Iraq, a country full of opportunities for Spanish companies

After the impact of the health emergency, foreign trade has become an opportunity for companies. In order to publicise the competitive advantages of business and investment in Iraq, the Madrid Chamber of Commerce has held an International Business Forum with this country as the protagonist. The event, inaugurated by the President of the Madrid institution, Ángel Asensio, was attended by top-level speakers.

The Madrid Chamber of Commerce has held the 'Iraq International Business Forum: Business and Investment Opportunities', an event that has presented the new challenges and commercial and investment opportunities offered by the country, with more than 40 million inhabitants, in the current scenario.

The President of the Madrid institution, Ángel Asensio, opened the event in the presence of the Economic Advisor to the Presidency of the Council of Ministers of Iraq. Representatives from various Iraqi ministries, such as the Ministry of Construction, Trade and Industry, were also present. In addition, the forum was attended by representatives of the Directorates-General of the Ministries of Foreign Affairs, the European Union and Cooperation, and Industry, Trade and Tourism of Spain.

After reviewing the impact generated by the pandemic, Asensio stressed that "economic recovery is going to be possible by promoting business activity in international markets in the medium term". The forum focused on promoting access to new markets that will allow Spanish companies to take on projects that promote employment and competitiveness.

In this context, Asensio detailed the characteristics that make Iraq a "modern country, of a plural nature, full of future and possibilities for progress". In his speech, the President of the House of Representatives said that the Iraqi economy was recovering, with a GDP growth rate of 6.5 percent in 2019 and optimistic forecasts for the coming years. Its long history of trade and huge natural resources, including the world's second largest oil reserves, make it a territory of great potential.

Furthermore, the president recalled that, as Iraq rejoins the world economy, it is signing agreements that will help to revive its economy. This is in addition to a favourable fiscal environment for companies and excellent investment and business opportunities in all sectors of the Iraqi economy.

Among the most important forum attendees was the Iraqi ambassador to Spain, Adel Mostafa Kamel, for whom Asensio had words of thanks. The President of the Chamber also highlighted the close relationship with the INV Group to ensure the holding of the event.

He also highlighted the institutional collaboration of the Community of Madrid and the Madrid City Council and their commitment to promoting the internationalisation of Madrid companies. 

Iraq has around 40 million inhabitants and more than half the population is under 20 years old. This represents a future market and opportunity for Spanish companies. The Iraqi economy is gradually recovering from the deep tensions of the past four years, with GDP growth of 6.5 percent in 2019 and optimistic forecasts for the coming years. 

It is one of the countries with the largest oil reserves and, thanks to the improvement in security, growth in the non-oil sector has returned to positive figures since 2017, expecting a growth rate of 4.5 percent between 2019 and 2022.

Iraq offers many opportunities to international companies and investors as it has investment and development plans in different sectors such as railways and ports, residential and urban development projects, power plants, refineries, hotels and expansion of the telecommunications infrastructure, among others. 

Spain and Iraq have maintained bilateral relations since 1946 and now the possibility of consolidating and increasing economic and commercial exchanges between the two countries has arisen. This is all part of the 1990 Protocol, which provides for the exchange of oil for products or projects by Spanish companies, with the aim of collaborating in the reconstruction of the country.