Economy

Kurdistan Regional Government Extends Invitations for Agricultural Sector Investments

KRG has opted to temporarily halt residential project licenses, encouraging investors to shift focus from housing to capitalize on the fertile land of the Kurdistan Region. The aim is to promote increased investment in agriculture, industry, and tourism in the future.

Kurdistan 24 2024/03/07 22:24

A Kurdish farmer inspects his wheat a harvest, May 28, 2022. (Photo: Dana Hama Gharib/Kurdistan 24)

Kurdistan Agriculture Investment in Kurdistan Region Mohammed Shukri

ERBIL (Kurdistan 24) – Agriculture is one of the sectors that the Kurdistan Regional Government (KRG) wants to direct investors to.

This comes as a plan to reorganize the investments and pay more attention to other sectors. This decision, which could bring about progress in sectors such as industry, agriculture and tourism, could also reorganize and affect the housing market.

The government is reorganizing the housing sector. New investment licenses will no longer be issued to new housing projects. Projects that are under construction will continue until their completion.

Investments, therefore, will be directed to those areas that have lagged behind or have seen lesser projects or have been targeted less by the investors.

The Chairman of the Kurdistan Board of Investment, Mohammed Shukri, informed Kurdistan24 that the “surge in past housing projects is the primary cause for the pause in such initiatives in the Kurdistan Region. The Kurdistan Regional Government aims to enhance the organization of future housing projects.”

In 2023, 154 projects in the Kurdistan Region obtained investment licenses, amounting to a capital of $4.3 billion. This initiative aimed at restructuring the housing sector in the Kurdistan Region.

For his part, Hoshmand Nazim, an expert in the real estate market told Kurdistan24, “In general, the real estate market has been weak since the beginning of 2024, but this decision of the Kurdistan Regional Government to stop licensing housing projects was timely.”

The Kurdistan Regional Government (KRG) has decided to suspend the licenses of residential projects in the hope that investors will take advantage of the fertile soil of the Kurdistan Region instead of residential projects and invest more in agriculture, industry and tourism in the future.