Key Competitive Attractions
Historically a centre of commerce and culture, the economy of Iraq is dominated by the energy sector. The country sits on the second largest proven oil reserves in the world. Iraq also has gas reserves and minerals: sulphur, phosphate and iron.
The country offers a highly abundant and well-educated labour force. Over 11% of the population have academic degrees and 20% have higher-level academic or technical qualifications. The unemployment rate is 15%. Qualifications are generally high in fields such as engineering, medicine and agriculture. Engineering wages are 89% less than the United Arab Emirates. In addition, Iraq has an extremely young population. 83% of the population are aged less than 40.
Investors are eligible to a tax holiday of 10 years. This can be extended to 15 years in the case of a joint venture with a majority Iraqi stakeholder. The corporate income tax is set at 15%.
Foreign Direct Investment has grown significantly in the last few years. Established companies include Byblos Bank (Lebanon), Lafarge Cements (France), Merchant Bridge (UK), Mesopotamia Oil and Gas (UK), Orascom (Egypt) and Zain (Kuwait).
Assistance and Support For New Business Investors
The National Investment Commission has established a one stop shop to ensure a simple licensing process. All investment services and information requests are handled in one place.
