Search
Home

Exporters
Helping Australians do business
around the world

You are here:
Iraq

Iraq profile

utility-emailutility-printutility-pdfContact usChange to standard fontChange to large font

(Last updated: 20 Jan 2012)

Current business situation

Exporters should be aware that Australia maintains United Nations Security Council sanctions in respect of Iraq. These sanctions require Australian organisations and individuals to comply with a range of measures and, in general, also apply extraterritorially to Australian nationals overseas.

See the following Department of Foreign Affairs and Trade website for more information about sanctions: www.dfat.gov.au/un/unsc_sanctions/iraq.html.

For information about United Nations sanctions currently in force, please see: www.dfat.gov.au/un/unsc_sanctions/index.html.

For information about the operation of the defence and strategic goods export control regime, please see www.defence.gov.au/strategy/dtcc.

Although a good number of countries across the Middle East are relatively stable, Australians planning to travel there, or who are currently visiting or a resident there, are urged to exercise care and monitor developments that may affect their safety through the Department of Foreign Affairs and Trade's (DFAT) current general travel advice and bulletins. Individuals should take sensible precautions and ensure that travel documentation, including passports and any necessary visas, for themselves and their dependents are valid and up-to-date.

Within Iraq there is no question that personal security continues to be a major obstacle to doing business. The Government formally recommends Australians not to travel to Iraq at this time (Specific travel advice for Iraq). That said, Australian companies are securing contracts and selling into Iraq with our people and products highly-regarded. Nonetheless, the commercial operating environment remains exceptionally difficult.

Reasonable security measures may reduce the threat of physical attack against an office or accommodation, however, movement presents a particular difficulty in that the threat of Vehicle Borne IED and abduction is pervasive. Although the intent may often be criminal toward a ransom rather than scoring political mileage and ‘being there’ can deliver high reward for high risk, the threat to any abductee’s life is manifest. Aside, there are huge liabilities with insurance cover for people and goods. Importantly and depending on the nature of product or service, companies may be able to secure business in Iraq, with some natural erosion of margin, without the need to visit. For example, many Iraqi businesses operate from neighbouring Middle East markets and we can link into them.

Australian companies intending to operate in or visit Iraq, after consulting the travel advice, are strongly advised to seek adequate security arrangements. We encourage Australian companies to consult Austrade and reputable security companies regarding individual arrangements for accommodation and security. A list can be provided by emailing Aows.Dargazali@austrade.gov.au. We strongly recommend Australian business people visiting Iraq to register their presence with the Australian Embassy in Baghdad - www.dfat.gov.au/missions/countries/iq.html.

Logistics

The Baghdad International Airport (BIAP) is accepting commercial cargo. The seaport of Umm Qasr is open to commercial traffic but priority is given to humanitarian assistance shipments. The port of Aqaba, Jordan and ports in Kuwait and Turkey are handling goods transiting to Iraq.

Many regional trucking companies are willing to ship commercial goods into Iraq from Jordan, Turkey and Kuwait, but they are charging high rates due to security concerns and empty returns. Please contact international and regional freight forwarders and transportation firms for services available.

In spite of the challenging security environment, Austrade remains keen to support and where practical and possible, can provide a range of services from market intelligence, represent and assist companies in negotiating and securing contracts.

back to top of site

Country facts

Capital city: Baghdad
Surface area: 438,000 sq km
Population: 32 million
Head of State: President HE Mr Jalal Talabani
Head of Government: Prime Minister HE Nouri Kamil al-Maliki
Australian exports to Iraq: A$327 million
Iraq's principal export destinations: USA, India, Italy
Iraq's principal import sources: Turkey, Syrian Arab Republic, China

(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)

back to top of site

Economic climate

The Iraqi economy has long depended on oil exports to sustain the nation. Various estimates indicate that Iraq has approximately 112 billion barrels of oil that, if accurately proven, would constitute the second largest reserve in the world after Saudi Arabia. Existing oil fields are widely dispersed with fields in the South of the country currently producing the highest output.

Iraq has significant gas reserves, predominately found in conjunction with oil and unfortunately due to the lack of infrastructure largely flared rather than re-injected. Significant gas reserves remain untapped. These gas reserves could either be liquefied for export or used to provide a significant and sustainable energy source for electricity production, which in turn could drive new domestic manufacturing industries. This would also potentially free up more crude or refined oil for export.

Agriculture has historically been of great economic importance for Iraq. Livestock including cattle, sheep, goats and poultry are important industries with training in farm management, animal husbandry and pasture improvement required to help build productive and sustainable sectors. Modernising the agriculture sector will be crucial in developing a diversified economy.

In 2008, Iraq approved a reconstruction budget totalling $48 billion. Iraq’s economic prospects have improved. Increased security has boosted domestic demand and allowed sustained oil exports from the Kirkuk oilfields.

For the latest key economic indicators and statistics, please see the Department of Foreign Affairs and Trade - Country economic fact sheet.

Investment

The Government of Iraq issued the National Development Strategy (NDS), a comprehensive plan for Iraq’s economic development from 2007- 2010. The NDS is built around four major pillars that will shape government policies for reconstruction and development. The Iraqi Government’s major aim is to:

  • Strengthen the foundations of economic growth
  • Revitalise the private sector
  • Improve the quality of life
  • Strengthen good governance and security

As part of the NDS, the government announced the Iraqi Investment Law and formed the Iraqi National Investment Commission. The following link www.investpromo.gov.iq provides more information about investment in Iraq.

back to top of site

Political climate

The Iraq constitution and political system is undertaking a fundamental transformation, converting from an autocratic and despotic state towards a democracy, albeit probably less pluralistic than first envisaged by the Coalition Provisional Authority.

back to top of site

Trade relations and statistics

Please see the Department of Foreign Affairs and Trade country economic fact sheet for key trade statistics.

back to top of site

Sidebar Content

Bribery of foreign public officials

Bribery of foreign public officials is a crime. Australian individuals and companies can be prosecuted in Australia for bribing foreign officials when overseas.

More information

OECD Guidelines for Multinational Enterprises

Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the AusNCP website.

Site Information

Austrade makes no warranty, express or implied as to the fitness for a particular purpose, or assumes any legal liability for the accuracy or usefulness of any information contained in this document. Any consequential loss or damage suffered as a result of reliance on this information is the sole responsibility of the user.