KUALA LUMPUR, July 2 (Bernama) — The Malaysia External Trade Development Corporation (Matrade) has urged Malaysian companies to look into the vast opportunities in Iraq, saying the country is settling down from political and social unrest.

Matrade Senior Director Exporters Development Division, Datuk Dzulkifli Mahmud, said Iraq is the largest market in the Middle East and offers business opportunities in construction, infrastructure and energy, sectors in which Iraqi businessmen have invited Malaysian partners.

“Ho Hup Construction Co Bhd is one of the Malaysian companies that has a project planned with Al Zuhour and Karbalo in Iraq for water treatment and road projects,” he said.

He was speaking to reporters on the sidelines of a seminar on managing political and legal risks in construction, infrastructure and the energy markets of the Gulf Cooperation Council (GCC) countries and Iraq.

Meanwhile, Trowels and Hamlins regional manager Nick White attributed Malaysian companies’ reserve in venturing into the Gulf and Middle East countries to the different legal system there and the possibility of legal disputes.

“This can be solved as they work in tandem with quality and risk, and if any dispute takes place, they (Malaysian businessmen) could settle this in the local courts (in Iraq),” said White.

For January to May 2013, bilateral trade between both countries was at RM85.4 million, with total exports at RM84.5 million and total imports at RM1 million.

In 2012, total trade between Malaysia and Iraq hit RM1.04 billion, up 370.5 per cent over the RM220.6 million recorded in 2011.