The general economic picture has substantially improved. Inflation came down from 17% to 12% in 2008. Major steps have been taken to open up the oil sector to international oil companies. Iraq’s trade volumes continue to grow and substantial investment opportunities are emerging.
Long term, the most effective security solution is economic growth and job creation. The Central Bank of Iraq is fighting a successful battle against inflation and the currency is strengthening.
Past obstructions to effective business are being removed, and Iraq is doing everything possible to help its private sector flourish. Thus, through an open trade and investment regime, an investor-friendly business environment is developing.
There are different legal regimes to attract foreign investment. Today, in most cases, foreign investors have been granted the same rights as national investors vis-à-vis their investments. Iraq’s new Investment Law, approved in 2006, guarantees a climate where foreign investment is facilitated.
Eng. Kadhum
Tags: Economy, Environment, Iraq