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Lord Mandelson called on British business to "seize the opportunity" of investing in Iraq as he led the first British trade delegation in two decades to the war-torn country.
The Business Secretary was joined by representatives from 23 British companies, including Wood Group, Rolls-Royce, HSBC, BP and Shell.
It is the first such trip to Iraq after business links were severed by years of sanctions and war.
Lord Mandelson met Nouri al-Maliki, the Iraqi Prime Minister, inside the heavily fortified green zone in Baghdad and held a press conference with the Iraqi Trade Minister.
A sharp decline in violence over the past 18 months has allowed foreign investors to start thinking seriously about ventures in Iraq, home to one of the world's largest oil reserves. It is also a country in desperate need of reconstruction work.
Chinese, Russian, Iranian, French, German and American companies are among those competing for Iraqi government contracts in sectors including energy, health, transport and finance.
Lord Mandelson urged a greater number of British companies to get involved. "This is a land of opportunity. You need to seize the opportunity and do more in Iraq," he said.
Britain's involvement in the invasion to topple Saddam Hussein was a benefit rather than an impediment when seeking out contracts, said Lord Mandelson, who shed his body armour and helmet upon arrival in the green zone.
"There is a welcome mat out for British business. If I received any complaint today from the Prime Minister downwards, it is that we are not seizing the opportunities fast enough."
Philip Cave, managing director of Kier Construction, was among the delegates on the trip. His building and civil engineering company worked in Iraq in the 1980s, helping to construct a port in the south. It is keen to investigate new opportunities after finally deciding that Iraq is stable enough to return to.
"Things are settling down," Mr Cave said. "There is change in the air."
However, the message that now is the time for British business to invest in the country was marred by six car bombs across Baghdad yesterday that killed more than 30 people and injured another 130.
The attacks fuelled fears of a further rise in violence after a spate of bomb blasts in recent weeks, as well as a recurrence of targeted killings. "I am afraid that these explosions may happen again," said Hassan Mohammed, a 46-year-old civil servant who rushed to the scene of a bombing in the Baghdad slum of Sadr City on Monday.
Lord Mandelson remains convinced that Iraq has left its days of conflict behind. He called Monday's bombers "cowards" and added: "They are not going to succeed in reversing the trend in Iraq, which is one way: towards stability, peace and growing prosperity for the Iraqi people."
In February the UK-based Mesopotamia Petroleum Company signed a £277 million joint venture deal with the Iraqi Oil Ministry. David Miliband, the Foreign Secretary, said at the time: "This [contract] sends an important signal, not just to the people of Iraq about the long-term economic commitment of Britain to Iraq, but also... to British business [that] Iraq is open for business."
Lord Mandelson will take part in a conference being held in London at the end of the month on investing in Iraq. Mr al-Maliki and a number of his ministers are expected to attend.
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