There are immense potential investment opportunities in Iraq. However, there are some legal and regulatory hurdles which require significant expertise and in-depth local market knowledge, experts said at the 'Doing Business in Iraq' conference held in Dubai yesterday.
Iraq's GDP grew by 4.30 per cent last year and the projected growth for 2010-2013 is 6.3 per cent. Further, Iraq's security conditions are improving and the war-torn infrastructure requires rebuilding on all levels.
Besides, Iraq also has the world's third largest known oil reserves and offers relatively cheap labour, low establishment costs, and numerous tax incentives, according to Al Tamimi & Company, one of the premier law firms in the Middle East and the organiser of the conference.
"Iraq is on the verge of becoming one of the success stories in the Middle East. The country's vast natural resources, coupled with a government focussed on reconstruction and recovery, have the potential to bring about significant improvements very quickly. International businesses will play a key role in helping the country develop its infrastructure, rebuild its internal economy and stabilise its market and trading systems," Khaled Saqqaf, Head of Iraq office, Al Tamimi & Company, said.
Essam Al Tamimi, the Founder and Senior Partner of Al Tamimi & Company, said the UAE and the wider Middle Eastern economies have a critical role to play in helping its neighbours.