Kurdistan Region's industrial, commercial sectors experience significant growth amid new investment wave
By 2024, the commercial and industrial sectors have secured more than half of the new investment permits issued in the Kurdistan Region.
ERBIL (Kurdistan 24) – The Kurdistan Regional Government (KRG) is entering a new phase in its initiative to diversify revenues and strengthen the economic infrastructure of the region, with the industrial and commercial sectors taking the lead.
By 2024, the commercial and industrial sectors have secured more than half of the new investment permits issued in the Kurdistan Region.
According to Bargasht Akrayi, spokesperson for the Kurdistan Regional Investment Board, a total of 406 investment projects have been licensed under the ninth cabinet, representing a combined capital of $16 billion.
In 2024 alone, 40 new investment projects were licensed across various sectors.
The industrial sector received 15 licenses with a total capital of more than $400 million, leading the charge. The commercial sector followed with eight licenses totaling over $55 million in investments.
Additionally, the tourism sector saw the approval of seven new projects, while the education, agriculture, and health sectors each received two new permits.
The sports sector also secured one investment permit.
Akrayi emphasized that the industrial sector has emerged as a key area of focus, receiving 115 licenses with a project capital of $3 billion.
This growth reflects the KRG's strategic efforts to diversify revenue sources and bolster the region's economic infrastructure.
Beyond the industrial sector, the commercial sector has also shown substantial growth, with 101 licenses granted, amounting to $1 billion in project capital.
The tourism sector secured third place, with 54 licenses and investments totaling approximately $750 million.
Although the housing sector has seen a suspension in new licenses, it still received 39 permits with a total capital of around $4 billion.
Investment licenses have been distributed across various provinces as follows:
Erbil: 174 projects
Sulaimani: 90 projects
Duhok: 80 projects
Garmian Administration: 23 projects
Zakho, Raperin, and other areas: 39 projects
On February 19, 2024, the KRG Investment Board announced a decision by the Presidency of the Council of Ministers to suspend the issuance of new investment licenses for housing projects.
This move is part of a broader effort to reorganize the housing sector while redirecting investments towards the industrial, agricultural, and tourism sectors, in alignment with the KRG's economic diversification strategy.