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The New Iraq: One of the world’s fastest growing economies

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Here is just part of a report The New Iraq 2014 Discovering Business:

The New Iraq: One of the world’s fastest growing economies The last 12 months saw Iraq’s GDP grow 8.2% - one of the fastest developing economies in the world. It is a remarkable performance, defying the manifest challenges faced by the country. Economic progress continues to gather pace together with a widening focus on industrial development as well as oil.
The latest National Development Plan (2013-2017) calls for spending totalling US$357 billion in projects concentrating on energy, building and services, agriculture, education, transport and communications.
Deputy Prime Minister for Energy Affairs, Dr. Hussein Shahristani is confident that “2014 will be a year of investment in Iraq”.
A fundamental shift is beginning to take place with private sector investors now welcome to form joint ventures and launch new business operations.
This business guide reflects expert appraisal on investment prospects by those who know what is happening on the ground and explainingwhy their businesses are increasingly involved in a market which offers incredibly lucrative opportunities.
Iraq’s capital expenditure in the oil & gas sector alone will reach nearly US$39 billion in 2014 and total US$622 billion by 2030, according to the Iraq National Energy Strategy Report. Downstream spending on new refineries, oil storage and pipelines is projected to reach US$74 billion by 2030. Development of the largely untapped natural gas sector is expected to involve US$15 billion of investment over the same period.
Iraq is also planning a giant new container port and logistics facilities in Al-Faw in the south of the Basrah Province. Plans for a 1,200 kilometre high speed rail link between Baghdad and Basrah are being prepared. In addition a new four lane expressway connecting Basrah to the border with Turkey is planned.
Potential infrastructural projects are attracting the world’s biggest financial institutions with Standard Chartered and Citibank among the latest to establish a presence in Iraq. Mayank Malik, Citi’s Chief Executive for Iraq and Jordan, has described the country as “the next big thing, a giant that is waking up”.
This business guide points to one of the world’s largest markets for a vast array of goods, equipment and services over the next five years.
Business opportunities are emerging each month in many sectors. Government revenues continue to grow as the oil industry expands production and export capacity. The prospects are enticing and the growing opportunities now being generated are compelling.


The New Iraq: 2014 Discovering Business
Iraq, February 22, 2014
Iraq Business News is delighted to bring you the latest major new guide to business in Iraq.

Published by Allurentis, in association with Iraq’s National Investment Commission (NIC) and UK Trade and Investment (UKTI), the fifth edition in the annual New Iraq series – The New Iraq: 2014 Discovering Business – contains a wealth of case studies, commentary and data; it’s 136 pages of essential reading for everyone with an interest in the redevelopment of Iraq.

And as Dr. Sami Al-Araji, Chairman of the National Investment Commission, says in the introduction:

“Iraq has managed to overcome daunting challenges, to experience sustained economic expansion since 2010, with 8.4% GDP growth in 2012 and further expansion of 9% in 2013. 2014 will be the year of investment in Iraq.“


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Lifes purpose is not to arrive at the grave in a well preserved body, but rather to slide in sideways shouting HOLY CHIT what a ride



Here are some highlights from the actual report :

Iraq: Still the land of opportunity
Ismail Maraqa, Country Senior Partner, Iraq, PricewaterhouseCoopers

" Iraq’s rising stability was driven by an economic boost, a continuous rise of GDP per capita, substantial investments in security and infrastructure, in addition to the rebuilding of social structures and political and administrative reforms."

Citibank sees huge long term opportunity

Citibank opened a representative office in Baghdad in June 2013, and intends to extend further, with additional offices in Erbil and Basrah.The move by one of the world’s largest financial institutions, is a huge expression of confidence in Iraq’s long term economic prospects.

Financing the Iraqi private sector -Where there’s a will there’s a way
Jorge R. Vila, General Manager, IMMDF

The Iraq Middle Market Development Foundation (IMMDF) was created in 2004, by Global Communities (formerly CHF International), a Washington DC based international non-profit organisation, with the support of the Overseas Private Investment Corporation (OPIC), an agency of the United States Government which finances private sector development projects, for small and medium size enterprises in Iraq (SMEs).

Insurance 2014:
A positive outlook from insurersWilliam Wakeham, CEO, AAIB

Insurers expect to see growth in most product lines,suggesting sustained demand in the commercial, private and government sectors.

New Five Year Plan focuses on industrial development

The aim is to reposition Iraq among the leading
regional economies and to increasingly integrate the country into global markets.

Advanced technologies drive telecoms market

Apart from the oil & gas industry, telecoms is the most dynamic sector in Iraq with new developments due to launch the country into a new digital era. The Government recognises that introducing advanced telecoms technologies will act as a catalyst to achieve the broader goal of full economic recovery.

A bright star in the dark sky?
Antony Wakeham, Publisher of Iraq Business News

Reading the international consumer press you could be forgiven for thinking that Iraq was on the verge of an abyss. Our own security reports do not avoid the issue of sectarian violence. Read the rest of our ever changing home page though and you get a different perspective altogether. The fact is that in spite of the violence, Iraq continues to grow at a rate western economies can only dream of.

Lifes purpose is not to arrive at the grave in a well preserved body, but rather to slide in sideways shouting HOLY CHIT what a ride



Thank you Tim

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