Iraq is investing approximately $145 billion into hydrocarbons projects to revitalise its most important money-making sector.
Iraq is rapidly rebuilding after decades of repression, sanctions and war. In the coming months, a raft of new legislation will be introduced. This will include vital new hydrocarbons and infrastructure laws that will substantially boost the redevelopment of the country. Following the introduction in 2006 of Iraq’s Investment Law, which established the National Investment Commission to streamline processes for establishing businesses in Iraq, there are now a host of local firms looking for partners.
“Any international company that establishes itself in Iraq at this stage is sure to win many allies that will provide a valuable first-mover advantage for long and fruitful business in the years ahead,” said Richard Thompson, editorial director, MEED.
At the start of 2014, Iraq has become one of the world’s fastest-growing emerging markets, according to a report by MEED, offering huge opportunities for those fast and flexible enough to gain a foothold. The semi-autonomous northern region of Iraqi Kurdistan has long been an outpost of stability and prosperity. Its capital, Erbil, has become the first stop for many foreign firms looking to establish a presence in Iraq.
The level of interest in project opportunities in Iraq has been so high, with Iraq about to hold its third round of parliamentary elections since the overthrow of Saddam Hussein’s regime in 2003. The elections will be free and they will be multi-party. And, despite the many challenges facing the country, they symbolise the progress made in Iraq over the past decade, and the potential that lies in one of world’s great oil-producing giants.
