Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
By John Lee. The Iraqi Ministry of Industry and Minerals has been hit by a financial scandal with the disappearance of 120 billion dinars [$92 million] from one of its companies. An Investigation and Control Division's official, who recently moved to the General Company for the Automotive and Equipment Industry in Iskandariya [Alexandria], in Babil […]
From the Iraq Britain Business Council (IBBC): Iraq, Open to the world..an IBBC conference at the Mansion house, celebrating Iraq's return to international engagement. On 16th June IBBC are hosting possibly the largest delegation of Iraq businesses and government officials to the UK in recent times. This event is itself an indication of the more […]
By John Lee. An advisor to the Iraqi Prime Minister has criticised immigration to the country. Mudhar Muhammad Salih told the state-run Iraqi News Agency (INA) that foreign workers transfer $600 million annually out of Iraq, and work in sectors with "limited productivity", while unemployment in Iraq is 16 percent of the total workforce. He […]
By Zaid Al-Ali and Ahmed Tabaqchali, for 1001 Iraqi Thoughts. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Commentary: Iraq v Turkey International Chamber of Commerce Final Award (13 February 2023) On 23 May 2014, the Republic of Iraq ("Iraq") commenced arbitral proceedings against […]
From the Iraq Britain Business Council (IBBC): The IBBC management team attended an extensive round of meetings with officials in Iraq from May 14th - 20th. Led by IBBC President Baroness Nicholson and MD Christophe Michels, the visit first included the opening of and attendance at the first UK-Iraq Trade Fair at Al Burhan's new […]
Youth policy dialogue to improve Iraq's business ecosystem Youth entrepreneurs working in agriculture, business support organizations including start-up incubators, international organizations and government representatives convened in Baghdad to encourage informed policymaking for a stronger entrepreneurship ecosystem in Iraq. The Youth Policy Dialogue discussed the findings of the Youth Barometer Report published by the International Trade […]
By John Lee. KRG Prime Minister Masrour Barzani has laid the foundation stone at the first solar power plant in Erbil province. The 25-MW plant is being developed by a consortium consisting of Pluto Otto Cycle and Chinese companies Getting International Energy (which also has interests in neighbouring Jordan) and Shenglong Electric. The deal to […]
By John Lee. Fitch Ratings has assigned Erbil's Region Trade Bank for Investment and Finance Private Shareholding (RTB) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the rating reflects the bank's, "limited franchise, unstable business model, volatile and concentrated customer deposit base and weak albeit improving profitability." […]
By John Lee. Iraq's Cabinet has approved a substantial capital increase in the Fund for Supporting Small Income-Generating Projects. The fund's capital will be increased from the previous amount of 150 billion dinars to 1,350 billion dinars ($1 billion). According to a government statement, this expansion is part of the Ministry of Labor and Social […]
Kurdistan to increase agricultural exports to Europe The Kurdistan Regional Government has set a goal to find new markets for local farmers' produce, including increased exports to Europe. A local factory in the Akre district, with support from the KRG, is involved in the packaging and transportation of domestic goods, which will bear the label […]
By Jerome Radiguer, ITC-SAAVI Senior Advisor Retail Strategy. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Building Sustainable and Equitable Food Markets in Iraq through Innovative Retail-Level Interventions Tackling Market Inefficiencies to Boost the Agricultural sector and Improve Food Access The issue Iraq's […]
By John Lee. Iraq's Council of Ministers has announced its commitment to assist Lebanon by meeting its oil derivative requirements. Additionally, they will provide support in operating the country's electricity production plants and extend the existing supply agreement for an additional third year. The State Oil Marketing Organization (SOMO) will ensure full supply as per […]
