Iraq - One of the Fastest Growing Emerging Markets in the World
With deep commercial traditions, vast natural resources - including the world's second largest oil reserves - and strategic ports and airports, Iraq occupies a pivotal position in the Arabian Gulf and Middle East region, and has the potential of becoming a major cost-effective trading and distribution location.
The country’s reconstruction efforts entail massive investment in all economic sectors, with government spending projected at US$ 98.45 billion in the 2012 budget, and over US$ 200 billion targeted in foreign investment over the next decade.
With that in mind, Iraq presents a window of opportunity for companies willing to invest in one of the world’s most significant emerging markets witnessing rising recovery, reconstruction and development needs across all sectors of its economy from basic infrastructure to housing, hotels, schools, and public building rehabilitation, requiring not only large amounts of materials but also equipment and expertise.
Erbil is the northern gateway to Iraq and is considered an attractive logistical hub for international companies. The stable northern region of Kurdistan is generating strong attention, thanks in particular to work by the Kurdistan Development Corporation to attract top-caliber international investors to the region.The Kurdistan regional government has taken important steps to ensure an investor-friendly legislative environment.
General information about Iraq
Iraq’s current population of 30 million is projected to reach 40 million by 2025
Iraq holds the world’s third largest proven oil reserves, after Saudi Arabia and Venezuela.
The country currently produces on average 2.4 million barrels of oil per day (bpd) and the Government is aiming to increase production to at least 12 million bpd in the next seven to ten years.
The International Monetary Fund projected Iraq's real GDP growth at 12.2% in 2011, outpacing China’s 9.2%
Iraq attracted US$42 billion investment in 2010 and more than US$52 billion in 2011.
Iraq has allocated US$2 billion for the construction of 230,000 units housing units for low income households