The annual report of the World Bank has indicated that business environment in Iraq has made a significant amount of progress in various sectors, in spite of an insignificant decline in tax collection in the country. The report has shown a considerable amount of improvement in the business environment in the country and it has been considered a green signal and a positive sign for the most activities of the World Bank’s 2018 projects in various sectors. The report also indicated that there are various promising opportunities for foreign investors to participate in stabilizing financial and economic peace in the country. The World Bank also confirmed that Iraq had been able to implement fundamental changes in the domestic regulatory framework in two main areas during 2016-2017 in starting the business and obtaining credit. Report added that starting business seems easier in Iraq by combining multiple registration processes and less time in registering companies.
Point to be noted that the time required registering companies has been reduced, business owners no longer have to register their companies independently with the General Authority for Taxes. It is due to increased available resources in the registry and improved electronic registration system. The regional director of the World Bank said that current data has shown fragile economies and Iraq is more dedicated to reform and deal with its economic and financial crises in offering opportunities to improve its business system. The Iraqi government has launched a fundamental reform process based on 2014-2018. It offers priority on institutional economic reforms and a considerable amount of development in the Iraqi private sector. He pointed out that the World Bank is well committed to supporting the efforts of the Iraqi government to implement priority reforms. It will also improve the business environment and in achieving better growth & opportunities for Iraqi citizens.