Why Iraq
Arguably the fastest growing emerging market in the MENA region, Iraq is forecasting growth of 9.3% per annum over the next three years. The opportunities for business investment is enormous in all sectors of the Iraq economy Here is what two of the most senior and influential politicians say about their country and its prospects.
His Excellency Nouri al-Maliki Prime Minister of the Republic of Iraq
Having realised the importance of a sustained economic growth through private investments, we have embarked on a mission aimed at rebuilding the country by attracting local and foreign direct investments.
We believe such investments will contribute to the transfer of technology required to improve the quality of life in Iraq. The year 2011 witnessed the signing of a number of bilateral agreements with several countries in order to facilitate the smooth entry of investors into Iraq and to protect their rights and privileges drawn by Law 13 of 2006 (Investment Law).
This is part of a new economic vision that will contribute positively to the achievement of significant growth in all economic sectors.
Dr Sami al-Araji, Chairman, National Investment Commission of Iraq
The signs are good. While much of the developed world struggles to drag itself out of recession, Iraq registered real GDP growth of 9.9 % in 2011 according to IMF estimates. The IMF projection for 2012 is 11.1 %, followed by 13.5 % in 2013, giving compounded growth of nearly 40%.
Iraq may have its difficulties, but that does not include low growth. And investors should know that right now there is a tremendous imbalance between the potential wealth of Iraq and its current situation in terms of both consumer goods and infrastructure. So the catch up is going to be immense. Clear sighted major global corporations are already positioning themselves for this.
I would say Iraq has all the ingredients and determination to become one of the most successful economies in the world.
Published by kind permission of the Iraq British Business Council.