More than $1 trillion in planned infrastructure spending in nine Arab nations is driving U.S. ambassadors to encourage small- and medium-sized American businesses to export to the region.
The diplomats, in a six-city tour in the U.S. this week, detailed opportunities including a $325 billion investment plan over the next five to 10 years in Libya aimed at creating a railway system, improving healthcare and upgrading the power company. Algeria plans to spend $287 billion over five years on infrastructure, telecommunications and water treatment, said David Pearce, the U.S. ambassador to the country, in an interview at Bloomberg’s headquarters in New York.
The ambassadors are calling on U.S. company executives to set aside concerns about terrorism in the region and Iran’s nuclear program and tap into expanding economies seeking job creation. They pointed out the 19 percent gross domestic product growth rate in Qatar, the world’s fastest according to forecasts by the International Monetary Fund, a free trade agreement with Oman and a reduced tax rate on foreign corporations in Kuwait.
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