Doing Business in Iraq Guides. Middle East. The economy of Iraq is hugely dependent on its energy sector. ‘Oil and Gas Journal’ estimates that on January 1, 2015, Iraq held around 144 billion barrels of proved crude oil reserves which represents 18% of the proved reserves in the Middle East. In 2014, Iraq’s central government and the Kurdistan Regional Government (KRG) entered into an agreement to end their dispute over oil exports and budget payments. The deal is expected to allow the Iraqi government to increase its oil exports (Kurds committed to hand over 550,000 bpd of regional oil), and will provide the Kurdish government 17% of Iraq’s national budget. Later in January 2015, the deal was incorporated into the National Budget Law of Iraq for 2015.
Doing Business in Iraq Guide
This Iraq business guide points to one of the world’s largest markets for avast 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 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. Learn more from Iraq Business Guide provided by PwC, in association with NIC and UK Trade and Investment.
