Companies in the UK are at risk of being left without a stake in the rapid economic development planned in Iraq in the next few years, Sir Claude Hanke, an adviser to the Iraqi government, has warned.

Speaking to the Times ahead of the arrival in London of a delegation led by Iraqi president Nouri al-Maliki, the trade specialist said that the country would become an "economic dynamo" for the Middle East.

Its educated middle class, growing population and longstanding commitment to industry and trade would all be instrumental in this development, he said.

"Not since the Far East in the 1970s have I seen a market that has the economic potential that Iraq has today," he said

He went on to urge companies to realise this to avoid losing out on investment opportunities.

Mr Hanke also called for a review of visa processing in the UK to allow more Iraqis into the country to enrol on training programmes

Iraq's oil ministry has this month announced another application for tenders for the development of up to 60 wells in the country's oil-rich south.

Written by Kim Bardsley

Global Education and Training event for Oil and Gas: Iraq