Saleh, who led a trade delegation to Australia, spoke at the recent Iraq Australia Business Forum held by the Embassy of the Republic of Iraq and Australian Trade Commission in Melbourne.

He urged local businesses to take advantage of opportunities presented by Iraq’s rapid development. “Those Australian companies that hesitate or wait too long may discover that they are too late to reap the commercial benefits as the country arapidly progresses to developed nation status,” he warned.

“Business and investment opportunities are opening up in Iraq at a tremendous pace and the nation’s infrastructure needs can only be described as extraordinary,” added Australia Arab Chamber of Commerce CEO Cynthia Dearin. The AACCI is dedicated to promoting the benefits of bilateral trade and investment with the Middle East.

The Melbourne forum included information sessions and briefings on:

Investment

Construction and building

Education

Industry

Mining

Travel and tourism

Scientific research

Health

Agribusiness

The residents claimed that because AWB had paid $300 million in kickbacks to Saddam Hussein’s regime it had negatively affected the United Nations’ oil-for-food escrow system and deprived them of humanitarian assistance, and alleged a commercial conspiracy.

The original ruling, finding in favour of AWB and others involved in the scandal last year, stands after the US Court of Appeals rejected the class appeal. However, AWB still faces two more legal cases with regard to the scandal, including one against shareholders to be held in Sydney, and one with 92 other companies against the Iraqi Government in the USA.

In other news, the AWB has settled commercial issues between it and the Ministry of Trade and the Grain Board of Iraq after signing a deed of settlement. The ministry had concerns about the quality of product, and disputes over demurrage charges had led to AWB stopping trade until the issues could be resolved.

“The finalisation of these commercial issues with the Ministry of Trade and the Grain Board of Iraq opens the way for AWB to export wheat to Iraq in the future,” said AWB managing director Gordon Davis in a statement.

In 2005, it came to light that AWB had made payments under the guise of transport fees to Saddam Hussein’s regime to secure lucrative wheat supply contracts, against the rules of United Nations sanctions.

Shareholders’ solicitor Ben Slade, of law firm Maurice Blackburn, said Downer would be called upon “to refute the suggestion AWB is making that the government knew that kickbacks were being paid” after AWB lawyers revealed that their defence would centre on the Howard government’s knowledge of the fees.

The investors have until November 20 to subpoena Downer. The suit, reportedly worth $100 million, is scheduled to begin on November 30 and will argue that the investors suffered financial losses when a parliamentary inquiry exposed the illegal payments.

The institute, an organisation that aims to link peace with prosperity, has released a study alongside their annual Global Peace Index showing the effects of lost peace on the economy and vice versa.

“The reality is that the net economic benefit of peace to humanity is substantial, and governments and businesses should seriously consider how adopting practices and policies that promote peace helps their bottom line,” said Clyde McConaghy, who oversees the index at the institute. “It is this kind of thinking that the Institute for Economics and Peace will promote.”

Rising food and fuel prices, compounded by rising unemployment and financial anxiety, have led to “political repercussions that have been registered by the GPI through various indicators measuring safety and security in society,” says the study.

The index ranks New Zealand as the most peaceful nation on earth, followed by Scandinavian countries Denmark and Norway. Iraq remained on the bottom of the list, below Afghanistan and Somalia. Australia ranked 19 on the list of 144 countries.

Criteria include participation in wars, internal conflicts, respect for human rights, and the number of murders and prisoners per head of population.

See the Global Peace Index

Lindberg’s trial is over the Iraq wheat scandal where the Board was found to have paid kickbacks to dictator Saddam Hussein in exchange for importing Australian wheat.

ASIC alleges that Lindberg knew about the kickbacks and therefore failed in his duty to inform the directors of their responsibilities and stop the illegal program. ASIC’s bid to include email correspondence was rejected on grounds yet to be revealed by Justice Robson.

The commission’s case against Lindberg aims to hold the executive responsible for the damage to AWB’s reputation, which has since initiated several costly investigations, a fall in its share price, and forced it out of the US wheat market.

Among those suspected of corruption are Muthanna Jabbar, director of the Iraqi Grain Board, and two brothers of Abdul Falah al-Sudany, the trade minister.

Charges were laid due to suspicion of the officials receiving kickbacks, as well as corruption relating to provision of expired or dangerous food.

To improve transparency, Iraq has not imported Australian wheat since 2006, following the Australian Wheat Board scandal where dictator Saddam Hussein received kickbacks for wheat deals.