Iraq- Business Opportunities
The Consul General of Iraq, H.E. Dr. Ghazi Al-Topy, accepted the Honorary Membership of Global India Business Forum, in the presence of Global President, Dr. Jitendra Joshi and Global Coordinator, Deepali Gadkari. Realizing the strengths of Global India Business Forum and the Consulate of Iraq and conscious of the benefits to be derived by both organizations and its members through this mutual understanding, both parties will be associated with each other in mutual cooperation to facilitate mutual investment, trade and economic cooperation complimented by knowledge sharing, training, certification and networking.
Iraq, officially called the Republic of Iraq, is a country situated in Western Asia which shares its borders with Turkey, Iran, Kuwait, Saudi Arabia, Jordan and Syria. Baghdad is the capital and also the largest city in the country. Iraq also has some diverse ethnic groups living in the country like the Arabs, Kurds, Assyrians, Turkmen, Armenians, Yazidis, etc. Majority of the population is Muslim and Iraq has two official languages which are Arabic and Kurdish. Two major rivers, the Tigris and Euphrates are the most important rivers for Iraq as they provide a lot of fertile land for agriculture. Iraq as a country is a parliamentary republic and has a rich heritage and culture which is often talked about and reflected in the writings of poets and writers who are some of the best artists in the world. Iraq is also a leader in producing great quality handicrafts like rugs and carpets. Iraq is also a member of the UN, Arab League, OIC, Non-Aligned Movement and the IMF.
Business Opportunities in Iraq
Iraq being a Middle Eastern country has a lot of oil reserves. So much so that 95% of the country’s export revenues come from oil export alone. Crude oil has been the top-most export commodity of Iraq and this commodity alone, has many times helped Iraq regain economic stability through its earnings. Precious metals hold a lot of importance for the Middle Eastern and Southeast Asian countries. Hence, Iraq also exports gold on a large scale to other countries. Agriculture is another important part of the Iraqi economy and dry fruits, vegetables and fruits are also exported across the world. The country is also known for its handicrafts like carpets and rugs and their quality is appreciated all over the world. Hence, Iraq has a lot of scope for new business opportunities for countries who are looking to invest in the mining and precious metals sectors or even the agriculture sector.
Exports and Imports in Iraq
Iraq exports increased from $57,559 million in the year 2017 to $87,260 million in the year 2018. On the other hand, the imports of Iraq also saw an increase from $38,766 million in 2017 to $45,736 in the year 2018.
Top Exports of Iraq
Iraq is the 7th largest producer and exporter of oil in the entire world. Most of the export earnings of the country come from oil exports alone. The country’s main export partners are the USA which accounts for more than 25% of total exports, followed by India, China and South Korea.
Top Imports of Iraq
Machinery and transport equipment are the main imports from Iraq which forms 38% of the total imports of the country, followed by manufactured articles, mineral fuels and chemicals and related products. The top import partners of Iraq are Syria, China and the USA.