Over $13 billion invested in Kurdistan Region projects in 4 years: KRG

ERBIL (Kurdistan 24) – Between 28.08.2019 and 05.08.2023, the ninth cabinet of the Kurdistan Regional Government (KRG) led by PM Masrour Barzani oversaw the completion of 280 diverse investment projects across the region, the KRG’s Department of Media and Information said in a statement on Thursday.

A total of $13.53 billion was channeled into these projects.

According to the KRG’s data, local investors backed 274 of these projects, three were backed by foreign investors, and joint partnerships contributed to another three.

Moreover, geographically, the projects include 124 in Erbil, 73 in Slemani, 51 in Duhok, 3 in Halabja, 5 in Raparin, 12 in Garmyan, 3 in Soran, and 9 in Zakho.

The industrial sector took the lead with 81 projects, followed closely by trade with 69 projects, and tourism with 39 projects. Other sectors included education (25 projects), housing (23 projects), health (20 projects), agriculture (12 projects), sports (7 projects), banking (2 projects), arts (1 project), and general services (1 project).

“Investments play a pivotal role in shaping a nation's economic landscape. Over the last four years, the KRG’s ninth cabinet has spearheaded rapid growth in this area, emphasising the importance of a robust investment infrastructure,” the KRG’s Department of Media and Information  said.

The ninth cabinet of the Kurdistan Regional Government (KRG) has prioritized private investment and the development of the private sector, including areas such as agriculture, local factories, and tourism.

The aim is to shift the focus away from oil resources and promote alternative economic growth.