Iraq is one of the world’s largest producers and holders of oil and associated gas reserves. The country is also rich in minerals such as sulfur, phosphate, and iron. Iraq plans to increase its crude oil production to over 7 million barrels per day by 2027. Currently, Iraq ranks as the sixth-largest oil producer globally (with an average output of approximately 4 million barrels per day) and the second-largest crude oil producer in OPEC, following Saudi Arabia.
In recent years, the penetration of Italian products into the Iraqi market has strengthened, particularly in the supply sector for the extraction, processing, and transportation of hydrocarbons, driven by major contracts secured in recent years.
The post-war reconstruction efforts and improvements in security conditions have created enormous potential in various sectors of the Iraqi economy, particularly in infrastructure, construction, electricity, water, and manufacturing industries.
The revival of agriculture, along with future opportunities in agribusiness, presents real possibilities for Italian companies to increase exports of machinery and vehicles to Iraq. These activities are also expected to support the growth of Iraq’s food and beverage supply chains, packaging, and related industries. Although the tourism sector remains underdeveloped due to regional circumstances, Iraq holds immense potential in this field, thanks to its rich cultural heritage, archaeological sites, and artistic treasures at its disposal.
For information on business opportunities in Iraq, we suggest consulting the InfoMercatiEsteri platform, which provides a free resource tailored to meet the demand for information about foreign markets from national economic operators.
For further details, we invite you to explore:
- NEXUS Platform: A Ministry of Foreign Affairs and International Cooperation app that enables direct communication with the Farnesina (Italian Foreign Ministry) and its network of economic and commercial offices abroad to request assistance and targeted information.
- ExTender App: An information system for foreign business opportunities, created by the Ministry of Foreign Affairs and International Cooperation, the Italian Trade Agency (ICE), Assocamerestero, Unioncamere, and Confindustria, providing a curated selection of targeted information and a notification service.
For information about Iraqi legislation that Italian investors must be aware of before establishing an operational or commercial structure in Iraq—covering legal and financial obligations, labor laws, investment regulations, and available state incentives—we recommend visiting the following portals:
- General Secretariat of the Council of Ministers (cabinet.iq): Publishes the Council of Ministers’ decisions, available in both English and Arabic.
- Ministry of Trade: Available in both English and Arabic.
- National Investment Commission: Available in both English and Arabic, representing the latest platform for companies interested in participating in Iraq’s public tenders.
- Central Bank of Iraq: Available in both English and Arabic.
- Federation of Iraqi Chambers of Commerce: Available in both English and Arabic.
- Federation of Iraqi Industries: Available in Arabic.
- ICE Office in Amman: Promotes Italian businesses abroad and supports their internationalization efforts.
- SACE – Provides risk management and financial solutions to support Italian companies in new development projects in Iraq.
For information on investment opportunities in the Kurdistan Region of Iraq, we recommend visiting the website of the Italian Consulate General in Erbil.