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Experts predict quality improvement in Iraq economy

July 01, 2013 15:34
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Iraqi Ministry of Trade and Iraq’s Union for Chambers of Commerce predict that the market will witness in the upcoming few months a qualitative trade movement after Chapter Seven sanctions imposed on Iraq were lifted.

Iraq is expected to regain its normal position and its wide-spectrum international transactions; confirmed officials and economic experts after Chapter Seven sanctions imposed on Iraq were lifted; which will reflect positively on the Iraqi market in the next few months.


“On the economic level and after lifting Chapter Seven sanctions, Iraq will be free to deal with all the countries in the world”, said Khayrallah Hassan, Minister of Commerce, in a statement to Alsumaria.

“Previously, international companies feared working in Iraq and capital owners dreaded investing in Iraq. As of today, Iraq will enjoy a new phase that allows for the private sector to work on a partnership project with the Iraqi government in terms of construction and investment”, added Jaafar Al Hamadani, head of Chambers of Commerce Union.

The projections on Iraqi market’s success in the current situation are not enough according to Chambers of Commerce Union who urged politicians to avoid the troubles that reflect negatively on the country’s economy.

“We must stand united to fight terrorism, corruption and corruptors to improve the Iraqi economy”, noted Mahmoud Al Laythi, member in Iraqi Chambers of Commerce Union.

“After Chapter Seven sanctions were lifted, politicians must take into consideration the possibility of uniting Iraq and building a new nation”, highlighted Jaafar Al Hamadani, head of Iraq’s Chambers of Commerce Union.

Experts consider that Iraq will be able to invest the lift of the ban in case adequate laws were issued and strategic plans were set to regulate the Iraqi market which still has troubles with commercial transaction.



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