Baghdad is the capital of the Republic of Iraq and has a population of over 8 million. Baghdad is the political, business and manufacturing centre of Iraq and is emerging from over 10 years of war and strife. Before that Iraq suffered through many years of sanctions that stunted development and growth. Iraq is a major oil producing nation with proven reserves that put it in fifth place in the world, the expectation is though that because of under development, Iraq will be proved to have the second largest oil reserves in the world, after Saudi. A lot of the business conducted in Baghdad is therefore based upon oil revenues. Following the improvement in security in 2017, the government is pushing had on economic reform that will modernise the industrial base of the country, create jobs for Iraqis and increase trade through expert of manufactured goods. Several initiatives are underway including new hotels, hospitals, roads and well as a new communications network and a number of large housing projects and a development plan for Baghdad 2030 has been released. Another government initiative is to increase inward investment. This will enable acceleration of growth, development and transition of the economy. Baghdad remains a very friendly city, with strong roots in the family and spending time socialising in market squares and by the Tigris at weekends. Since the defeat of ISIS in 2017 security is improving significantly with several hotels downtown and the ability to travel across Baghdad to conduct business meetings in an almost normal manner.