Concluding the First Step Towards
Reintegrating the Iraqi Business Ecosystem
Baghdad, Iraq - September 27, 2023
Press Release
KAPITA Business Hub, in collaboration with the German International Cooperation (GIZ), marked a significant milestone as they successfully concluded the "Reintegrating the Iraqi Business Ecosystem" conference. The event, which took place on September 27th, 2023, at the Rotana (Babylon) Hotel in Baghdad, garnered widespread participation from key players within the ecosystem, and notable representatives from the German Embassy, and featured enriching panel discussions addressing the intricacies of the Iraqi business landscape.
The conference started with an inaugural address by Mr. Mujahed Waisi, the Founder & CEO of KAPITA, who shared profound insights into Iraq's business landscape's challenges and immense potential. Mr. Waisi underscored the importance of a collaborative approach in overcoming these challenges.
"To create an environment that fosters startups, attracts investments, and generates employment opportunities, it is imperative to unite efforts and establish partnerships among the dynamic players in the private sector. This includes entrepreneurship support institutions, government entities, international support organizations, local financial institutions, and others," remarked Mr. Waisi.
Ms. Kathrin Löber, Counsellor of Economic Cooperation and Development and representative of the German Embassy, delivered a statement that highlighted collaborative local and global initiatives aimed at enhancing Iraq's business environment. She particularly emphasized the strategic partnership between KAPITA and GIZ, which is dedicated to nurturing startups and facilitating business development.
Mr. Ali Al-Hilli, Private Sector Ecosystem Consultant and Director of Marketing and Communication at Miswag, presented a comprehensive overview of the Iraqi business landscape, shedding light on its intricate dynamics.
The conference featured three engaging panel discussions. The first panel initiated an insightful dialogue on the aspirations and challenges faced by the Iraqi business ecosystem. Distinguished panelists included Mr. Hussein Flamers, Advisor to the Prime Minister for the Riyada Initiative; and the esteemed general managers of Miswag and Careem Iraq.
Dr. Hussein Flamers stated that entrepreneurship as a term is relatively nascent in the Iraqi ecosystem, but the country is determined to change and prepare a welcoming atmosphere. This was apparent in Iraq’s first official delegation to the Global Entrepreneurship Congress in Australia that Mr Flamers attended personally. He remarked: “Laws aren’t mature enough to address all the issues in the ecosystem. Therefore, It's a must to work on Legislations to set limits that can be dealt with, not limits that prevent progress.”
The following panel explored the critical components lacking in Iraq's business environment. The panel featured contributions from established members in the Iraqi business ecosystem from EQIQ, Qaf Lab, and Grofin.
The third session was entitled "Reigniting Communities''. It underscored the vital importance of fostering an environment that aligns entrepreneurial visions within Iraq's communities. The panel, which included active stakeholders from Al-Hikma University, Makers IQ, and Business by Design consultation, offered strategies to address challenges faced by these communities, with the ultimate goal of nurturing a thriving private sector.
The "Reintegrating the Iraqi Business Ecosystem" conference provided a platform for robust discussions and collaboration, furthering the mission to enhance Iraq's business environment and unlock its economic potential.
About KAPITA Business Hub: KAPITA Business Hub is a leading institution dedicated to supporting and nurturing the Iraqi business ecosystem. With a focus on entrepreneurship, KAPITA aims to drive economic growth, foster innovation, and create sustainable opportunities for startups and businesses in Iraq.
About German International Cooperation (GIZ): The German International Cooperation (GIZ) is a global organization that provides international cooperation services for sustainable development. In Iraq, GIZ collaborates with various partners to promote economic development and entrepreneurship.
