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Business Opportunities in Iraq

The fact is beyond question; no doubt lies in it. Iraq continues to be the most troublesome countries in the world if you want to do business in. The basic difficulties to have business opportunities in Iraq faced by the Iraqi people are corruption, usual scarcity of energy and vitality in the economy, bureaucracy and security. Iraq has been graded as figure 164 in the report of “doing business” published by the World Bank. This report makes Iraq the lowermost rated country in terms of doing business in the whole region of Middle East.  The entire world is really concerned about the chances that Iraq would again face the difficulties of sectarian violence after the American forces have departed from the country in December 2011.

Frisoli Law Offices - Business Opportunities in Iraq

Nevertheless, you seem to know that the entire outrage and terrorism has been terminated by looking at the previous few years.  And the development is not quick though, the living conditions have become average and improved considerably throughout the whole country, and approach to the general requirements of life that is electricity and drinkable water has become quite better.

In 2011, the secretary of the United States, Hillary Clinton named Iraq as a business destination for the American investors. Although she was the one who supported American invasion OF Iraq in 2002, but later in 2011, she declared her support of war as a mistake and she declared Iraq as a market which is full of opportunities to make money.

The GDP growth rate had been projected up to 10% in 2013 by the World Bank and the IMF. The reason of this upgradation was the continuously elevating oil production and increased costs for energy. In 2011, the oil production of Iraq was up to 3 billion barrels per day, out of this amount; about 2.3 million barrels per day were exported. As the oil rates were approximately at about $90 for each barrel, the average rate of oil production by Iraq $100 billion per annum for its economy. 

According to the stats, the world’s fourth biggest resources of oil belong to Iraq. And it is the targeted that the export of oil will be increased to 6 million barrel per day by 2017. Iraq has the world’s fourth-largest oil reserves and aims to export 6 million bpd by 2017. In accordance with a special report from the IEA World Energy Outlook 2012, Iraq has the potential to be the second biggest oil exporter of the world through a period of two decades and can make the output twice by 2020.

According to report, in 2011, the number one financers who invested in Iraq were the Asians comprising of almost 42% of the entire investment in the country. Among these Asian countries, South Korea was on the top who invested 25.5% of the entire investment. Turkeyfrom the West Asian region got the second position at 6.6%. After these investors came China, UAE and Iran. Besides Asia, Europe invested 5.1% while USA invested 12.4%.

However, the enormous potentiality of Iraq’s economy is continuously alluring overseas financers.According to a study, almost 45 countries showed their presence in Iraq in the year 2011, concerning the areas of service agreements, investments and other trading operations in the country.

Frisoli Law Offices - International Partners Investing in Iraq

The most important motivation to involve in a business with Iraq is the capability of Iraq to stand with the universal relapse. The GDP growth rate of 9% has made Iraq the most fascinating and originating markets of today’s world. The development figures of Iraq have created an impressive image of Iraq in terms of performance at that crucial time when many countries are trying to recover their economy.

Doing business in Iraq is still difficult. Many people have the finances but they hesitate to go to Iraq. If you want any assistance regarding business opportunities in Iraq, try HARLOW INTERNATIONAL, International partners investing in Iraq. They say that Iraq is open for business. Harlow International’s investment division has worked closely with many external investors interested in participating in the development of Iraq.