Total investment in Kurdistan Region reaches $66 billion

ERBIL (Kurdistan 24) – Overall investments in the Kurdistan Region have reached $66 billion, according to the Kurdistan Region's Board of Investment data. 

"There are many reasons that encourage foreign investment in the Kurdistan Region," Dr. Haval Sideeq, Director General of Planning at the Investment Board, told Kurdistan 24 correspondent Renas Ali. "One of these reasons is the region's investment law, which supports foreign investors." 

Read More: ‘Visionary leadership’, liberal investment laws have made Kurdistan Region an important hub for foreign investment

Sideeq pointed out that Article 3 of the Kurdistan Region's investment law gives the foreign investor the same rights and privileges as a local investor. 

According to the Kurdistan Region's Board of Investment data, the volume of foreign investment has continually increased, particularly during the past two years. 

"The security and stability of the Kurdistan Region are some of the reasons for having more investments in Kurdistan Region compared to central and southern Iraq," Hoshmand Rafeeq, an economist and Professor at Salahaddin University-Erbil, told Ali. "Investors and businessmen always look for a safe and stable place." 

"Of course, the Kurdistan Region's investment law is another good reason for attracting foreign investment to the region," he added. 

During a speech he delivered at the Industrial Forum for Developing Market and Job Opportunities in Erbil on Mar. 6, Kurdistan Region Prime Minister Masrour Barzani said the Kurdistan Regional Government (KRG) "will do everything possible to facilitate local and foreign investment to rebuild the Kurdistan Region."

"Throughout the ninth cabinet, a number of vital strategic projects have been completed across the Kurdistan Region in various sectors, such as roads, industry, electricity, agriculture, and tourism," he added. "These projects aim to build a robust economic infrastructure to generate diversified revenues." 

Earlier this month, the Ambassador of the Russian Federation to Iraq, Elbrus Kutrashev, revealed that "the overall amount of the Russian investment in the Kurdistan Region exceeded $2 billion." 

Read More: ‘Russian investment in Kurdistan Region exceeded $2 billion in 2021’: Ambassador

On Apr. 28, the Minister for Foreign Trade and Development Cooperation of the Netherlands, Liesje Schreinemacher, told Prime Minister Barzani that Amsterdam is ready to strengthen trade, investment, and agricultural ties with the Kurdistan Region. 

Read More: The Netherlands ready to foster trade, investment ties with Kurdistan Region: Dutch trade minister

The Dutch official said that her country supports "the development of the private sector in this region to create jobs and income."

Additional reporting by Kurdistan 24's correspondent Renas Ali