Market Information of Iraq
Iraq is characterized by great cultural, political and economic diversity, which can make an economic engagement in Iraq quite attractive and profitable.
Iraq is characterized by great cultural, political and economic diversity, which can make an economic engagement in Iraq quite attractive and profitable. Iraq is essentially divided into central Iraq with the capital Baghdad and the northern Iraqi Kurdistan Autonomous Region with the capital Erbil. In the western world, however, most of the talk is only of the unified Iraq, which is known mainly because of its abundance of raw materials, the oil exports make up 99.7% of Iraqi exports.Products from other economic sectors are currently of no particular importance for the export of goods.
Of great importance to foreign companies, however, are Iraqi imports, which are diverse in their structure. About a quarter of Iraq's imports are made of iron and steel, imports of gas are similarly important. At a comparable level, the import of motor vehicle or motor vehicle parts and classical mechanical engineering products takes place. The most important trading partners of Iraq are the People's Republic of China, the United Arab Emirates, South Korea, the USA, Japan, Italy and India. With the exception of Italy, there are no developed countries of the European Union really engaged in Iraq, therefore there is a lot of catching up to do in bilateral exchanges with Iraq.
At present, the Iraqi government is working to lead away its economy from its reliance on oil and to imitate the "pioneering nations" of the Gulf region, which are also working to develop a diversified, oil-independent economy. At the same time, however, the oil production is planned to be expanded. In the field of transport, IT and energy infrastructure as well as the oil and gas industry there has been enormous interest in modernization for many years, but it has not been able to be completed in recent years. However, the need for this will not diminish, but rather increase gradually. The maintenance, modernization or even the re-planning of the mentioned infrastructure and industries will in future require a high degree of foreign know-how and offer an interesting market.
German companies can tap into the current situation and demand in Iraq through investment and exposure to attractive markets with attractive growth forecasts. Extensive opportunities exist for the German economy to participate in the reconstruction of Iraq, to contribute to the diversification of the Iraqi economy and to contribute its know-how in various sectors. Currently, about 600 to 700 German companies - including well-known DAX groups - are active in Iraq, and about 30 companies have local branches. The most important exports from Germany to Iraq are currently machinery, electrical engineering, pharmaceuticals, measurement and control technology, motor vehicles and parts as well as foodstuffs.
Short description Iraq:
|Form of government:||Federal Republic|
|Government System:||Parliamentary Democracy|
|Head of State:||Dr. Barham Salih|
|Head of Government:||Adil Abdul-Mahdi|
|Area:||438,317 km² (2017)|
|Population:||39,192,111 inhabitants (2017)|
|Currency:||Iraqi Dinars (1$ = 1193,80IQD; Stand: 05.02.2018)|
- Gross domestic product: 192.7 billion US $ (2017)
- Gross Domestic Product / Head: US $ 4,958 (2017)
- GDP in% (2015):
|Mining / Industry||51.2%|
|Trade / restaurants / hotels:||7.7%|
|Transport / Logistics / Communication:||6.6%|
|Agriculture / forestry / fishing industry:||4.6%|
- Expected economic growth in 2018: 2.9%
- Inflation rate (2017): 2.0%
- Foreign Trade (goods only) (2016):
|Imports: || - 30,9 Mrd. US-$|
|Export: ||29,1 Mrd. US-$|
|Balance: ||- 1,8 Mrd. US-$|
- Foreign Trade with Germany (2016):
|Imports from Germany:||699,4 Mio €|
| Export: ||584,0 Mio € |
| Balance: ||115,4 Mio €|
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