KRG’s Ninth Cabinet Boosts Investment with Over $12 Billion in Projects
Since the cabinet’s formation, projects worth more than $12 billion have been launched across 11 key sectors, including industry, commerce, and tourism. Among them are 11 joint ventures between foreign and local investors valued at over $5 billion.
ERBIL (Kurdistan24) – The ninth cabinet of the Kurdistan Regional Government (KRG) has overseen a remarkable expansion in the investment sector, with nearly 45% of all licensed projects implemented during this period, according to the Kurdistan Board of Investment.
Mohammed Shukri, Chairman of the Board, told Kurdistan24 on Sunday that the increase stems largely from the KRG’s investor-friendly policies, including the removal of taxes and fees for investment projects. “This approach has helped attract more projects and strengthen economic growth,” he said.
Since the cabinet’s formation, projects worth more than $12 billion have been launched across 11 key sectors, including industry, commerce, and tourism. Among them are 11 joint ventures between foreign and local investors valued at over $5 billion.
Job creation has been a central goal, with the KRG requiring the use of local labor in these ventures. A cement plant with a daily production capacity of 8,000 tons stands out as one of the cabinet’s flagship projects. Operated through advanced electronic systems, the plant not only meets local demand but also exports to central and southern Iraq, as well as international markets.
Kamaran Dizayee, the cement plant director, highlighted the importance of infrastructure in driving investment. “Without a conducive economic environment, large projects cannot flourish,” he said, noting that initiatives like the cement factory and power plants were chosen to support the region’s economic recovery.
Sherko Ali, the cement plant's production supervisor, emphasized the plant’s quality standards. “Our products undergo physical and chemical testing before entering the market, ensuring they meet both Iraqi and international standards,” he explained.
The KRG continues to prioritize infrastructure and industrial development, aiming to further enhance its role as a hub for investment and economic opportunity in the wider region.
Since the adoption of the Kurdistan Region Investment Law in 2006, the region has attracted significant investments from both local and foreign investors. The law offers various incentives, including tax breaks, duty exemptions, and the repatriation of project capital, while treating local and foreign investors equally.
With its stable political climate, skilled workforce, and strategic location, the Kurdistan Region has the potential to serve as a gateway for investors seeking access to Iraq's largest market and the broader markets of the Middle East and Europe.
On July 14, the Chairman of the Kurdistan Board of Investment told Kurdistan24 that the Kurdistan Region has secured over $1.25 billion in new investments across 79 licensed projects. This economic growth is spread across various sectors, including industry, housing, commerce, tourism, education, health, agriculture, sports, and commercial services. The largest investments were seen in housing, followed by industry and commerce. These figures highlight the region's economic resilience and its appeal to investors, despite financial challenges from Iraq.
Read More: Kurdistan Secures $1.25B Investment
This demonstrates the region's ability to attract significant capital despite external financial pressures. The diverse range of sectors benefiting from these investments reflects the Kurdistan Region's commitment to fostering a balanced and sustainable economic environment.
