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IACCI Baghdad Office
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34813 Lowell Avenue
La Cresenta, CA 91214
tel: (818) 249-1525
https://www.i-acc.org
Iraqi American Chamber of Commerce and Industry
Center for International Private Enterprise
1155 15th Street NW ● Suite 700
Washington, DC 20005
tel: (202) 721-9200
https://www.cipe.org
FOR IMMEDIATE RELEASE CONTACT: JEFF VANNESS
OCTOBER 23, 2003 (202) 721- 9225
Iraqi Small Businesses Express Confidence
in Near-Term Economic Growth
Survey Reveals Optimism, But Barriers to Development Remain
BAGHDAD, IRAQ – “After three decades of state domination of the Iraqi economy, small- and medium-sized businesses in that country are poised to rebuild Iraq’s private sector,” according to a new survey released today by the Iraqi American Chamber of Commerce and Industry (IACCI).
The survey, sponsored by the Center for International Private Enterprise (an affiliate of the U.S. Chamber of Commerce) gathered views on economic conditions and the outlook for private enterprise from four hundred small business owners and managers in twenty Iraqi cities and smaller towns.
According to the survey’s key findings,
• Iraq’s small entrepreneurs overwhelmingly predict a stronger economy in the short term.
• The Coalition Provisional Authority is viewed favorably, but the majority of Iraqis expect to see tangible results within a year.
• Although all areas of Iraq exhibit strong optimism, in some regions enthusiasm is more tempered.
• Net employment was damaged by the recent conflict, but less so for smaller enterprises. The majority of firms (including a majority of those which lost workers) plan to expand in the next six months.
• Major barriers to economic development include uncertainty over the lack of modern economic laws, insufficient access to credit, and unreliable electricity.
CIPE Executive Director John D. Sullivan remarked, “The future is bright for Iraqi entrepreneurs seeking to participate in the rebuilding of their country. A private sector comprised of small- and medium-sized businesses will produce the middle class Iraq needs for stable, democratic self-governance.”
IACCI president Raad Ommar added, “Already on the streets of every city in Iraq, a renewed life is evident. Entrepreneurial spirit is blossoming because of a widespread belief that conditions will improve despite current difficulties in the security situation, unclear property rights, and legal and traditional barriers to entrepreneurship.”
The complete final report for the survey is available in pdf format on the CIPE website at
https://www.cipe.org/pdf/iraq_survey_final.pdf
CIPE is a non-profit affiliate of the U.S. Chamber of Commerce and one of the four core institutes of the National Endowment for Democracy. CIPE has supported more than 700 local initiatives in over 80 developing countries, involving the private sector in policy advocacy, institutional reform, improving governance, and building understanding of market-based democratic systems. CIPE programs are also supported through the United States Agency for International Development.
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