Iraq's streets spell fear for potential investors

[ze_dscherman]

David Posten, a furniture dealer from Maryland, was intrigued by the idea of doing business in post-war Iraq - so keen in fact that he paid $475 to attend a recent conference in Washington on the country's reconstruction.


Crowded into a hotel ballroom with 500 other delegates, Mr Posten listened attentively as panellists outlined the historic opportunities in an oil-rich country half way across the world.

They spoke in breathless tones of Iraq's ancient commercial tradition, and how life was gradually returning to normal on Baghdad's streets. And then the subject turned to security.

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Control Risk estimates that, even under a best-case scenario, US forces will need to stay for at least two to three years to maintain stability, and warns that if things go wrong Iraq could descend into widespread insurrection.

The security burden has fallen heavily on Halliburton and Bechtel, the US construction and engineering giants that have won the largest contracts to repair Iraq's oil industry and other infrastructure. "Security is our greatest concern," says Bechtel spokesperson Alison Abbott. The company's workers in Iraq are under 24-hour protection by guards, and regularly consult the US military to find out where they can operate.

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Ah, I love the sound of wannabe-war-profiteers whining!