Washington ( CNN ) -- Iraq is open for business , and American companies should make an effort to invest there , Secretary of State Hillary Clinton said Friday . `` President Obama and I and our government believe strongly that expanding economic opportunity is as essential as building democratic institutions , '' Clinton said while surrounded by executives from companies as far-ranging as Occidental Petroleum , JP Morgan Chase , General Electric , Microsoft and Lockheed Martin , in a round-table discussion aimed at getting companies focused on commercial opportunities in Iraq despite its current `` tough environment . '' The meeting comes as the United States transitions from a military-led to a civilian-led partnership with the Iraqi government by the end of the year . The State Department is leading an inter-agency effort to support American companies in their efforts to secure commercial opportunities in Iraq . With one of the largest customer bases in the Arab world , along with one of the best-educated work forces in the region , Clinton said , Iraq poses significant opportunities for American companies . The International Monetary Fund has projected for Iraq to grow faster than China over the next two years , she said . The United States , through its embassy and consulates throughout the country , stands ready to assist American companies `` to help create the conditions for investment and growth that will be broadly spread and create a ladder of economic opportunity for those willing to work hard , '' Clinton said . `` Iraqis are looking to rebuild every sector of their economy , not only their oil sector but agribusiness , transportation , housing , banking and many others . '' With additional help from the Departments of Treasury , Energy and Agriculture , among others , the United States will actively support efforts of American businesses to set up operations to compete with Turkish , Chinese , French , Jordanian and Iranian companies already seeking business opportunities in Iraq . James Jeffrey , the U.S. ambassador to Iraq , is also working to establish an American Chamber of Commerce in Iraq to serve as an advocate for American businesses . Despite the opportunity Iraq offers , Clinton said , she would `` not sugarcoat '' the difficulties posed by the current working environment in Iraq . `` There are still significant security challenges , bottlenecks in infrastructure , unclear regulations and , unfortunately , corruption . But as our Iraqi colleagues will tell you , they are working hard to make it easier to do business in Iraq for Iraqis and foreign investors alike . '' Clinton said the United States would also make it a priority to support the integration of women into the Iraqi work force . `` I know that a lot of the best students in Iraqi universities happen to be women , and I hope that Iraq takes full advantage of half the population , ready to work , ready to roll up their sleeves to assist in the transformation of their country , '' she said . Thirty companies were represented at the event in the Benjamin Franklin room at the State Department . The Iraqi ambassador to the United States , Samir Sumaidaie , attended as well .
`` Expanding economic opportunity '' as essential as democracy , she says . Federal agencies join forces to support China companies in China . IMF says Iraq 's growth will outpace Iraq in the end of the year , Benjamin Franklin says .