Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
A Basra iron and steel company will be given $700m (816 trillion Iraqi dinars) over the next 15 years by Turkish backers, reports AKnews. After visiting the factories of the General Company for Iron and Steel [State Company for Iron and Steel (SCIS)], a delegation from Turkish company United Brothers made a proposal to increase […]
Premier Nouri al-Maliki called on South Korea to provide Iraq with military training planes, as well cooperation in other armaments, according to Aswat al-Iraq. During his meeting with South Korean State Minister for Military Industries, Nu D Lee, Maliki called for activation of all contracts signed with the Korean side, in addition to supporting projects […]
On his first visit to Kurdistan, the Greek Ambassador to Iraq, Dr Mercourios B. Karafotias, said that he was surprised to see the level of progress that is being made in the Kurdistan Region. In his meeting with President Masoud Barzani on Tuesday, the Ambassador assured the President that the Hellenic Republic wants to play […]
The following is a transcript of a briefing by Thomas Nides (pictured), Deputy Secretary for Management and Resources at the US State Department, on Wednesday 8th February, regarding the reduction of personnel at the Iraqi embassy in Baghdad: MS. NULAND: Thank you, Operator, and thanks to all of you for joining us. We are pleased today […]
Japanese electronics group Sony has opened its first outlet in Iraq in the city of Erbil, amid ambitious plans to expand further into the competitive Iraqi market. The showroom will have the brand's latest electronics on sale and will also provide a costumer care and maintenance service, according to the director of Sony in Erbil. […]
The Iranian currency, the toman, or rial, has lost half its value against the Iraqi dinar in recent weeks following U.S. and European sanctions, according to a report from Azzaman. Iraqi traders welcomed the slump saying it has made the import of Iranian goods much cheaper than before. In the holy cities of Najaf and […]
The US State Department is planning to cut its diplomatic presence in Iraq by as much as half, the New York Times reports. Michael W. McClellan, spokesman for the embassy, said : “Over the last year and continuing this year the Department of State and the Embassy in Baghdad have been considering ways to appropriately […]
Iraq now has over $60 billion in foreign currency reserves as a result of the country's oil sales, according to a report from Azzaman. Mudher Saleh, a consultant with Iraq's Central Bank, said the reserves are the highest in the country’s history, and are more than enough to cover the total volume of national currency […]
An economic forum will be held in Dubai in two months time in the hope of fostering economic development in the Kurdistan Region and attractiong more investors to the booming regional economy. Shilan Khanaqa, Kurdistan Region's representative to the United Arab Emirates told AKnews that the two-day conference will be held under the auspices of […]
Iraq’s Ministry of Planning has reportedly canceled its contract with Switzerland's SGS after the company allegedly failed to respond to Iraqi authorities about what they described as “sluggish work”. SGS and Iraq signed a contract in January 2011 whereby the Swiss company provides product conformity assessment services for qualifying products allowing their importation into Iraq […]
The Arab League envoy to Iraq, Ahmed Bin Hili, said on Wednesday that Iraq is ready to host the next Arab League Summit, expected to be held in Baghdad in March. According to AKnews, Bin Hili arrived in Baghdad on 30th January to inspect the preparations for the summit, which has been postponed several times […]
Northrop Grumman Corporation (NYSE:NOC) has received a $122 million contract to install and sustain Counter-Rocket, Artillery and Mortar (C-RAM) systems at forward operating bases (FOBs) supporting Operation Enduring Freedom and the ongoing United States Mission in Iraq (USM-I). The contract includes options that, if fully exercised, would raise the potential value of the contract to […]
