The Global Phoenix - Issue 3 August 2017 | Page 41

IRAQ
In Iraq, the military conflicts with the
United States starting in 1990 and the
current conflict to liberate the country
from the Islamic State have taken a
huge toll on the economy. Almost
exclusively dependent on oil production
and under strict government control,
the economy currently shows little
sign of globalisation. Surprisingly,
however, Iraq’s GDP grew by more
than 10 percent in 2016 as global oil
prices rebounded slightly and security
and government fiscal management
began to return. While the current
government is making sincere attempts
at political and economic reform,
significant challenges remain. Foreign
investment appears waiting for the
road ahead to become clearer, and
the key will be whether Iraq can form a
stable government among the various
competing factions and provide a
reliable legal and business environment.
Immigration policy in Iraq
consists of a single visa available
through Iraqi diplomatic
missions abroad. The visa is
generally valid for a six-month
stay and applicable for both
business or employment.
However, the level of corporate
immigration is currently low,
and any estimates regarding
the availability of and timings
of foreign work authorisations
would be speculative at best
until conflicts subside and
institutions return to stability.
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