PRO services relate to the administration required with government departments.
The organisation of trade licenses, visas, permits etc. Understanding document requirements and processes is a key to ensuring timely completion of government-related procedures and ensuring organisations are compliant.
Making an investment into an Iraq may not be as outlandish as you think. In fact, it could actually be a seriously good opportunity. The fact of the matter is that Iraq not only offers good opportunities for investments, it is also eager for overseas investment.
When talking about Iraqi investment, you must always remember oil. Iraq's oil industry is another area where help is needed, yet Iraq also happens to be holder of the world's third largest oil reserve. In fact, experts suggest that Iraq could soon actually leapfrog Saudi Arabia to become the world's number one oil provider. Iraq produces around 4.7m barrels per day.
Iraq gets by on investments mainly made from the neighbouring Middle East areas. However, now is the time for brave investors to step in from the rest of the world. Yes there is risk, yes there are costs, however getting into an Iraq now could put you a step ahead of the pack at a vital time of growth.
· Defence & Security
Sales & distribution
Iraq is the fifth largest economy in the Middle East and 51st largest in the world and its economy is growing. Korean goods and services are considered iconic by the Iraqis.
Potential opportunities for Korean businesses exporting to Iraq include:
· Cosmetics / Aesthetics
· Medical / Medicare products
· Optical supplies
· Vehicles, machinery and their parts & component
· Culture contents
Oil & Gas related industry
With the cost of oil and gas production in Iraq being among the lowest in the world, and having one of the largest oil reserves in the world, the opportunity in this sector is huge.
The oil and gas market in Iraq is expected to grow at a CAGR of more than 2.4% during the forecast period of 2020 – 2025. Factors such as increasing oil and natural gas production and consumption, upcoming pipeline infrastructure projects, plans to improve oil infrastructure across the country, and rising investment in all oil and gas sectors are expected to boost the growth for the Iraq oil and gas market.
The upstream sector is expected to dominate the market owing to its large size and new investments into the modernization of the technology. The significant increase in the natural gas production is also expected to provide boost to the market.
As oil is expected to remain one of the main components in the energy mix, it can become an opportunity for companies to exploit the conventional oilfields with excellent grade of oil at cheaper rates and increase their profitability.
The increasing number of projects in the oil and gas sector have helped push for growth in the industry. Companies around the globe are using their resources to improve their stake in the Iraq oil and gas market and trying to increase their gains in the coming years. As political stability has increased, since the defeat of the Islamic state in 2019, more companies are expected to invest their funds in Iraq.