KUALA LUMPUR, Sept 9 — Malaysian companies have been urged to look into the vast opportunities in Iraq especially in construction, transportation, infrastructure and energy, as the country is mostly safe despite its worst bout of violence in years.

Iraq Minister of Transport Hadi Farhan Al-Amiri said Iraq is seeking to tap Malaysian expertise as it looks to rebuild itself, offering Malaysian companies ample investment opportunities.

“We chose Malaysia because of its cultural diversity, and it is also one of the Muslim countries which have developed well. We want to be like this country,” he told the Bernama.

Speaking through an interpreter, he said Iraq is keen to learn how Malaysia went about developing its economy, infrastructure, education, science and technology as well as administrative capabilities.

Meanwhile, Safuan Group Executive Chairman Datuk Seri Matshah Safuan said Iraq offers abundant development opportunities, with the second largest oil reserves and the legacy of a moderate and stable economy prior to the crisis some 10 years ago.

Currently, the biggest Malaysian investor in Iraq is Petronas, Malaysia’s national oil and gas corporation, which is a partner in consortia awarded contracts to develop some of the biggest oil fields in that country.

He was speaking after the launch of the Iraq-Malaysia-Korea (IMK) Business Council here.

Matshah said the group has collaborated with the South Koreans in oil and gas activities, housing development, and maintenance, repair and overhaul (MRO) in the aviation industry.

“All these had decided to pursue business interests in Iraq. In the oil and gas sector, we have tied up with the Iraq authorities to seek new markets for their incremental crude production.

“We are undertaking an offer by the Iraq government for housing projects in collaboration with South Korean business entities, and are currently finalising the transactions,” he said.

The group signed a Heads of Agreement with Goodflight Korea to construct a MRO facility in Malaysia while working closely with the Korean aerospace industry through Goodflight to advance the project.

“Simultaneously, Malaysia and our Korean partners will jointly seek to manage and operate the MRO facility in Iraq.

“These are some of the projects that we are developing but the opportunities are immense and require the participation of many entities from Iraq, Malaysia and Korea to undertake and realise the wide spectrum of business ventures available among the three countries,” he added. — Bernama