Iraq First: Small and Medium Enterprises in Iraq

Iraq First is exclusively dedicated to the promotion of Small and Medium Enterprises in Iraq. The Iraq First: “International Convention for the development of Small and Medium enterprises in Iraq” is the first meeting of its kind exclusively dealing with the development of SME’s in Iraq by bringing together governors and entrepreneurs from Iraq with their international counterparts and investors interested in potential Small and Medium Business opportunities.

The Iraqi Entrepreneur will be entirely involved in the formation and establishment of the enterprise while being strongly supported by the Province authorities, due to the fact that they are more aware of what their province and citizens needs, with the development of the community and the country as their primary priority, with all parties provided with complete essential and necessary information for their growth and development.

After the liberation of Iraq a primary concern was the fundamental issue of how to proceed with the rebuilding of the infrastructure, while the country underwent a tumultuous transition period.

The priority at the time was to concentrate on governmental projects, such as the provision of energy, and the exploring and producing of oil and gas. Given that these were the main source of power in the country, the appeal to meet expectations of launching new Small and Medium size Enterprises was diminished.

Through a lack of both funding and experience, Iraqi citizens do not have the capability of creating job opportunities for themselves or their fellow citizens. This plight is further highlighted by the fact that foreign investors are not encouraged by the incentives presented in the recently established laws, due to the obstacles they face in financing and implementing their projects.

A key factor in attaining stability in Iraq is the expansion of the Small and Medium size Enterprise (SME) sector of the economy. With this in mind KGL Group of Companies (KGL) has been involved in supporting many business ventures in the country, with international governments and through private projects. Through one of its subsidiaries, KGL Investment, a comprehensive program was formulated to encourage investors to participate in, and overcome any obstacles that may hinder, the implementation and progress of SME.

Unfortunately, previous attempts to achieve this goal have been marginally successful. This can be attributed to the following reasons: Lack of proper Iraqi interlocutor or Counterpart, Lack of information, Poor project design and follow up mechanisms.

Through our dealings with various Iraqi provinces in the last year, KGL has established a strong relationship with many provincial governors, and with their cooperation we have been developing a business model to support the establishment of SME.

Key features of our approach are:

All parties should contribute to the enhanced establishment of SME especially due to the fact KGL possesses : Wide-range experience in establishing and managing enterprises. Wide-range experience in planning and executing similar ventures in the region. The flexibility of the Management team especially in crisis situations and the ability to transform and develop in difficult conditions due to years of experience in complex circumstances.