Iraq Business News brings you the latest Iraq Industry & Trade News, with information on developments and opportunities.
Mr Rolf Ulrich, the new Consul General of the Federal Republic of Germany to the Kurdistan Region, was received today by the Head of the Department of Foreign Relations, Minister Falah Mustafa Bakir. In welcoming Mr Ulrich to the Kurdistan Region, Minister Bakir assured him that the Kurdistan Regional Government (KRG) stands ready to extend […]
In an effort to rebuild its ailing industrial sector, Iraq has relaunched a tender to rehabilitate 18 of its idle factories, for the second time this year, after failing to attract enough interest from foreign investors. Reuters quotes Abdul-Ghani Fakhri, director general of the investment department at the Ministry of Industry and Minerals, as saying […]
Iraq’s state-owned General Company for Car Manufacturing, which belongs to the Ministry of Industry & Minerals, has signed a contract with the Chinese Proton Company, to assemble and market 1,000 cars annually. According to the report from Aswat al-Iraq, the Iskandariya-based company has also signed a contract with the Teachers Syndicate to supply teachers with […]
Iraq Business News is delighted to be chosen as the official Media Sponsor of Iraq Mining 2011. Billions of dollars worth of investment opportunities are expected to be announced by Iraq’s Minister of Industry and Minerals, H.E. Mr Ahmad Nassir Al-Karbooli (pictured), on 7 September at Iraq Mining 2011 in London, a conference on Iraq […]
Customs duty increases have been postponed by the Iraqi Finance Ministry due to the high cost of goods, according to Aknews. Duty was due to go up from 5% on all goods - a rate said to have been set low to encourage trade with Iraq - to as much as 30%. To put that […]
Trade between Iraq and Syria is now running at US$2bn per year, according to a spokesperson for the Iraqi Ministry of Trade. Hashem Hatam said that this does not include trade in oil and gas, according to Aknews. At the same time, events could sour increasing trade between the neighbours. As Syria cracks down on […]
Iraq's prime minister has fired his electricity minister, who is under investigation following allegations that he failed to follow government guidelines in the signing of $1.7 billion in power generation deals with two foreign companies. The minister Raad Shalal signed the deals in question with the Canadian Alliance for Power Generation Equipment (Capgent) and the […]
In Iraq almost all official records are kept on paper. So what better way to kill the paper trail that corruption investigators are tracking, than burn the evidence? A rash of fires inside government buildings has led to calls for further investigation. A recent rash of small fires inside the offices of various ministries and […]
Iraqi businessmen in Kurdistan, the northern region of Iraq, are contemplating a boycott on trade with Iran unless Iranian shelling of Kurdish territory does not cease, reports Aknews. Kurdistan can bring about significant trade pressure. The head of Kurdistan's Exports and Imports Union (KEIU), Mustafa Abdulrahman, estimates that trade exchange volume is US$3bn per year. He […]
A United Arab Emirates-based logistics contractor billed Defense Department authorities in Iraq for parts at prices marked up as high as 5,000 percent and 12,000 percent, according to a quarterly report released Saturday by the Special Inspector General for Iraq Reconstruction. GovExec reports that a review of a $119 million reconstruction and logistics contract with […]
Annual inflation in Iraq is now 6.3%, according to government figures. It is likely this is due to rising commodity prices. Government receipts for oil in the last quarter were up 19% to US$20bn, the highest since before the Iraq War began. The dinar was unchanged versus the dollar during the quarter. The International Monetary […]
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 […]
