Why Iraq

Iraq has a rich history, with ancient Mesopotamia being one of the earliest civilizations in human history. In recent times, the country has faced various conflicts and wars.

Iraq is one of the major oil-producing countries in the world. However, the current government is taking significant initiatives to tackle various economic challenges and issues related to infrastructure and ecosystem.

With its rich economy, young skilled workforce, and strategic location, Iraq has the potential to be a gateway for investors looking to tap into Iraq's large market as well as the wider markets of the Middle East and Europe.




Approximately 40.5 million

Population growth





438,317 Km2

GDP per capita

$7,038 (2022, Iraq)


Iraqi Dinar (IQD)


Arabic (official)


6 international airports

Time Zone


Reasons to enter Iraq’s economy

Untapped Market Potential

Iraq has a large, youthful population with increasing internet penetration, making it an untapped market for various industries and tech-based startups. Investing early in these startups can position investors to benefit from the country's future economic growth and potential market dominance.

Low Competition

Compared to more developed startup ecosystems, Iraq's startup scene may have relatively fewer investors, leading to lower competition for investment opportunities. This can mean better valuations and more significant ownership stakes for early investors.

Low Startup Costs

Relative to more developed economies, the cost of starting and operating a business in Iraq might be lower, allowing startups to achieve milestones with lesser funding, making it attractive for investors.

Network of Investors and Accelerators

Iraq's startup ecosystem has seen the emergence of accelerators, incubators, and angel investor networks, creating a support system for startups and investors alike.

Youthful Population and Skillful Talent

The Iraqi youth includes skilled professionals and entrepreneurs with international experience and exposure. They are bringing valuable expertise and global connections, which can fuel the growth of startups.

Focused Sectors

Iraq has needs and challenges that startups are addressing, such as technology solutions for infrastructure, energy, healthcare, and education. Focusing on startups that address essential sectors can lead to significant impact and financial returns.

Business Climate in Iraq

Iraq's abundance of natural resources and its open market have contributed significantly to the growth of its economy and the expansion of its private sector. Iraq has the 3rd largest population in MENA and higher incomes than Egypt or Morocco…

  • 32% mobile penetration
  • 26% smartphone penetration
  • 18% have internet subscriptions; others use public internet cafes
  • 50% internet penetration rate
  • Total internet users: 21 million
  • +2,4% annual internet growth rate

Despite explosive VC growth in MENA, Iraq has historically seen limited funding…

  • Ecommerce, last-mile, and other consumer verticals still nascent, and global and regional market-leaders (Amazon, Alibaba, etc.) are not present.
  • Almost no fintech or electronic banking penetration, with the majority (99.8%) of payments still made in cash.
  • 18% have internet subscriptions; others use public internet cafes
  • Very little B2B tech penetration, with businesses across sectors operating primarily offline

Workforce and Talent

Iraq has seen a surge in higher education graduates due to its economic growth in recent decades. More public and private institutions have been established, offering a wide range of programs including business, engineering, IT, science, medicine, and the arts. While many of these programs are taught in English, most graduates have sufficient language proficiency upon graduation.


11 million

Unemployment rate


15-64 years

61% of the Population

Average monthly salary

400-800$ USD

Number of Universities and colleges

102 (Public and Private)