The Iraq Britain Business Council (IBBC) hosted a seminar at the offices of member Quinn Emanuel, bringing together members, delegates and industry representatives to discuss the commercial outlook for Iraq, including energy, investment protections, the role of regional trade partners and legal considerations.

The seminar was chaired by Mr Yasseen Gailani, partner at Quinn Emanuel, who welcomed attendees. Christophe Michels, IBBC managing director also welcomed delegates and informed delegates of the upcoming IBBC Baghdad conference on 30 November and noted the knowledge to be gained from IBBC members through networking opportunities.

Speakers included experts in their field; Ms Melis Acuner, partner at Quinn Emanuel; Dr Neil Quilliam of Chatham House; Mr Sardar Al Bebany, Chairman of Sardar Group; and Chris Gaunt OBE, Chairman of the British Chamber of Commerce in Turkey. They noted challenges such as high unemployment, alongside positives such as renewed international interest in Iraq’s energy sector.

Discussion covered Iraq’s potential to become a regional trade corridor, its important role in pipeline networks, BP’s entry into Kirkuk, a strong return to Iraq by major energy companies, and the restoration of 200,000 barrels per day from Kirkuk to Ceyhan. Participants also described a changing energy picture and a new energy in the oil market, presenting a significant opportunity.

Speakers also addressed private sector growth, pointing to the success of businesses operating in Iraq, the growth of their workforces, the wide range of opportunities available and the government’s growing responsiveness to the private sector. At the same time, they acknowledged challenges arising from changing regulations and laws.

On investment, speakers highlighted Iraq’s accession to the New York and ICSID Conventions and a draft Arbitration Law, which has yet to be enacted, as developments that businesses entering the market should bear in mind, together with the importance of establishing a dispute resolution framework at the outset. Investors may benefit from two levels of protection: contractual protection under the terms of the contract itself and, depending on how an investment is structured, protection under investment treaties that may allow investors to bring claims directly against the host state. Attendees were also advised to assess the credibility of prospective partners, in particular their ownership structure, ahead of new regulatory rules.

The role of Turkey was also discussed, drawing on the insight of the British Chamber of Commerce in Turkey (BCCT). Turkish companies are in demand because they are able to operate efficiently and have encountered few disputes in Iraq. Turkey is expected to play a significant role in Iraq’s growth. Iraq and Turkey signed a Bilateral Investment Treaty in 2024, which has yet to enter into force.

The seminar underlined the scale of opportunity in Iraq and the value of the IBBC in conveying local business know how, being the first to inform its members and partners of unique business opportunities in Iraq and facilitating strong commercial links locally and across regional jurisdictions.

Yasseen Gailani, partner at Quinn Emanuel, said: “This seminar showed that doing business in Iraq is as much about having the right partners and advisers as about the opportunity itself. The IBBC’s network and knowledge on the ground make it an invaluable partner for companies entering Iraq.”

Melis Acuner, partner at Quinn Emanuel, said: “As this seminar showed, Iraq’s legal environment has improved, and those improvements reward companies that structure their contracts and investments to withstand changing circumstances. Working with the IBBC lets us share that perspective with businesses best placed to benefit.”