The latest trade & industry news from Iraq – oppportunities,developments and more – brought to you by Iraq Business News
The Middle East Association has this message for UK businesses looking for growth opportunities: Dear Members and Friends, The MEA, in partnership with UK Trade & Investment, Invest Northern Ireland and the Kurdistan Regional Government, will be leading a Trade Delegation to Iraqi Kurdistan from 23rd to 28th October to coincide with the seventh Erbil […]
Just this week, we have seen a United Arab Emirates firm invest in a new Iraqi oil refinery, a German company discussing investing in Basram, and a Korean company building 25 power stations. On top of that, there have been Iranian gas deals amd Saudi Arabian interest in Iraqi telecoms, plus both British and Turkish […]
The three-day Conference on the Economic Future of Iraq began on Tuesday with representation from the World Bank and the Iraqi parliament. Parliament Speaker Usama al-Nujaifi said that "Iraq has turned into the world's garbage dump through bad commodities that were imported, a matter would have not existed were it not for legislative shortcomings." Yet […]
US companies are put off from investing in Kurdistan by security fears, even though the Iraqi region is relatively safe and stable. Iranian businesses are more aware of the lower risks in this part of the country and are desperate to invest and take advantage of its heavy investment and rapid growth, despite tax and […]
Starting March 6, Iraq will begin imposing import tariffs ranging from zero to 80%. For many products, this will be a big increase. Up to now, importers have been subject to a uniform tariff of only 5%, which covered everything except food, medicine, books, clothing and products related to humanitarian assistance or Iraq’s reconstruction. (For […]
2010 saw hundreds of trade agreements signed, a score of new consulates opened, and dozens of countries and thousands of companies scrambling to get in on the Iraq story. Inflation has remained low all year and exchange rates have been stable. The oil price averaged $15-$20 above the $62.50 price allowed for in the Iraq budget. […]
As Baghdad ponders fewer checkpoints, oil exports sent by sea face more checks. The capital has 870 security checkpoints, which have been blamed for slowing an already congested city down and inhibiting productivity. Some commuters must stop at half a dozen checkpoints each morning, sometimes waiting for an hour at just one of them. Many residents find […]
With a new Iraqi government now finally formed, Basra's desire for a referendum on becoming semi-autonomous may finally get past Baghdad's stalling tactics. The Iraqi constitution allows provinces to become semi-autonomous, just like the northern region of Kurdistan. The Associated Press reported on the pros and cons, writing that Basra would be able to stop […]
I used to think that rapid increases in Iraqi oil production would practically guarantee a significant strengthening of the dinar over the next ten years. Surprisingly, however, history suggests that this is far from a foregone conclusion. While the Oil Ministry claims that Iraqi capacity will rise by 10 million barrels per day (mn bbl/d) […]
An economic adviser in the Iraqi government said on Friday that, of all countries having companies operating in Iraq, Turkey is the best represented, followed by France. Salam al-Quraishi told AKnews that there are now 270 Turkish companies operating throughout Iraq, mostly specialized in construction of residential complexes and providing electrical power. "French companies are […]
Committees don't just sit around in Iraq. On 19th October the Iraqi government created a committee to increase business and economic relations with Turkey. Now, a member of the committee has said that the two countries are going to increase commercial exchange up to $12bn in 2011, reports AKNews. This is a more than three-fold increase on previous […]
An Iraqi ministry has said that Australia supports its quest for World Trade Organisation membership, according to NINA. WTO membership will significantly boost investment in Iraq as well as increasing its access to goods and services due to fewer restrictions from WTO member countries. WTO membership takes almost as long to attain as agreement at a UN […]
