Italian-Kurdistan business center inaugurated in Kurdistan Region

The Kurdistan Regional Government’s (KRG) Ministry of Trade and Industry on Monday announced the opening of an Italian-Kurdistan business development center in the Kurdistan Region capital.

ERBIL (Kurdistan 24) – The Kurdistan Regional Government’s (KRG) Ministry of Trade and Industry on Monday announced the opening of an Italian-Kurdistan business development center in the Kurdistan Region capital.

A group of Italian businesspeople independently arrived in the autonomous region earlier this week in preparation to establish various development and service projects as well as the Italian-Kurdistan business development center in cooperation with the KRG’s Ministry of Trade and Industry.

During a ceremony held in Erbil on Monday, and attended by representatives of private companies, organizations, and institutions, ministry spokesperson Fathi Ali told Kurdistan 24 the center would provide “further investment opportunities in the Kurdistan Region.”

"There is currently [an independent] group of Italian companies and institutions in Erbil to discuss the possibility of starting some vital development and service projects, such as recycling, waste treatment, solar energy, leather processing, and manufacturing,” Ali explained.

“These projects are considered environmentally friendly industrial projects and there will be many initiatives related to industrial infrastructure in the region and Iraq for the next phase,” he continued.

“The regional government’s current policy is to move on from the stage of consumption to a new stage of large-scale production,” the spokesperson said, adding that “studies have shown that this will be the first step toward self-sufficiency in the region.”

Ali explained that the business center would be mutually beneficial, since Italian investment companies can operate in the region, building a strong industrial infrastructure in cooperation with the region’s local companies. 

Seeking to create a stronger, diversified economy that delivers more prosperity for everyone is a key part of the reform agenda now being carried out by Prime Minister Masrour Barzani's administration, according to the KRG website.

The plan’s main focuses include reducing debt, promoting economic diversity, and making it easier for international firms to do business in the Kurdistan Region.

In February, not long before anti-coronavirus travel restrictions had put an end to most such state visits, Prime Minister Barzani visited Rome and Vatican City to meet with senior members of the Italian government and Pope Francis.

Read More: Masrour Barzani arrives in Italy to meet Italian PM, Pope Francis

Editing by John J. Catherine and Karzan Sulaivany

CORRECTION: An earlier version of this report incorrectly reported that a delegation of Italian business officials arrived in the Kurdistan Region. There was no delegation, but rather a group of independent Italian businesspeople.