According the current scenario of Iraq, the foreign companies should have a reason to celebrate. Because Iraq is now open for trade and already the international companies have started entering the country. The biggest resource of the country is the oil and gas production and with the great help of the foreign oil companies, Iraq has already boosted up the oil production to 3 mln barrels/day. Before 2003, the invasion led by U.S., it was 2.5 mln barrels/day. The government is walking on the planned path to raise the capacity up to 10 mln barrels/day, within coming six year and that would certainly make Iraq to reach the top amongst the worldwide oil producers. It is anticipated by The International Monetary Fund, that Iraq’s economy might grow 11.1% in 2012, to about 144 billion dollars. Although, Iraq has got some reasons to worry and needs to put more effort in some areas in order to wipe out the obstacles. Some inter-state political issues, corruption, major political decisions, Iraq needs to work on. Shiites are still getting threatened by Al-Qaeda, the government is supposed provide ample of electricity and has to solve the unemployment, insecurity problem inside the country. And so Iraq needs to wipe-away these obstructions and tensions. Iraq is attracting the U.S. investors as well. The foreign investment in Iraq brought the country $55.67 in last year. So, that means, despite the problems inside the country, foreign investors are hopeful about Iraq and so it is certainly going to help the country a lot in future. A good example is, Exxon Mobil, one of the largest oil companies in Iraq, developing the country’s oil fields. U.S. companies are also taking initiative in agriculture, tourism and real estate field. China is also showing interest into investing and already Shanghai Electronic, the company of China made a deal worth $1 billion in order to expand a huge power plant in Iraq. In 2011, China’s investment and some other business actions made more than 3 billion dollars. South Korea is making huge deal in real estate developing field. This business is really expanding hurriedly. Although, Iraq’s economy is undoubtedly oil-production oriented and the 90% of country’s revenue come from these oil fields. In one side, Iraq needs more investment and development into oil-fields and on the other hand, instead of depending on oil production, Iraq must improve other resources too for rising high. To know more about Iraq Business News, you can visit the link and to receive daily update please subscribe by visiting the website.
Related Articles -
Iraq Business News, Business News Iraq, Iraqi News,
|