Global report: Huge investment opportunities in Iraq despite corruption and bureaucracy

by **claud39** Wed Jun 23, 2021 6:48 pm

6/23/2021 6:14:22 PM

Baghdad/The Obelisk: The International Investment Monitor newspaper, concerned with investment affairs, reported, Wednesday, June 23, 2021, that Iraq has enormous opportunities for investors who bear risks.

The continuation of Covid-19 contributed to the destruction of Iraq's economy, in addition to the war against terrorist organizations, but it is still struggling.

The World Bank estimates the reconstruction needs at $88 billion.

Attracting foreign direct investment is a key factor in the reconstruction of the country, especially in light of the lack of domestic financing. However, the investment climate in Iraq is attractive only to investors who have the highest degree of risk tolerance.

The World Bank took the lead in rebuilding the country, with $355 million allocated for the Iraq Transport Corridors Project.

Iraq is also looking to start work on an elevated metro system for Baghdad in the second quarter of 2022 in addition to a contract to rebuild Mosul Airport.

In 2020, the Iraqi electricity sector agreed to contacts with General Electric and Siemens to modernize power plants and the transmission network in Iraq.
John Menzies, the London-listed airport services company, won in 2020, a very positive sign for foreign investors.

Corruption, institutional weakness, persistent security concerns, and onerous bureaucracy appear to be just some of the major impediments to investment in Iraq, a war-torn country whose peace remains fragile with two million people still displaced from the ISIS conflict.

However, investors who have an appetite for the markets will discover the opportunity to participate in the renaissance of Iraq.

The agri-food sector in Iraq is one of the few sectors of the economy, and represents a fertile place for investment in the non-oil scene in Iraq.

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