U.S. companies lagging in Iraq investments

BAGHDAD, June 17 (UPI) -- U.S. corporations are holding back from investments in Iraq while Asian and European companies have begun moving in, trade officials said.

Security in Iraq is "starting to turn … and the people who are getting in on the ground floor are not American," Paul Brinkley, a Pentagon official told USA Today.

French, Russian, Romanian and Turkish companies have begun doing business in the country, the report said.

China has also increased its business with Iraq, doubling its exports to the country this year and moving up to third behind Turkey and the United States in trade volume, the newspaper reported.

Brinkley expects foreign investment in Iraq to reach $1 billion in 2008.

"Iraqis need your support. Why let someone else do that?" said Iraqis trade official Naufel al-Hassan, who is stationed in Washington.

Iraqi Foreign Minister Hoshiyar Zebari in a visit to Washington said the Russian and Turkish companies in Iraq "take risks."

"No pain, no gain," Zebari said.