Iraq Business
• Main imports: Food, medicine and manufactured goods.
• Main exports: Crude oil, crude materials (excluding fuel), food, and live animals.
• Main trade partners: USA, Turkey, Syria, Italy and Spain.
Economy
Although a comparatively small amount of capital was damaged during the hostilities, looting, insurgent attacks, and sabotage have undermined efforts to rebuild the economy. These have also prevented Iraq from reaching projected export volumes, but total government revenues have been higher than anticipated due to inflated oil prices.
Despite political uncertainty, Iraq is making some progress in building the institutions needed to implement economic policy and has concluded a debt reduction agreement. Public debt stands at approximately US$125 billion.
In 2005, unemployment stood at 27%. Iraq's economic prospects will depend on the government's ability to control inflation, to implement structural reforms, and to develop the private sector.
Business Etiquette
Office hours: Sat-Thurs 0800-1400. Friday is the weekly day of rest when offices tend to be closed. During the month of Ramadan, hours are reduced.
Business Contacts
Federation of Iraqi Chambers of Commerce and Industry
PO Box 11348, Mustansir Street, Baghdad, Iraq
Tel: (1) 888 8850.
Baghdad Chamber of Commerce
PO Box 24168, Almsarif, Al-mustansir Street, Baghdad, Iraq
Tel: (1) 887 6211/2.
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