Welcome to Doing Business in Iraq
- The World Bank and the International Monetary Fund (IMF) predict GDP will grow by 12% in 2012 and 10% in 2013, driven primarily by rising oil production and higher oil prices over the forecast period. Economic growth will be buttressed by robust increases in government expenditures. Iraq’s 2012 capital budget is up nearly 35% over the previous year, and with mounting pressure to provide basic services, the government is expected to spend even more than this amount on these infrastructure and social services needs.
- Iraq was the United States 58th largest export market in 2011 (up from 64th in 2010). Total two-way trade reached $19.3 billion, a 40% increase from 2010. Total U.S. exports to Iraq rose to $2.4 billion, up 48% from 2010. Total Iraqi exports to U.S. reached $16.9 billion, up 39% from 2010 due to increased demand for oil and higher petroleum prices.
- There are many opportunities for U.S. products and services in the coming decade. With increasing affluence, Iraqi consumer demand will continue to increase.
- Doing business in Iraq is not without risk, but the U.S. Embassy in Iraq stands ready to assist U.S. companies wishing to enter this potentially lucrative market.
The following links are provided for detailed information: