Swiss Companies Eye the Iraqi Market After Decades of Conflict
After decades of war, Iraq is once again attracting foreign investors, with $64 billion invested in less than two years. This renewed interest is part of a broader economic diversification strategy, as the country still relies on oil for 95% of its revenues. One year after the reopening of the Swiss Embassy in Baghdad, Swiss companies are beginning to explore opportunities in the Iraqi market.
At least 25 Swiss companies are active in Iraq, primarily multinationals or large enterprises operating in the pharmaceutical, electric infrastructure, food, and consumer goods sectors.
This momentum accelerated following the reopening of the Swiss Embassy in Baghdad after a 33-year absence. Since his appointment, Ambassador Daniel Hunn has focused on strengthening economic relations between the two countries. “The country has become far more stable than in the past. Iraq’s economic diversification initiative is an excellent opportunity for Swiss companies looking to enter the market,” he told La Matinale on Thursday.
Made in Switzerland Appeals to Iraqis
Iraq’s investment needs are estimated at around $450 billion, a potential that Rasha Oudeh, a seasoned Jordanian businesswoman based in Zurich, aims to tap. Active for 18 years in the Iraqi pharmaceutical sector, she recently founded the Swiss-Iraqi Business Association, a platform designed to facilitate exchanges between Swiss and Iraqi companies.
“Connecting Iraq and Switzerland, not just through large groups but also SMEs, is essential,” she emphasizes. “Iraq generates roughly $150 billion in oil revenues each year. The resources are there, but the country needs partners to rebuild and modernize its private sector.”
According to her, Swiss products enjoy a strong reputation in Iraq: “For Iraqis, Switzerland represents quality, fairness, and reliability. They respect everything that comes from Switzerland.”
A Call to Swiss Banks to Help Modernize Iraq
Mohammed al Najar, CEO of the Iraqi Development Fund and investment advisor to the Prime Minister, highlights the importance of quality and knowledge transfer in economic partnerships. Iraqi legislation favors offers that bring the best conditions to the country, not just the lowest price. “For example: training, know-how transfer, guarantees… the Swiss excel in this field,” he notes.
He also aims to strengthen banking cooperation: “I plan to speak with several bankers to encourage Swiss banks to come here and help us build an Iraqi banking system based on Swiss expertise.”
A Promising but Fragile Market
Despite Iraq’s relative stability, Ambassador Daniel Hunn points out that regional tensions, such as the Israel-Iran conflict, slow foreign companies’ willingness to establish themselves in the country. “This instability in the region is very harmful for a country that is trying to develop economically and build an attractive framework for foreign investors,” he explains.
Geopolitical uncertainty is compounded by external interference, political instability, corruption, and challenging institutional reforms — all factors that undermine investor confidence, which is crucial for Iraq’s reconstruction.
Source :
Radio segment by Anne-Sophie Le Mauff
Web adaptation by Miroslav Mares
Published on August 28, 2025 at 08:01, updated on August 28, 2025 at 09:23
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