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Doing Business in Iraq: 2013 Country Commercial Guide for U.S. Companies


Doing Business in Iraq: 2013 Country Commercial Guide for U.S. Companies

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    Available in PDF Format | Doing Business in Iraq: 2013 Country Commercial Guide for U.S. Companies.pdf | English
    United States Department of State (Author)
The Iraqi economy grew by an estimated 10% in 2012 and is expected to grow at a similar rate 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 was up nearly 35% over the previous year, and with mounting pressure to provide basic services the government is expected to expend a larger proportion than this allocation. Iraq’:s transition from a centrally-run economy to a more market-oriented one has been slow and uneven. The World Bank’:s 2013 Ease of Doing Business survey ranks Iraq 165th of 185 economies evaluated, although companies appear to find that doing business in the Iraqi Kurdistan Region, a federated region within Iraq, is significantly easier than in the rest of Iraq. Under the 2013-2017 National Development Plan adopted by the Council of Ministers in May 2013, Iraq hopes to mobilize approximately $400 billion in investment over the next five years. Priority sectors include oil, electricity, agriculture, transportation, telecom, education, health care, construction, and the industrial sector. Non-oil sector growth will be dependent on the reconstruction and development of decrepit infrastructure throughout the country. Improving electricity generation capacity, which currently stands at around two-thirds of estimated demand, is critical to non-oil sector growth. Iraq was the United States’: 68th largest export market in 2012 (down from 58th in 2011). In 2012 total two-way U.S.-Iraqi trade reached $21.3 billion, an increase from $19.4 billion in the previous year. Total U.S. exports to Iraq in 2012 decreased by approximately $370 million, to $2.0 billion, from $2.4 billion in the previous year, while total Iraqi exports to U.S. reached $19.3 billion, up from $17.0 billion in 2011, due to increased U.S. purchases of Iraqi oil. The Kurdistan Regional Government (KRG)’:s investment and trade regime is considered significantly more favorable to the conduct of business than that managed under the laws of the Government of Iraq.
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