Iraq's interim government said Sunday it will open all sectors of its economy except oil (search) to foreign investors in an attempt to quickly rebuild markets battered by war, sanctions and mismanagement.

U.S. Treasury Secretary John Snow (searchapplauded the plans, which were announced in Dubai by Iraqi Finance Minister Kamil Mubdir al-Gailani (search). However, he cautioned that security is a prerequisite for economic recovery.

"It's awfully important that we see Iraq move forward well and become a place of peace and security," Snow said.

The announcement was made as the International Monetary Fund (searchand World Bank hold annual meetings in Dubai this week.