Industrial zones, another top investment opportunity in Kurdistan Region

The Kurdistan Regional Government (KRG) plans to build several industrial zones across the autonomous region to create potential investment opportunities for international companies.

“The Kurdistan Region will witness so much progress if it had proper industrial zones,” said Rasti Kamaran, a local investment expert from Erbil. “There is an excellent investment law, and the government needs to do more to convince international companies to come and build industrial zones.”

There are plans for eleven industrial zones across the Kurdistan Region, according to the KRG’s investment guide. These are the Ararat industrial zone in Khabat district, Soran industrial zone, Tiemar industrial zone, Arbat industrial zone, Sulaimani west industrial zone, and Zakho, Bardarash, Bamerni, Halabja, Rania, and Kalar industrial zones.

Industry and investment experts agree that the Kurdistan Region needs specialized industrial zones for food, pharmaceuticals, petrochemicals, and others.

“These specialized industrial zones can all be built close to each other, forming an industrial city,” Kamaran noted. “And for that, we can learn from the experience of the advanced European countries such as Germany, France, and the Czech Republic.”

The KRG Investment Board strives to invite investors to show them the potential of these zones.

The KRG’s investment guide lists the procedures for attracting international investors. Under these procedures, the Board of Investment will study potential offers and choose the best ones. It will ensure the rights of those selected investors are all protected under the KRG investment law.

“Through industrial zones, Kurdistan will become an international business hub that can attract even more major world investors,” said Barzan Ahmed, a local investor in Erbil. “There are so many areas that need urgently to be developed here in Kurdistan, such as food, medical supplies, and oil and gas.”

The KRG’s investment guide states they are looking for PPP (Public-Private Partnership) or (Build-Operate-Transfer) BOT contract system with the international investors that can benefit both sides of the contract.