Iraq, officially the Republic of Iraq, is a country in Western Asia. It is bordered by Turkey to the north, Iran to the east, the Persian Gulf and Kuwait to the southeast, Saudi Arabia to the south, Jordan to the southwest, and Syria to the west. The capital and largest city is Baghdad. Iraq is home to diverse ethnic groups including Iraqi Arabs, Kurds, Turkmens, Assyrians, Armenians, Yazidis, Mandaeans, Persians, and Shabakis with similarly diverse geography and wildlife.
The majority of the country’s 40 million residents are Muslims – the notable other faiths are Christianity, Yazidism, Mandaeism, Yarsanism, and Zoroastrianism. The official languages of Iraq are Arabic and Kurdish; others also recognized in specific regions are Suret, Turkish, and Armenian.

Iraq - Commercial Activities

Iraq’s economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings. The lack of development in other sectors has resulted in 18%–30% unemployed and a per capita GDP of $4,812. Public sector employment accounted for nearly 60% of full-time employment in 2011. The oil export industry, which dominates the Iraqi economy, generates very little employment highest estimate for 2011 was 22%) participate in the labour force.
Prior to US occupation, Iraq’s centrally planned economy prohibited foreign ownership of Iraqi businesses, ran most large industries as state-owned enterprises, and imposed large tariffs to keep out foreign goods. After the 2003 invasion of Iraq, the Coalition Provisional Authority quickly began issuing many binding orders privatising Iraq’s economy and opening it up to foreign investment.
On 20 November 2004, the Paris Club of creditor nations agreed to write off 80% ($33 billion) of Iraq’s $42 billion debt to Club members. Iraq’s total external debt was around $120 billion at the time of the 2003 invasion, and had grown another $5 billion by 2004. The debt relief was to be implemented in three stages: two of 30% each and one of 20%.

Iraq in Precise:

Capital: Baghdad
Language: Arabic Kurdish
Currency: Iraqi dinar (IQD)
Time Zone: UTC+3 (AST)

Chief Imports

  • Broadcasting Equipment
  • Refined Petroleum
  • Cars
  • Jewellery
  • Packages Medicaments

Main Exports

  • Crude Petroleum
  • Gold
  • Refined Petroleum
  • Petroleum Coke
  • Coal Tar