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Can Iraq create opportunities to spur food security and self-sufficiency?

According to a recent report by Forest & Sullivan, Iraqi officials are drifting their focus on agro-food policies. the country aims to become more self-sufficient and ensure food security.

The agro-food industry had slowed down significantly since 2003, however, recent budget allocation by large international financiers such as the World Bank and IMF are expected to help Iraq kickstart its efforts within this sector. With an increasingly young population and western influences, the report indicates that there’s an attractive investment opportunity within the country’s food industry. Furthermore, officials have established a legal framework for greater protection and incentives for new investors. According to an article by GDN online, the National Investment Law 13 (2006) has been amended “to allow non-Iraqis to own land, as well as investment partnerships with state-owned enterprises. The same law exempts foreign companies from tax up to 10 years and import fees for a period of three years.”

It will be interesting to follow the agro-food policy and see if key food industry giants are willing to invest.

 

 

 

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