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Big Bucks in Iraq
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Big Bucks in Iraq
By Tim Shorrock
This article appeared in the November 10, 2003 edition of The Nation.
October 23, 2003
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In early October, Iraq's US-appointed Governing Council awarded the
country's first mobile phone licenses to three companies from the Middle
East. The decision was widely interpreted as a signal that Paul Bremer's
Coalition Provisional Authority (CPA) was expanding its contracting base
beyond US corporations like Bechtel and Halliburton to give local
companies a break. In particular, analysts pointed out that the networks
will be using a technology known as GSM, used widely in Europe and the
Middle East, rather than the rival CDMA technology developed by Qualcomm
of San Diego for North America and Asia. Qualcomm, joined by Lucent
Technologies and South Korea's Samsung, even complained to the
Financial Times that the bidding process "was designed to exclude
CDMA from the beginning."
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But any concerns about a US shutout from Iraq's telecom market were
grossly exaggerated. The biggest winner in Iraq's largest foreign
investment deal since the US invasion turned out to be Motorola, the US
electronics giant. Motorola has had a long relationship with US
intelligence and was saved from financial disaster three years ago when
the Pentagon, in a deal brokered by one of Bremer's top advisers, leased
Motorola's Iridium global satellite network; that network later became
the backbone of the US military's communications system in Iraq and
Afghanistan.
Motorola has close financial ties with Egypt's Orascom Telecom, which
won the rights to serve Baghdad and central Iraq, and Mobile
Telecommunications Company of Kuwait, which will build the mobile
network for southern Iraq. Motorola, with the French vendor Alcatel, has
agreed to invest up to $100 million in both companies and could gain up
to $200 million in sales by delivering GSM equipment over the two years
of the contract, said Lucy Norton, a telecom analyst with the World
Markets Research Center. Siemens of Germany could win major supply
contracts as well. "Motorola has positioned itself as the primary
infrastructure provider for two of Iraq's three mobile market players,"
said Norton, in an e-mail interview from London. Looking beyond the next
two years, Motorola could also be in the "pole position, ahead of the
other global vendors, as the key infrastructure provider for one of the
fastest-growing markets in the Middle East."
The story illustrates how the financial and trade policies the Bush
Administration is pursuing in Iraq are not only benefiting
well-connected US corporations but are also slowly integrating Iraq into
the global economy and transforming its largely state-run economy into a
captive market for foreign multinationals. And it underscores Iraq's
economic importance to countries like France and Germany, which opposed
the war but voted October 16 to extend US control over Iraq in exchange
for vague promises that power will quickly be transferred to the Iraqi
people.
The blueprint for Iraq's economic future was unveiled by Iraq's
US-appointed finance minister, Kamel al-Gailani, on September 21. The
new laws, drafted by the CPA, allow foreign investors to own 100 percent
of any Iraqi asset except oil and real estate and to remit profits and
royalties when they choose. They also reduce import tariffs to 5 percent
and allow foreign banks to take over the country's banking system. Iraq
is now "one of the most open countries in the world," proclaimed
Gailani. But his reforms were denounced by Iraq's leading business
association, which warned that the new laws would "destroy the role of
the Iraqi industrialist."
Many observers, including even US businessmen and Iraqis who favored
"regime change" in Iraq, agree. They say the shock therapy being applied
in Iraq will concentrate wealth in the hands of large US and Iraqi
corporations, particularly the family-owned businesses that have won the
majority of subcontracts from Bechtel and Halliburton. "I like the
analogy of Wal-Mart coming into a town," says Timothy Mills, an attorney
in the Washington law firm Patton Boggs who represents several US and
foreign corporations that have contracted with the US government and are
doing business in Iraq. "The downtown dies, Wal-Mart grows and the
owners of local businesses are displaced. The effect of Iraq's new
foreign investment law for the medium and small-sized Iraqi business
could be very detrimental and could result in even more concentration of
capital in Iraq." With the US Export-Import Bank providing $500 million
to insure US investors, he added, "If I was an Iraqi and I was
political, I'd say this was a ploy to favor US companies and let them
steal the riches of Iraq." In a similar vein, Fareed Yasseen, an adviser
to Adnan Pachachi, a member of the Governing Council, says that the CPA
has made its economic plans "completely out of the Iraqi context." He
worries that the CPA will sell state-owned assets to cronies of the
previous regime and create a "new class of oligarchs" in Iraq. "They
haven't taken into account Iraq's reality at all," he says.
