Iraq is Open for Business!
Yes, and over the next 10 years, Iraq’s infrastructure and government will encourage further growth and opportunities.
I attended an event at the World Trade Center for Detroit/Windsor this week and found that the region is actually going to offer many great global business opportunities for those who are willing take some risks now.
Now to be sure – Iraq is still recovering from a war, past regime government issues and trade overhaul. There are issues with corruption and transparency but with all of these challenges there are still great opportunities to do business successfully in Iraq.
Iraq has 28 million people, 18 provinces (very tribal and based on religious affiliation) and is centrally located in the Middle East region. Iraq’s GDP is similar to the U.S. State of Nebraska: $84.7 billion.
The country has a Federal System of Government and Separation of powers within their court system. Although we have yet to see if U.S. companies can get a fair shake if a legal dispute arises. There is a Procurement Assistance Center (PAC) for those who may need help in this area and is intended to prevent corruption and legal issues.
The business opportunities in Iraq lay in the following sectors:
- Power/Energy
- Transportation
- Telecommunication
- Housing & Construction both new and reconstruction
- Agriculture
- Health
- Consumer Goods
If you or your company are doing business in one of these sectors than you really should be looking at this market to promote your goods and services. For more information on doing business in Iraq please visit:
Please let me know if you are currently doing business in Iraq and want to share your experiences, tips and advice.
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