Telecommunications is a booming business in Iraq, with estimated 48% penetration. There are 3 major licensed providers:

• Asiacell (successfully issued IPO in 2013)
• Zain Iraq
• Korek Telecom

Other Telecommunication Companies include:

• Iraqi Telephone and Postal Company (ITPC)
• Itisaluna, Kalimat Telecom
• Iraqtel
• VitalTel
• Hi Link Telecom
• Omnnea
• Newroz Telecom
• Regional Telecom (new in 2013)

Since 2003, Iraqi-s have desired a greater open communication with one another. Now, in 2014, an estimated 80% of the Iraq population owns a mobile phone.

 

To create a stronger and more fruitful investment environment in Iraq, the government issued amendments to Law 13 in 2006, and passed them in 2007. These legislative amendments were meant to aide in the attraction of foreign investors to Iraq.

Please read below for a list of Iraq investment incentives:

• Non-Iraqis may own land for housing projects
• Investment Commissions may form in governorates to address certain projects and perform duties effectively
• Specify and restrict lands that are owned by the government to the national Investment Commission so that they are used for investment purposes
• Foreign investors may repatriate capital brought into Iraq, and any profits earned
• Investors may employ foreign labor
• Investors may insure projects with any foreign or Iraqi insurance company
• Investors may open bank accounts in Iraqi and non-Iraqi banks, in both foreign and Iraqi currency
• Investors may reside in Iraq
• Investors are allowed unimpeded entry and exit from Iraq
• Investors are allowed to trade shares and bonds listed on the Iraqi Stock Exchange, and form investment portfolios.
• Investors are allowed to lease land up to 50 years, subject to renewal
• Investment Projects are protected from nationalization of any part of the project unless there is a legal sentence brought against the project

Please contact info@irfad.org to find out more about investment opportunities in Iraq.