Iraq’s economy has slowed down the last couple of years due to civil instability and decreasing oil prices, as 85% of Iraq’s revenues are coming from the oil export. Thanks to increasing oil prices, large reserves of natural resources, international loans and a more stable country security-wise there are opportunities for Iraq to reach its full economical potential. Iraq’s contracts with the major international oil and gas corporations have the opportunity to fuel the country’s economic development a head.
Iraq is open for trade and Western investors are very welcome. There are opportunities for Swedish companies within Industrial, Machinery and Electrical Power Production and basic infrastructure. This is due to an increasing push for reconstruction initiatives and economic diversification. Unfortunately, outdated legislations and a challenging business environment may create obstacles for Swedish companies.
Business Sweden covers Iraq through the regional office in Dubai. We carry out services such as market analyses, partner and distributor searches, establishment support and public affairs management. Get in touch to find out more about how Business Sweden can assist with specific questions or to discuss how to develop your business in the Middle East.