The 2.International Iraq Fair will organized by Forum Fuarcilik ve Gelistirme A.S in Gaziantep between May 23-27 , 2007.

In the framework of Iraqi Minister of Foreign Affairs Hoshiar Zebari's official visit to Turkey, a working lunch was organized by Foreign Economic Relations Board (DEIK)/Turkey-Iraq Business Council on July 4, 2006, in honor of the visiting Minister and the accompanying delegation.

The International Baghdad Fair was organized by Forum Fuarcilik ve Gelistirme A.S in Gaziantep between June 7-11, 2006.

Latest economic data regarding Iraq as of April 28, 2006, are as follows:
Iraq, which accounts for the world's 3rd largest petroleum and 6th largest natural gas reserves, has become an impoverished state due to its inability to utilize these resources. Iraq's daily petroleum production has dropped to 1.3mn barrels. Consequently, Iraq's per capita national product has diminished to US$700-900. Furthermore, Iraq currently has US$82bn of foreign debt as well as an excessive unemployment rate of 50%. The country faces 8-10 hours of electricity blackouts per day. Currently, Iraq imports electricity from Turkey.
Shiite, Kurdish and Alawite groups formed of alliances amongst themselves participated in the December 15, 2005 elections. Ensuing Turkey's extensive efforts, Sunni groups, which had boycotted the January 30, 2005 elections, participated in the elections as well. The Shiite alliance, which garnered the highest number of votes, was authorized to designate the Prime Minister. The race between the two candidates - one being the former Prime Minister Caferi - resulted in favour of Maliki, whom the US as well as Iraqi groups had supported. Thus, the government crisis in Iraq was overcome and the stage whereby the government would be established was finally reached. Appointments to all ministries were concluded as of June 2006.

"Rebuild Iraq 2006" Fair:
Within April 3-6 2006, a trade fair with the theme "Rebuild Iraq 2006" was organized by Expo-Jordan and Gulf International Exhibitions in Amman. Detailed information on the fair comprising bridges and railways, telecommunications, water and sewage, petroleum and gas, agriculture, education, security, information technologies, food, hotels, general goods and products, construction and electricity sectors may be reached at www.rebuild-iraq2006.com .

Turkey’s exports to Iraq:
In 2005, Turkey has exported $2.8 billion goods to Iraq besides $2.2 billion petroleum products are exported.
In 2005, Turkish building contractor firms had been very active in Iraq, but bilateral relations had been affected negatively by ongoing security problems. During the meeting with Iraqi Deputy Prime Minister Ahmed Chelebi, it was stated that Turkey's exports to Iraq were expected to reach US$12bn in 2006, to US$15bn in 2007 and to US$20bn in 2010; that some amendments were planned in the commercial code, which would include the liberalization of prices as well as regulations that would pave the way for food imports to be undertaken by the private sector; that US$11bn had been allocated for contracting services in Iraq's 2006 National Budget and that in this framework additional Turkish contracting companies were being expected. It was also disclosed that effective as of January 25, 2006, Turkish citizens with regular passports, having arrived via airways to Iraqi airports, would be granted free 1 month visa by the Iraqi Embassy in Ankara.

Iraq Minister of Commerce Mr. Abdel Basit Karim Mewlud has visited Turkey-Iraq Business Council on November 25, 2005.
It is stated that, on December 15, 2005 general elections will be done and necessary steps for transition to free economy will continue.

Iraq Trust Fund Lending , July 18, 2005
In response to a request from the Government of Iraq, up to $500 million in soft loans will be made available over the next two years to finance development projects in priority sectors, the World Bank announced today at an international donors meeting for Iraq at the Dead Sea in Jordan.
This lending package is the first to be extended by the World Bank to Iraq since 1973, following which its strong economic performance and increase in income per capita enabled it to graduate from the Bank.
As of today, donors committed nearly $400 million in grants to the World Bank-managed Iraq Trust Fund which financed training for approximately 1000 Iraqi civil servants in integral areas of project management, including procurement, financial management, and safeguards.
The new $500 million lending package will be used to address Iraq’s urgent needs by scaling up activities in sectors where operations financed by the Iraq Trust Fund demonstrate progress in implementation and are delivering results.

