Iraq is a Middle Eastern country located in South West Asia.
Its official languages are Arabic and Kurdish.
Agriculture, services, and oil are the main sectors. They all move to boost the economy.
The oil sector of Iraq plays a vital role in the country’s growth. Oil production and sales both contribute a vast amount to further increase the GDP of the country. This sector also provides the majority of the government’s revenue. Iraq is another gem in the world’s oil market, producing millions of barrels each day and a large portion of the world’s total oil supply.
Agriculture also forms part of the country’s GDP. Another key point about this sector is that it employs quite a bit of the workforce. Past wars have affected this sector. Still, Iraq has taken measures to rebuild it. As a matter of fact, it has become more modernized with irrigation systems used in many farms. These advances further increase the amount of produce the country harvests as a whole. Wheat, barley, and rice, as well as fruit and vegetables, are among the primary crops. Iraq is also a large-scale producer and exporter of dates.
The service sector is a critical economic driver in Iraq. It entails finance, retail, security, transport, and also government services. In addition, it’s important to note the source of the funding. Basically, oil revenues help fund most projects carried out by the services industry.
Baghdad, which is along the Tigris River, is the capital and largest city in Iraq. The city is also the second-largest in the Arab World and Western Asia. In fact, its location has allowed it to become evolved and trade along the Tigris. So, not only does the Tigris supply water to ease dry climate and drought, but also, it is a commercial and cultural site for the people. This river also separates Baghdad into Risafa on the east side and Karkh on the west side. The city itself certainly adds to the GDP.
Basra is the second-largest city in Iraq. Overall, it is a port city, but it also benefits farmers. It has many streams and canals which run throughout and serve as irrigation. Basra’s economy also relies on the oil industry.
Hillah is in an agriculture-rich region of central Iraq. It is near the Hillah branch of the Euphrates River close to the ruins of ancient Babylon. This city is a cultural playground. The Hillah farms produce crops, fruit, and textiles.
Some of the major trends happening in Iraq now are real estate and eCommerce. In fact, more companies are looking to cement their place in the country and economy. Thus, they buy long-term office spaces and land. It also allows them to become more engaged with the consumers and people.
Technology is another growing trend in Iraq and the world. When Covid-19 hit, access to many stores was put on hold. As a result, more people are getting involved in e-commerce. Food delivery and online grocery shopping had a rapid increase.
Benefits and Strengths of the Market
Iraq has a few benefits that make its market stand out from the rest. For one thing, Iraq is one of the world’s leading suppliers of oil. It is also one of the original members of the Organization of Petroleum Exporting Countries (OPEC).
The country has billions of barrels in proven oil reserves, making it one of the largest producers in the world.
Another strength of the market is its international support. Iraq still receives support from the United Nations.
The country also receives other international financial support. This support is in the form of IMF and bilateral loans.
Iraq has a robust labor force because almost two-thirds of the population is under the age of 30. The youth of Iraq are eager to show their creativity in business ventures. The labor force has seen a huge increase as compared to recent years. Thus, companies don’t have to search far for talent.
The consumer base of Iraq is neither too strong nor too weak. Consumer spending has also been increasing over the years. The employment rate is also likely to increase in the future. Companies need consumer loyalty for their survival. Consumers, on the other hand, need product security and excellent customer service. In fact, the consumer base will increase if the people get the right incentives.
Reasons to Grow Your Business in the Market
Iraq has natural resources, fertile land, and intelligent people. The country has also been a victim of poor management, but this is changing.
Iraq is a country affected by many conflicts over the years. Still, it has many opportunities for risk-tolerant investors. Almost every sector needs investment. The country’s population, 40 million people, is a market hungry for new life.
There has been a dramatic improvement in Iraq’s security problem. In fact, the number of people killed in attacks has lowered in past years. The increasing safeness is a benefit. It makes the thought of investment in Iraq more palatable. Still, it may be hard for foreign companies because of the stigma towards them.
About Market Research in Iraq
Iraq is a growing country. Market Research is important to look at the state of the economy. It’s essential to carry out Qualitative, Quantitative Research, and Strategy research. Market Research can also involve Focus Groups and Interviews. We also use surveys.