Iraq's gross domestic product (GDP) is expected to grow by an average of at least 9.4 percent annually between 2012 and 2016, the deputy governor of the central bank, Mudher Kasim, told Reuters on Sunday. "We expect Iraq's GDP in 2015 to jump to $360 billion from $170 billion currently ... The reason will come […]
The 'Iraqi Automobile Industry Company' [State Company for Automotive Industry] has reportedly signed a contract with the South Korean company Hyundai to manufacture and assemble Hyundai cars. The contract, worth with 44 billion Iraqi dinars [$36 million], involves the production of 2000 saloon cars annually. The manufacturing line is to be completed within three years. […]
AKnews reports that Iraq's planning ministry has shortlisted six international inspection companies as possible replacements for Swiss company SGS. At a press conference in Baghdad on Monday, Planning Minister Ali Shukri (pictured) confirmed that SGS had lost the contract for Pre-Importation Inspection, Testing, and certification of Goods into Iraq (ICIGI) due to poor performance, and […]
AKnews reports that the process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September. The announcement, which will see the Iraqi Central Bank (ICB) re-print 30 trillion dinars ($26 billion), was made despite government fear over the project. Abdul-Hussein Abtan, a member of the economic […]
Iraq has reportedly made "favourable" changes to some of the terms of the 20-year technical service contracts offered under the 4th energy licensing round. International companies have been invited to compete for the rights to explore for oil and gas in 12 blocks to be auctioned in May. According to Dow Jones, the most important […]
A member of the Scottish Parliament joined a delegation of British MPs to the Kurdistan Region last week in order to meet local leaders and explore ways to strengthen political, cultural and economic ties with the Region. The delegation, which consisted of members from Westminster’s All-Party Parliamentary Group (APPG) on the Kurdistan Region and the […]
The following article was published by Reidar Visser, an historian of Iraq educated at the University of Oxford and currently based at the Norwegian Institute of International Affairs. It is reproduced here with the author’s permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. […]
According to a report from AKnews, the Iraqi Ministry of Planning has decided to continue working with the Swiss-based company SGS until the end of February. Abdul Zahra al-Hindawi, a ministry spokesman, said the decision was taken in response to the demands of businessmen and importers until the completion of their commercial dealings with the […]
