Washington ( CNN ) -- As the United States completes its withdrawal of all military forces from Iraq by the end of the month , Iraq 's prime minister made a pitch to leaders of American commerce and industry Tuesday : Iraq is open for business . In an address to American executives at the U.S. Chamber of Commerce in Washington , Iraqi Prime Minister Nouri al-Maliki said his country offers `` limitless '' opportunities for American companies . Al-Maliki said his country is trying to diversify from an energy-dominated economy , to one that focuses on financial , medical , agricultural , educational and infrastructure services as well . The end of U.S. military operations in Iraq heralds the beginning of a `` wider relationship '' between the two countries where `` not generals but businessmen '' will focus on economic and political engagement between the two countries , al-Maliki told the audience . He spoke to more than 400 executives representing a wide range of industries including petroleum , engineering and construction , commercial aviation , architecture , maritime cargo and financial services . As U.S. investment in Iraq has increased since 2008 , al-Maliki said Iraq wants to see a much greater presence of U.S. companies in his country to help spur greater spending and investment on the country 's infrastructure as a way to better the lives of Iraqis and create more U.S. jobs in the process . Total foreign direct investment in Iraq hit $ 70 billion for the first months of 2011 , according to the chamber . The United States has increased its investment from nearly nearly $ 2 billion in 2010 to more than $ 8 billion this year , the organization said . That figure represents 11.6 % of all investment entering Iraq , the chamber said . The International Monetary Fund has projected the Iraqi economy to grow at a faster pace than China or India over the next two to three years . Despite growing U.S. investment in Iraq , the chamber continued its own pitch to U.S. businesses of the potential Iraq represents for them , and American workers , before al-Maliki spoke . `` We continue to trail our trading partners with respect to investment and economic engagement in Iraq , '' said Lionel Johnson , vice president for Middle East and North African Affairs at the chamber . The private sector stands to play a crucial role in filling the capacity void left in many sectors of the Iraqi economy following the U.S. military departure , Johnson said . Winning business for American firms in Iraq has not been an easy prospect in the past . Not a single U.S. energy firm secured a deal for oil production at an auction of contracts by the Iraqi government two years ago . Many members of Congress were outraged , and questioned the U.S. investment in Iraq to that point after lucrative multi-billion-dollar contracts went to Russian and Chinese firms instead . In the past year , the United States Business Council in Iraq was established to advance commercial interests for American firms operating in Iraq . Opportunity aside , al-Maliki acknowledged the difficulty of moving his country from the planned economy of the Saddam Hussein era to a market-based system governed by transparency laws and international regulations , not to mention convincing American businesses to invest in a country that still experiences a high volume of violence . He assured his audience that his government was doing all it could to root out corruption and make the country safe for businesses to operate . `` Make no mistake , this is a country that 's developing , its commerce is developing , it 's going to take time , it 's going to take energy , '' Deputy Secretary of State Thomas Nides told CNN after al-Maliki spoke . `` U.S. companies are going there because they believe they can make money and at the end of the day that 's what it is about , and most of these companies have dealt with complicated environments . Iraq is no different , but we have seen huge progress . '' Nides said the `` robust diplomatic staff '' still based in Iraq after the military withdrawal will include large economic and legal teams to work with U.S. companies operating in Iraq . Nearly 40 leaders from the Iraqi private sector made the trip to Washington with al-Maliki to meet with their American counterparts .
Al-Maliki talks business with State . `` Not generals but businessmen '' will build the U.S. relationship now , he says . Al-Maliki says Iraq wants to see more U.S. companies in his country . No U.S.-Iraq energy firm secured a deal at an auction of Chinese contracts Tuesday .