Tag Archives | Industry & Trade

The latest trade & industry news from Iraq – oppportunities,developments and more – brought to you by Iraq Business News

UK Foreign Minister Visits Iraq To Develop Trade

William Hague, the UK Foreign Secretary, has visited Iraq to express his government’s interest in building better ties, as he recognizes the security situation has improved. Speaking from Baghdad, he said: “This visit has helped to reaffirm the UK’s long-standing friendship with Iraq and its people and had helped to further develop strong trade and […]

British Business Wins Pharmaceutical Quality Control Contract

Nottingham-based Food and Drug Analytical Services Ltd (FDAS) has won a contract with the Kurdistan Regional Government (KRG) to improve the quality of medicine available in the region. Nechirvan Barzani, prime minister of Kurdistan, the semi-autonomous northern region of Iraq, joined the KRG Ministry of Health to announce the partnership. The agreement comes as part of ongoing […]

Iraq To Showcase Investment Opportunities To Britain

Iraq’s National Investment Commission is inviting representatives from government and regional government, and investors and businesses, to a forum to showcase Iraq’s investment opportunities. A delegation will come from the Iraq Britain Business Council, headed by its experienced chairman Baroness Nicholson of Winterbourne (pictured, opening an IBBC office in Basra with the local governor, Dr […]

US To Complete Iraqi Arms Deal

A deal for US fighter jets and tanks will not be stopped by political instability, reports Al Jazeera. The deal is reportedly for USD11bn-worth of weaponry. Since the US pulled out its remaining troops two weeks ago, violence has increased, arrest warrants have been issued against senior politicians opposing prime minister Nouri al-Maliki, and opposing […]

Customs Revenue Falls By Two-Thirds

June revenue fell to less than $9m, the Directorate General of Customs reported. This is down more than two-thirds from US$27m in the same period last year. The office believes that changes to regulations that require quality-control certificates on imports, supplied by just two government contractors, has caused backlogs at border crossings, and reduced customs income. […]

Iraq And Oman Business Leaders Discuss Closer Ties

Khalil Bin Abdullah Al Khonj, chairman of the Oman Chamber of Commerce and Industry (OCCI) met Habib Yousr Al Hashmi, the Chairman of the Iraqi Businessmen Union, on Tuesday, according to Oman Tribune. Al Khonji talked about exchanging visits and delegations to enhance trade and investment between the two countries, and in both the private and public […]

Customs Duty Remains at 5%

Customs duty increases have been postponed by the Iraqi Finance Ministry due to the high cost of goods, according to Aknews. Duty was due to go up from 5% on all goods – a rate said to have been set low to encourage trade with Iraq – to as much as 30%. To put that […]

Non-Oil Trade with Syria Hits $2bn

Trade between Iraq and Syria is now running at US$2bn per year, according to a spokesperson for the Iraqi Ministry of Trade. Hashem Hatam said that this does not include trade in oil and gas, according to Aknews. At the same time, events could sour increasing trade between the neighbours. As Syria cracks down on […]

Iraq Pumps Billions into Industrial Sector

Iraq has put US$2bn into renewing its industry over the past three years, according to Reuters. In an effort to wean itself from its reliance on oil revenues, the country is giving a boost to some of its 260 factories. “Most of our factories were losers,” said Adel Karim, a deputy minister of industry and minerals. “Now […]

Syria Next to Sign Iraqi Trade Deal

Everywhere from Northern Ireland to China have sought bilateral agreements to benefit from the rapid growth of Iraq. Now it is Syria’s turn. Mohammed Nidhal, Syria’s minister of trade, headed to Iraq with a delegation of more than 100 Syrian businessmen. The two countries pledged to increase trade between them. Khayrullah Babakir, Iraqi minister of trade, said “The […]

Crisis Talks To Avert War with Kuwait

Iraqi prime minister Nouri al-Maliki and his Kuwaiti counterpart, Naser al-Subah, have been talking directly by telephone to try to prevent a diplomatic crisis from worsening. A spokesperson for Maliki said on Monday that Kuwait had shown “more flexibility” in ongoing discussions over a new Kuwaiti port. Mubarak Port, due to be completed in 2016, […]

Czech Republic Takes Iraq Potential Seriously

Czech prime minister Petr Nečas brought a large delegation of businessmen, as well as the minister of defense and the minister of trade and industry, with him to Iraq this week, according to Aswat Al-Iraq. Revealing his commitment and belief in the economic benefits of a good relationship with Iraq, the Czech premier announced that his country […]