Iraq seeks foreign investment


With the aid of foreign investment, the Iraqi government hopes to revitalise a tourism industry that was once booming.

Since the Iraq War tourism levels have dropped, but now that Saddam’s regime is over the country is in the process of rebuilding itself, and the tourism industry could be a good place for foreign investors to step in.

Iraq is home to a number of places that hold great historical importance. The Hanging Gardens of Babylon are one of the great wonders of the world and it's places like this that are viewed as a potential goldmine.

However, if they are to reach their true potential then more money is needed, and with foreign investment on the rise in Iraq, this is certainly an area to consider.

A local worker spoke to about the need for foreign investment: “Babylon needs a huge amount of money. We need to renovate the whole site, to build hotels, a parking lot, restaurants and other tourism establishments. The tourism sector is neglected, I believe it could be a big contributor to gross domestic product. If Babylon flourishes, its benefit will be seen not just by me, but by everyone in the area — the shop owner, the tourist guide and even the taxi driver. The wealth will be noticed by everyone.”

If you are interested in making investments in Iraq, speak to a recommended IFA about diversifying your portfolio, the level of risk, and the level of reward.