Not so, says a US official working with CPA. The 100 percent ownership
rules are needed to attract foreign firms to a country where security
and basic services are in question. "If you can't have majority
ownership, you won't invest," he says. "But are US firms going to get a
distinct advantage? No question about it."
The CPA's mishmash of economic ideas is not simply a result of poor
planning, as many in Congress have charged. Most of Bremer's advisers
are either veterans of Washington's revolving door or financiers steeped
in the details of corporate buyouts. Dave Oliver, one of Bremer's senior
financial advisers, recently took a leave from his consulting business
to draft the budget for the Governing Council. Oliver, who was advising
Northrop Grumman, Raytheon and Booz Allen before taking his position,
remains on the board of Stratos Global, which does marketing for
Iridium, now an independent company. In 2000 Oliver, then President
Clinton's Deputy Under Secretary of Defense for Acquisitions and
Technology, brokered the $250 million deal for the Pentagon to lease
Iridium's global satellites, in which Motorola had invested more than $5
billion. (As a Stratos director, "I stayed away from Iridium because I
was so close to it," Oliver says.)
Another key figure on Bremer's economic team is Thomas Foley, an
investor and Bush campaign donor who specializes in mergers and
acquisitions, a business he learned as head of Citicorp's leveraged
buyout division and, later, founder of the NTC Group, which acquired a
string of US textile and manufacturing companies in the 1980s. As
director of the Office of Private Sector Development, he will manage the
privatization of Iraq's 200 state-owned enterprises.
In September, someone in Foley's office had the bright idea to invite
fourteen Eastern European finance officials to Baghdad to give advice
about privatization. They included the notorious Yegor Gaidar, who
presided over the Russian mass privatizations of the early 1990s.
Gaidar's policies "led directly to the ruination of the Russian middle
class, the collapse of industry, the loss of savings and widespread
poverty," says Stephen Cohen, professor of Russian studies and history
at New York University. Not surprisingly, the Iraqis weren't impressed.
Mowafaq Mahmood, managing director of the Bank of Baghdad, rejected
every suggestion about privatization. "I must say I haven't learned any
lesson from your experience," he said, signaling that Iraqis may want to
preserve parts of their socialist economy.
Bremer has already shown that he can change course when decisions go
bad. After thousands protested his decision to demobilize the Iraqi
military without paying them, for example, he slowed the pace of
privatization and agreed to keep many employees on the payrolls of
state-owned enterprises until they could be sold off to foreign buyers.
That flexibility goes only so far, however; Bremer will allow dissent
from the Governing Council, a US official says, "as long as it doesn't
violate one of the red lines we told them about." That could give Iraqis
little room to maneuver when confronted with unilateral decisions coming
from Washington.
When ideology drives policy, as it does in Iraq, pragmatism is swept
aside and generals and bureaucrats hop to the beat of the Commander in
Chief. If Bush truly wants to transform Iraq's economy into what his
aides describe as a beacon of free enterprise for the Middle East, his
good soldiers will go along. Unfortunately, the outcome is likely to be
more bloodshed, more chaos and more deals for American companies like
Motorola.
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About Tim Shorrock
Tim Shorrock (timshorrock@gmail.com), a longtime contributor to The
Nation, is writing a book for Simon & Schuster about corporate
influence on US foreign policy. more...
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