Tag Archive | "Industry & Trade"

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

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 we have eight companies which are profitable and by the end of the year we hope to reach 20.”

As an example of the turnaround, Reuters describes Iraq’s state-owned car assembly plant as a “hive of activity”, as it reports deals with Scania, Mercedes-benz, Renault and BMW. Revenue is up 17-fold in a year.

Adnan Razeen, director general of the State Company for Automotive Industry, told Reuters: “Within a 10-year period we will be able to manufacture bigger components of the truck in Iraq and this is our plan…to have a 100 percent Iraqi truck.”

(Source: Ministry of Industry; Reuters)

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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 deal focuses on empowering the private sector in both countries in addition to establishing cooperation in data and expertise and the development of investment projects.”

(Source: Ministry of Trade; Aknews)

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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, has caused a huge storm to build between the two countries because it is believed by many that it will devastate Iraq’s maritime economy.

The Iraqi government wants Kuwait to pause the construction until it can be established that the port will not affect Iraqi interests. Kuwait has said that the building work cannot be put on hold.

The tensions have become so serious that there is now talk of war. This is a continuation of border disputes between the two countries lasting half a century, according to the Tehran Times.

However, Iraqi MP Ameer al-Kinani said that Kuwait will not go through with the port, because their neighbour’s economic interests will not be affected. Kuwait already has three ports to Iraq’s one deep-water port of Umm Qasr.

 

(Source: Iraqi Prime Minister’s Office; Aknews; Aswat al-Iraq; Tehran Times)

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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 will cancel 80% of Iraq’s debts to the Czech Republic.

Prime minister Nouri Al-Maliki  said: “Iraq wants to open the commercial ties with the Czech republic as well as cooperation in educational fields.” He called on Czech companies to boost their investments in Iraq and take part in the reconstruction process.

Nečas said that several bilateral trade, industry and defense agreements had been signed.

Al-Maliki added: “We also agreed on further cooperation with the Czech private sector in oil infrastructure projects, petrochemicals as well as aircraft trainings.”

 

 

(Sources: German Press Agency; Aswat Al-Iraq)

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UK Firms Invited To Explore Opportunities In Kurdistan


The Middle East Association has this message for UK businesses looking for growth opportunities:

Dear Members and Friends,

The MEA, in partnership with UK Trade & Investment, Invest Northern Ireland and the Kurdistan Regional Government, will be leading a Trade Delegation to Iraqi Kurdistan from 23rd to 28th October to coincide with the seventh Erbil International Trade Fair, Iraq’s largest general trade exhibition. Mission Participants will have the opportunity to exhibit at the Fair’s British Pavilion, as well as to meet government ministers, senior business leaders, and the local Chambers of Commerce.

The stable security situation in Kurdistan has lent itself to business prosperity. Economically, the region is moving rapidly ahead of the rest of Iraq, although the UK is a late entrant to this market and currently trails behind its EU competitors.

  • There are excellent opportunities in Construction & Infrastructure, Engineering, Agriculture, Healthcare, Technology, Telecommunications, Power, Oil & Gas, Environment & Water, Financial & Legal Services, and Education & Training.
  • Over 50 British companies are already registered in Iraqi Kurdistan.
  • British-Kurdish relations are strong, and British business is welcomed and encouraged for the high quality of its skills, expertise, and products.

Last year’s UK delegation to the Erbil International Trade Fair was led by the MEA, in parallel with a delegation led by former UKTI CEO Sir Andrew Cahn, and comprised 53 delegates representing 35 companies. During the Mission, both the KRG President and Prime Minister visited the UKTI stand and spoke to exhibitors. There will be a UK VVIP delegation again this year. In light of last year’s success and Kurdistan’s increasing importance, we anticipate an even larger delegation for this year’s Fair, which will attract:

  • 850 Exhibitors and 75,000 visitors
  • Representation from 25 countries
  • Support from a large number of trade promotion agencies, chambers of commerce, associations, ministries and embassies.

Exhibition space at the Erbil International Fair is finite, so we advise you to register your interest early. The cost of a stand at the Fair will be $3400 (currently about £2100). More information about the fair can be found here:http://www.eif-expo.com/.

For further details about joining the Mission and/or taking a stand for your company at the International Trade Fair please contact the Mission Manager, Lyndsay Snowden (email: [email protected]; full contact details on flyer attached).

For advice on the Iraqi Kurdistan market and its possibilities, please contact David Lloyd, Senior Consultant at the MEA and Mission Leader ([email protected]), or Vian Rahman at the KRG’s UK Representation ([email protected]).

Warm regards,  Chris

Chris Moses
Marketing Executive
The Middle East Association

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Dozens Of Countries Flock To Iraq


Just this week, we have seen a United Arab Emirates firm invest in a new Iraqi oil refinery, a German company discussing investing in Basram, and a Korean company building 25 power stations.

On top of that, there have been Iranian gas deals amd Saudi Arabian interest in Iraqi telecoms, plus both British and Turkish firms have been mentioned in the topic of new investment in Iraq.

It is not surprising, then, that the Iraqi Department of Trade is expecting even bigger things for the next Baghdad International Fair.

30 countries and 1,500 companies are expected to attend from around the world, the Ministry for Trade said. Learning its lessons from last year, the preparations for this year are to begin earlier.

 

(Sources: Iraq Ministry of Trade; Aswat Al-Iraq)

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Iraq To Stop Being World’s Garbage Dump


The three-day Conference on the Economic Future of Iraq began on Tuesday with representation from the World Bank and the Iraqi parliament.

Parliament Speaker Usama al-Nujaifi said that “Iraq has turned into the world’s garbage dump through bad commodities that were imported, a matter would have not existed were it not for legislative shortcomings.”

Yet he explained that new legislation will correct the problems, Aswat Al-Iraq reports.Nujaifi called for re-opening plant works to get Iraqis producing again.

The World Bank’s country director for Iraq, Hedi Larbi, said that infrastructure and institutions need to get working, and that the private sector needs to get moving: “The inflation of the public sector, increase in salaries, lack of legislation and non-partnership between the public and private sectors, all negatively affect the development of the private sector.”

(Sources: World Bank; Aswat Al-Iraq)

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Kurdistan Will Expand Faster Than Dubai


US companies are put off from investing in Kurdistan by security fears, even though the Iraqi region is relatively safe and stable.

Iranian businesses are more aware of the lower risks in this part of the country and are desperate to invest and take advantage of its heavy investment and rapid growth, despite tax and other restrictive conditions imposed by the Iranian regime on its domestic businesses.

Reza Cheraghifar, export manager for large Iranian fiber optics manufacturer SGCC, told Aknews: “In ten years Kurdistan will expand its economy more than Dubai. Everyone is looking to get involved in that, particularly Iranian companies who share so much cultural heritage with Kurds.

“The speed of the growth means that they want to buy so much, it’s a real opportunity.

“The reason Kurdistan is doing so well, compared with Iran, is that it has a good relationship with all of its neighbors. People in charge here know how to separate business and politics.”

Habib Talavat, managing director of Urmia Petrochemical, said of Kurdistan: “It’s a very attractive place. There is a very young population who are keen to work and the labor price is much lower than in some other places in the region,”

With its relaxed laws allowing easy investment from foreign companies, Kurdistan may have to watch out that foreign countries do not set up and take their profits away with them. Cheraghifar said of the region: “They need to get investment for their own companies or have joint projects.”

 

(Sources: Aknews)

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