Iraq is characterized by its cultural, political, and economic diversity which makes engagements of the economic market in Iraq firmly attractive and profitable. Iraq is in fact divided into central Iraq, with the capital Baghdad, as well as the northern Iraqi Kurdistan Autonomous Region, with the capital Erbil. However, both regions share mutual interests in covering trade, the safety of their borders, and the economic prosperity of their citizens. Furthermore, Iraq & Kurdistan Region has long-term potential for foreign investments and its economy poised for expansion. They also provide lucrative business opportunities for international investors. Since the government is committed to ensuring security, improving foreign investment regulations, combating corruption, and promoting transparency.
Economic Market In Iraq Analysis
Iraq’s overall growth outlook is to improve due to an increase in oil production, and a more favorable security environment. Also, a gradual pick-up of investments for reconstruction boosting an economic recovery, with a more benign global and regional outlook. In addition, Iraq’s future depends on global oil prices as the Iraqi healthcare system’s capacity to respond to the coronavirus (COVID-19) and the country’s economic reform process during the pandemic. Basically, if conditions improve, growth in 2021–2022 is expected to steadily return to 2–7.3%, with the non-oil economy rebounding to an average of 4%.
Essential notes for the current economic market in Iraq & Kurdistan region:
Within the current economic market in Iraq and job’s regulatory structure, there are also many main areas to be aware of. Particularly for companies who consider opening a complete local office and human resources department. Inherently, Iraq’s employment law is renowned for not being updated regularly and for being difficult to be interpreted, mostly because it is entirely written in Arabic. Although these issues can be mitigated by using a local payroll contractor who is familiar with all of the local laws and regulations that apply to both local and international workers.
Capitalism factors to consider when forming a company in Iraq & Kurdistan Region:
Depending on the type of company and industry or, the headquarters’/individual(s) nationality as well as, current business arrangements or partnerships.
A huge factor to consider is that the location may have different rules in separate cities and regions. For instance, it’s perpetually suggested seeking advice from relevant professionals like a business, or legal advisors, accountants, and others facilitating on your needs.
It’s probable that regional language has an effect. In spite of Arabic being the official language of Iraq, different parts of the country speak different languages, such as Kurdish, so the terminology can vary.
In addition to investing in infrastructure, the next sectors are in great need of rebuilding and development with significant investment opportunity:
- Energy, Electricity, Oil & Gas.
- Natural Resources (Oil, Lime, Kaolin, Phosphates, Sulfur, Bentonite, Construction, Raw Material (brick clay, aggregates))
- Education
- E-Government
- Healthcare
- Religious – Cultural Tourism
- Internet Shopping
- Telecommunications
- Manufacturing
- Recycling
- Transportation
- Food
- Industrial
- Water, Sanitation, Solid Waste
- Landfills
- Recycling
Our Initiative
We are a company that understands the Iraqi market and will help your business grow by using our smart HR services. In addition, we have a database of handpicked candidates in any field of work required. Finally, Shull Employment Solutions offers you many services to help elevate your business in an innovative way.
Any Questions?
As the leading recruitment agency in Iraq and Kurdistan, we effectively employ using advanced technology to serve our clients efficiently. If you have any questions or comments, our team is ready to gladly answer all of your inquiries. Contact us so we elaborate more about how Shull Employment solutions can contribute to your business’s success in Iraq and the Kurdistan Region. Also, click here for more insightful articles.