The decision taken by the Ministry of Foreign Affairs on May 5, 2005:
Starting from May 5, 2005, the citizens of Iraq coming from Baghdad and Amman to Istanbul Atatürk Airport will be given one month visa.
Iraqi citizen who have a valid USA, Canada, Norway, Switzerland and EU visa will enter Turkey without additional visa.
The decision will be applied for one year. Consequently, it will be overviewed by the related authority.

Turkey-Iraq Business Council had come together on March 16, 2005.
45 firm representatives who have attended the meeting were welcomed by the Minister of State Mr. Kürsad Tüzmen.
"For the coming period, nobody expects stability in the country so Turkish businessmen need to take relevant measures for not taking any risk. It is a must to have a government in Iraq, for the sake of doing business there."

Iraq Trade Desk of Citibank displays activities in the United Arab Emirates since August 2003.
Citibank Turkey announced that they are now able to offer trade services to their customers trading with Iraq, pursuant to an agreement signed between Citigroup and Trade Bank of Iraq to handle trade transactions in this country.
Previously, Citigroup was not a direct consortium member of Trade Bank of Iraq, which was formed by the Coalition Provisional Authority as part of the Government in October 2003 tasked and mandated to facilitate the importation of goods and services into Iraq.
The Iraq Trade Desk of Citigroup located in Dubai, UAE is established to provide support and services to Citigroup clients who are doing business in Iraq. The Iraq Trade Desk will act as the Control Unit for Citigroup's Iraq activities.

Railway main line from Cizre to Iraq: Railway main line that is planned from Cizre to the border between Turkey and Iraq has come into action. The railway that costs 230 million USD is going to pass through Habur and reach to Zakho.

The Temporary Government of Iraq took over authorization from CPA on 28/06/2004 The Temporary Government of Iraq consists of a president, two vice presidents and a prime minister that governs the Council of Ministers. Ghazi El Yaver is assigned as the President and Ilyad Allawi as the Prime Minister. It is planned that the new constitution is going to be accepted on November 2005 and new elected government is going to come into power on January 2006.

The corporate income tax rate that will apply on private companies in Iraq is determined to be 15% by CPA's 49th decision. CPA, coalition powers, governments, international institutions, recorded NGOs, and NGOs' foreign main contractors and subcontractors are exempt from this taxation.

"Destination Baghdad Expo" Exhibition being organized between 5-8 April 2004 in Baghdad, by Iraq-American Trade and Industry Chamber has been postponed due to security reasons.
http://www.dbxexpo.com/index1.asp

"International Advisory and Monitoring Board for Iraq" (IAMB) has been founded in order to audit the "Development Fund for Iraq".
More information can be found at web site: www.iamb.info

Iraq Central Bank has announced the names of 3 foreign banks out of 6 which will be granted with the permission of operation in Iraq. It is also announced that if the number of these banks is found to be sufficient, they may not be extended to six. The name of the 3 banks are: HSBC, Standard Chatered Bank and Bank of Kuwait.

"Iraq Economic Forum" is held on 18-19 March 2004 in Beiruth, Lebanon. Participants were from Iraqi ministries under the supervision of the Lebanese President Rafiq Hariri.

Iraq-Focusing on Future" named meeting has been held in Dubai by MEED (Middle-East Economic Digest) on 2-3 March 2004

"Turkey-Iraq Transportation Commission Meeting" has been held in Ankara by 17-18 February, 2004.

"5th Iraq's Neighbouring Countries Meeting" has been held in Kuwait.

February 2004: In the frame of "Rebuilding Iraq Programme", the scopes, main contractors and sub-contractors of the contracts supplied by CPA/PMO, USAID and USACE have been announced in January, 2004.

Iraq is expected to get 13.5 million USD oil revenue in 2004 and 69 million USD between 2004-2007 as of March 2004.

In October, 2003 various reforms have been made on the Foreign Capital Regime in Iraq. In the frame of those reforms; (from the report of October, 2003 by DEIK)

• Except The Natural Resources, in all sectors 100% foreign capital is allowed.
• There are equal rights and conditions for both foreign investors and local firms and there is no restriction regarding the profit transfers abroad.
• Foreign Banks are allowed to open agencies and representative offices in Iraq and they can also form partnerships with local banks.
• Foreign banks have the right to purchase 50% shares of the local banks.
• Beginning from January 2004, income and cooperation tax in a rate of maximum 15% will be applied.
• Except food, pharmacy, clothing, book and smiliar goods, an additional tax at a rate of 5% will be applied.