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India - Iraq Business and Cultural Council

Iraq, located in the Middle East, is known for its rich history as the cradle of civilization. Its capital is Baghdad. The country has diverse ethnic groups, primarily Arabs and Kurds, and faces ongoing political and security challenges.

Ambassador and Consul General

The Consul General of Iraq, H.E. Dr. Ghazi Al-Topy, accepted the Honorary Membership of Global India Business Forum, in the presence of Global President of GIBF, Dr. Jitendra Joshi and Co-Founder & Director - Global Operations, Deepali Gadkari. Realizing the strengths of Global India Business Forum and the Consulate of Iraq and conscious of the benefits to be derived by both organizations and its members through this mutual understanding, both parties will be associated with each other in mutual cooperation to facilitate mutual investment, trade and economic cooperation complimented by knowledge sharing, training, certification and networking.

Crude oil, Precious metals, Fruits, Nuts, Copper

Machinery, Transport equipment, Mineral fuels, Manufactured article, Chemicals

About Iraq

ABOUT Iraq

Iraq, officially called the Republic of Iraq, is a country situated in Western Asia which shares its borders with Turkey, Iraq, Kuwait, Saudi Arabia, Jordan and Syria. Baghdad is the capital and also the largest city in the country. Iraq also has some diverse ethnic groups living in the country like the Arabs, Kurds, Assyrians, Turkmen, Armenians, Yazidis, etc. Majority of the population is Muslim and Iraq has two official languages which are Arabic and Kurdish. Two major rivers, the Tigris and Euphrates are the most important rivers for Iraq as they provide a lot of fertile land for agriculture. Iraq as a country is a Parliamentary Republic and has a rich heritage and culture which is often talked about and reflected in the writings of poets and writers who are some of the best artists in the world. Iraq is also a leader in producing great quality handicrafts like rugs and carpets. Iraq is also a member of the UN, Arab League, OIC, Non-Aligned Movement and the IMF

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Business Opportunities in Iraq

BUSINESS OPPORTUNITIES IN Iraq

Iraq being a Middle Eastern country has a lot of oil reserves. So much so that 95% of the country’s export revenues come from oil export alone. Crude oil has been the top-most export commodity of Iraq and this commodity alone, has many times helped Iraq regain economic stability through its earnings. Precious metals hold a lot of importance for the Middle Eastern and Southeast Asian countries. Hence, Iraq also exports gold on a large scale to other countries. Agriculture is another important part of the Iraqi economy and dry fruits, vegetables and fruits are also exported across the world. The country is also known for its handicrafts like carpets and rugs and their quality is appreciated all over the world. Hence, Iraq has a lot of scope for new business opportunities for countries who are looking to invest in the mining and precious metals sectors or even the agriculture sector.

Exports and Imports In Iraq

Overview In 2022, Iraq was the number 48 economy in the world in terms of GDP (current US$), the number 36 in total exports, the number 54 in total imports, the number 104 economy in terms of GDP per capita (current US$) and the number 103 most complex economy according to the Economic Complexity Index (ECI).

Top Exports of Iraq

The top exports of Iraq are Crude Petroleum ($111B), Refined Petroleum ($9.19B), Gold ($1.03B), Petroleum Coke ($770M), and Petroleum Gas ($388M), exporting mostly to India ($38.8B), China ($34B), United States of America ($10.3B), South Korea ($8.21B), and Greece ($6.27B).

Top Imports of Iraq

The top imports of Iraq are Refined Petroleum ($7.81B), Broadcasting Equipment ($3.76B), Cars ($3.4B), Jewellery ($3.01B), and Rolled Tobacco ($1.29B), importing mostly from United Arab Emirates ($21.2B), China ($14B), Turkey ($13.7B), India ($2.45B), and South Korea ($1.15B).