Refurbished Electronics Paves Way For Economic Opportunities in Iraq

Iraq (official name: Republic of Iraq) is a country located in Western Asia. Turkey is a country found towards its north, Iran towards the east, Saudi Arabia towards the south, Syria towards the west and Kuwait and Jordan towards southeast and southwest, respectively. Coastline measuring 58 km runs along the borders of Iraq on the northern Persian Gulf and covers the Mesopotamian Alluvial Plain. Iraq is endowed with a significant amount of fertile land due to two major rivers Tigris and Euphrates running south through the country near the Persian Gulf.

Baghdad is the capital of Iraq and the largest city in the country. Other famous cities of the country include Karbala, Najaf, Mosul, Erbil, Basra and Sulaymaniyah. As per the demographics statistics of 9th March 2018, the population of the country is estimated to be around 39 million.

Coming to its economic profile, Iraq has unprecedented economic opportunities compared to other developing countries in the region. The water and fertile silt deposits from Tigris and Euphrates provide huge potential for agriculture.

Iraq is a state-run economy where 90% of the government revenue and 80% of foreign exchange earnings come from the oil sector. The nation accounts for 10% of the world’s oil reserves and is ranked eleventh in the world for gas reserves. As a matter of fact, Iraq is almost completely dependant on the oil trade. However, the depreciating value of oil has lead to financial crisis in the nation. Oil which once had a value of $105 dropped down to $30 – meaning Iraq started losing 65% of the value on its reserves. But in the past decade, 2016 was seen as the best performing year for the country as the GDP increased by 11%. But again the arrival of 2017 came with a decline due to decreasing domestic consumption.

Now in 2018, the Iraqi government aims at improving the economy by curbing the deficit and debt burden by bringing down unnecessary spending. The private sector is seen as an important player that can change the existing rentier economy into a diversified economy i.e. intensifying the non-oil revenues. Collaboration between the public and private sector and enhancement of the local business environment can aid in boosting the economy and financial stability.

In the wake of economic instability on the one hand, and growth potential in the business sector on the other, the refurbished electronics market offers huge savings opportunity. The first thing a business needs in carrying out core operations is technology/IT assets. Hence, the refurbished market provides options to curb unnecessary spending on IT assets and increase savings that could be invested in something more important. Even the empirical observations have proved it to be profitable. Read on to get a better understanding of how refurbished electronics can enhance businesses and further improve the economy of Iraq.

The History And Presence Of Internet In Iraq

Iraq witnessed the arrival of internet in the form of dial-up modem in the early 2000’s. Since then it went through considerable improvements to enhance internet penetration. However, as the decline of dictatorial regime came to close in 2003, the telecommunications infrastructure was disrupted. Only about 25,000 Iraqis had access to internet during that time. After the period of unrest, the internet penetration in Iraq began to increase rapidly. The internet penetration rate rose to 17.2% in 2015 from 0.1% in 2001.

The internet penetration rate has always remained above 5% between 2011 and 2016. The highest leap was seen in 2016 when internet penetration rate jumped to 16%.

Current Initiatives For Enhancing Internet Use

Yet again the current political unrest has damaged the telecommunications sector creating multifaceted challenges for telecom operators like Zain Iraq, Asiacell and Korek Telecom. Furthermore, the unstable economy has decreased the consumer’s power to spend, resulting in declining mobile subscriber rates and revenue.

Nevertheless, the international market is showing considerable interest in Iraq market which can consolidate economic gains. The country is offering a huge potential to develop telecom infrastructure and reach the areas which still require better connections and reconstruction. There are surplus opportunities in deploying 3G and 4G internet infrastructure with the indication that existing 3G network has already begun improving the mobile data revenue.

Recently, Iraq has deployed 4G LTE network infrastructure in few areas. Progress is also being seen in the deployment of fibre optic network across different places in the country. The government is showing increasing interest in reconstructing and developing a powerful network infrastructure. The Ministry of Communications (MoC) has recently launched a Fibre-to-The-Home initiative. The project aims at installing 90,000 lines across chosen governorates in the initial phase.

Having discussed the present scenario of technological developments in Iraq, it is time we move on to learning more about the refurbished tech-devices – a market for growth opportunities that still remains untapped.

The Significance Of Refurbished Electronics

Second-hand laptops and computers are often given less priority by businesses. But recent studies indicate that used computers serve a golden opportunity for businesses. Not just the corporate sector, but even educational institutions, government offices and low-funded organisations can leverage the benefits of refurbished electronics.

The increasing pollution levels, e-waste dumping and demand for affordable electronic products is increasing – pre-owned electronics is the best option to meet the rising demands and environmental challenges. All the more, it provides new channels to organisations looking to improve their IT asset management strategy, investments and the bottomline.

Beneficial Aspects Of Used Laptops

Used computer and laptops are categorised under refurbished electronics. These can be lightly used or unused products that are returned back to retailers due to several reasons. In other words, second-hand laptops may be those that have had internal or cosmetic defect history but have been reconditioned to like-new products. Some of these products are returned within the warranty period. Often times, used electronics are found to have no major defects.

Going forward, the returned products are either sent back to Original Equipment Manufacturers (OEMs) or the third party authorised or qualified refurbishers. Here, the compromised hardware components are replaced with new ones and if required upgraded to the latest technology. The internal and external defects are repaired and then finally a double-quality test is carried out to analyse the functionality and appearance of the product. After the product comes out of the refurbishment facility, it is regarded as a refurbished electronic. Again the product is distributed back into the supply chain for resale.

The hidden benefit of purchasing a second-hand laptop or other gadgets is that these are passed through a stricter quality-control testing phase than the brand new counterparts. Thus, possibilities of encountering defects in these are extremely low. Additionally, the price of used electronics is 10% to 50%, or even lower than new ones – sometimes discounts go even as high as 75%. But you can avail all the benefits only when you buy the refurbished product directly from the manufacturer or an authorised refurbisher.

By all means, refurbished computers are no lesser option than new ones.

The Role Of Veracity World

Veracity World is a market leader in UAE. The company has an extensive industry experience and a team of expert professionals that ensure every refurbished product going out of the company fully satisfies the customer. With R2 certification and many other accreditations under Veracity World’s name, you can have a peace of mind that your purchase is reliable and affordable.

Being an expert refurbisher, Veracity World is dedicated to executing every business operation with environmental management. Along with selling of refurbished electronics, the company offers customised IT asset management solutions to businesses helping them realise and achieve their technology goals.

Along with refurbishment, the company plays an instrumental role in saving the e-waste from going to landfill or countries like Iraq through eco-friendly recycling. It aims at providing the best quality second-hand computers to developing countries where businesses and individuals can curb unnecessary spending and give the right value for what is actually needed.

Whether you are looking to purchase top quality refurbished computers in bulk or want to buy the best used laptop in Iraq, Veracity World has all the options in your favour. So, contact Veracity World now and enhance the chances of your business success.

Redeployment of resources is the most efficient and effective practice of utilisation – It’s an opportunity not just for businesses but for the whole economy!