Since 2003, Iraq has experienced a dramatic change from a centralized economy to a market economy. This introduction of comopetition, equal opportunity, and the development of the private sector has allowed Iraq’s businesses to flourish and grow, registering double digit GDP growth. The International Monetary Fund and World Bank predict GDP will grow an additional 10% in 2013.
The rise in oil prices, and Iraq’s rising oil exportation and production of hydrocarbons give the country an edge in the global economy. Iraq has the world’s 5th largest oil reserves, and is set to increase oil production 400% by 2017.
With each passing year, the country and its people are propsering, and the Iraqi consumer base is growing. The United States labeled Iraq as the 58th largest export market in 2011.
Because of Iraq’s historic trade routes and landmarks, opportunities for builders, transporters, producers, suppliers, transporters, manufactures and financiers increase. The Government of Iraq has adopted practices which give businesses and investors tools take advantage of the best opportunities in the country.
The National and Provincial Investment Commissions gives investment licenses applications, issues licenses, allocates land, secures tax exemptions and facilitates the entry and exit of investors and their employees. With the US Government, Iraq is focusing on creating a business-friendly and investor-friendly environment. For example, it created the Iraqi Solutions for Administrative and Regulatory Reform (ISRAR) which has reduced the time needed to register a business from 74 days to 4 days. After over 30 years of oppression and civil instability, Iraq is ready to increase economic opportunity and prosperity throughout the country, with the help of international partners and investors.