities for world-renowned Korean construction and engineering companies,” said Gavin Wishart, CEO of Standard Chartered Bank Iraq.

The gross domestic product of Iraq, one of the world’s largest oil producers, is expected to surge 6 percent this year and a further 8.5 percent in 2015, according to an analysis from the bank.

The CEO noted that the Iraqi government, which is pushing for large government-led reconstruction projects, is striving to invite foreign investment by enacting special laws to offer incentives and significantly expand its budget to better accommodate foreign investors.

Ajay Kanwal, the newly minted chief executive of Standard Chartered Bank Korea, recently told the press that the global bank would focus on helping Korean businesses cross borders, resulting in increased growth for the country, by using its extensive global network.

The U.K.-based Standard Chartered Group currently has a network of more than 1,700 branches and offices in 70 countries.

Standard Chartered has operated in the Middle East for more than 90 years since 1920, and it is ready to support Korean companies’ advance into Iraq and serve as a guide by tapping into its established global network, Wishart said.

“With our global network and strong local expertise, Standard Chartered is ideally positioned to provide Korean companies interested in doing business in Iraq with reliable world-class financial solutions,” he added.

By Oh Kyu-wook (596story@heraldcorp.com)