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| Construction and real estate are most promising non-hydrocarbon sectors in Iraq |
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Posted on 17 Jul 2010 |
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A survey on business conditions in Iraq indicated that most respondents expect the security situation for foreign executives and employees to improve over the next two years, with 46% saying it would improve somewhat and 9% saying it would improve significantly despite the drawdown of Western troops.
The survey was conducted by the Economist Intelligence Unit and covered 300 executives from multinational companies. The survey shows that investors viewed Northern Iraq as the most favorable region, as 46% of respondents viewed it as either highly favorably or somewhat favorably. Also, 46% viewed Baghdad either highly favorably or somewhat favorably, reflecting the economic importance of the country’s capital. Further, 38% of respondents considered that Iraq offers significant opportunities for those willing to accept risks in the shortterm, while 45% judged that doing business in Iraq will remain too risky for some time. Also, 40% of respondents are not currently considering doing business in Iraq but would do so if circumstances change. In parallel, 43% of respondents considered construction and real estate to be the country’s most promising non-hydrocarbon sectors, followed by consumer goods (23%), and health care & pharmaceuticals and chemicals (18% each) while media (4%) and retail (6%) were seen as the least promising sectors. Respondents said the top three risks to doing business in Iraq are violence (67%), corruption (44%) and the lack of infrastructure (35%), followed by bureaucracy, lack of contract protection, and credit risk. Executives said the opportunity to make high returns (49%), and the opportunity to reach a largely untapped consumer market (38%) are the two most important reasons they are doing, or are considering doing business in Iraq.
Source: Economist Intelligence Unit- Byblos Bank
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