Iraq is attractive to foreign investors says UK security glazing firm

Date: 4 April 2014
Source: Advanced Glass Technology
Significant economic growth of 12% per annum in the Kurdistan Region of Iraq (KRI), reported by its regional investment commission, is creating major trading opportunities for international businesses, according to a leading British specialist in glazing security, Advanced Glass Technology (AGT).

Having established a permanent presence in the Kurdistan capital, Irbil, AGT has experienced increased demand from multi-national corporations for its protective window films, anchoring systems and ballistic-proof doors and walling.Due to the number of rapidly developing infrastructure projects in Irbil, it has become the London-based company’s biggest overseas market in just six months.

As the KRI continues to grow faster than the rest of Iraq, itself expanding at 9% according to the International Monetary Fund, billions of dollars of inward investment are expected to flow into Irbil alone this year, in support of new construction. As such, a fundamental part of new building planning is the safety and protection of corporate employees.

Martin Westney, Managing Director, Advanced Glass Technology, explained: “Irbil is a forward-looking city keen to open up new economic opportunities. Although a relatively stable region, corporate social responsibility has no boundaries so global businesses investing here are very conscious of the need to protect their staff. There continues to be a rapid pace in construction of new offices and residential areas and as a result, our expertise in risk mitigation and injury prevention is increasingly being called upon by major multi-national operations as a means of providing peace of mind.”

As well as burgeoning growth in the construction sector, increasing security and wealth in KRI has generated renewed interest in vehicle ownership. This has led AGT to look at the possibility of launching a retail venture for its award-winning Glass-shield security film, in partnership with automotive distributors.

“Iraq has been deprived of cars for so many years,” continued Martin Westney of AGT. “The number relative to population size is still very low, estimated to be around 5%, so clearly many of the world’s leading carmakers predict major sales in the years ahead. The challenge is that all cars are bought with cash and there’s no insurance, so there first needs to be a marked improvement in Iraq’s financial systems in order to generate sustainable growth in this sector.”

Ends

Further information on AGT, visit www.agtwindowfilm.com

Notes to Editors: Established in 2009, London-based Advanced Glass Technology the UK’s leading installers of BSEN and GSA-approved anti-shatter security film, operating in the Middle East region. Having carried out numerous installations in Jordan, Nigeria, Mauritania and Syria over the past few years on behalf of the United Nations and other Government embassies, AGT set up a base in Irbil during 2013. The Iraqi government’s Five-Year National Development Plan (2010–2014) set targets of a 9.4% annual rate of economic growth and US$186 billion worth of investments. Iraq’s economy is dominated by the oil sector, which provides more than 90% of foreign exchange earnings. Iraq has the world’s fourth-largest oil reserves and aims to export 6 million bpd by 2017. According to the IEA World Energy Outlook (2012) special report, Iraq could become the world’s second-largest oil exporter within two decades and double its output by 2020.

600450 Iraq is attractive to foreign investors says UK security glazing firm glassonweb.com

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