Thank you for downloading

Your download will start soon!

Kurdistan commercial activity: Building momentum

Building momentum Photo

After experiencing a period of economic deadlock imposed by the unsettling situation in Iraq and the Middle East, the Kurdistan region is regaining its former status of being the bustling business hub of Iraq.

Owing to its liberal business environment that favors local and international private investment, a population of nearly 5.5 million accounting to a large consumer market, and a marked insufficiency to satisfy local demand, the Kurdistan Region harbors the right elements to attract foreign investments and build strong trade relations. As a matter of fact, the trade sector is one of the key drivers of economic growth in the KRG and Iraq at large.

“Despite the multiple challenges facing Kurdistan, the KRG has been able to maintain stability and security. Kurdistan Region remains safe and secure and is open for business.”
KRG Foreign Minister Falah Mustafa

According to the Kurdistan Board of Investment, imports account for 85% percent of the estimated US$5.0–5.5 billion of annual external trade in the Kurdistan Region, with Turkey being the largest trade partner, dominating multiple sectors including construction. The KRG struck a 50-year energy deal with the latter that also covers gas exports to Turkey as of 2017, based on previous plans.

A survey conducted by the Ministry of Trade and Industry revealed that 94% of the KRG’s business transactions involve 15 countries, and categorized imports into 21 clusters led by electronics, iron products, followed by food products including groceries and poultry.

“We have been able to establish good relations with more than 45 regional business chambers and business unions like Turkey, Iran, UAE, Lebanon, Jordan, Egypt, Tunisia, and many other Arab countries.”
President of the Erbil Chamber of Commerce and Industry, Dara Jalil Khayat

The Kurdistan Region’s Investment Law

The investment law covers all economic sectors except oil and gas.

> Public benefits awarded to eligible investment projects include:

* Provision of land plots for subsidized lease.
* Provision of public infrastructure to the project fence.
* Exemption from corporate taxes (10 years) and customs duties (5 years).

> Foreign and national
investors are treated
equally.

> Foreign investors may
choose to invest in
Kurdistan with or without
local partners and may
employ foreign labor.

> Full repatriation of
profits is allowed.

NUMBER OF LICENSED PROJECTS BY SECTOR (2006 - 2016)

LICENSED PROJECTS Photo

A positive outlook for trade in Iraq

Based on data formulated by the Central Statistical Organization of Iraq, trade dealings for 2015 have registered a noticeable increase from previous years. The value of total net trade balance amounted to $7.8 billion for that year.

The value of total imports for commodity and oil products was $41.6 billion in 2015, registering a 12.4% increase from the previous year and a compound growth rate of 11.7% from 2013.

The data also indicate that the highest value of imports ($8.5 billion) equivalent to 21.7% of the total imports of non-oil merchandise originated from Turkey, followed by China ($6.5 billion) and South Korea ($4.6 billion).

trade in Iraq Photo

Organized By

In Cooperation With

Supported By

Venue

Media Partners

OPENING HOURS

From Monday, 23 October
To Thursday, 26 October

Daily opening hours:
11:00 AM - 06:00 PM

MAKE AN INQUIRY

Local Inquiries
Mr. Rayan Bahnan
Mr. Rayan Bahnan
Tel: +964 750 467 8012
Email: rayan.bahnan@ifpiraq.com
International Inquiries
Ms. Leyla Tay
Ms. Leyla Tay
Tel: +961 5 959 111 | Ext: 172
Fax: +961 5 955 361
Email: leyla.tay@ifpexpo.com

NEWSLETTER

Get the lastest industry news
delivered to your inbox

CONTACT US

Al Mashraq Street, Villa #2 Hadiab, Ankawa, Erbil, Iraq

+964 750 467 8012

Thank you for registering for our newsletter.

We look forward to keeping you up to date with all the industry news!