Kurdistan Region had ‘exemplary’ year in investment, says KRG official

ERBIL (Kurdistan24) – The Kurdistan Region experienced an “exemplary” year in investments, as it had granted the highest amount of investment licenses, according to a senior investment official.

Mohammad Shukri, the head of the Kurdistan Regional Government (KRG) Board of Investment, in a press conference in Erbil on Wednesday released the figures of investment projects in the Kurdish region as well as the government’s efforts to enhance the investment climate in 2023. 

The government granted “151 licenses” to investment projects this year, making 2023 an “exemplary year” for investment projects in various fields, Shukri said.

The projects are believed to have created 10,000 direct and indirect job opportunities for the Region’s workforce.

The Board was able to overcome the challenges posed by the Feb. deadly earthquakes in Turkey and Syria on the real estate projects by taking numerous measures to ensure the safety of the residential buildings in the region.

The Region in early this year held a workshop designed to discuss ways to protect the Kurdish region from earthquakes.

The Board in 2023 launched Invest Kurdistan, an investment guide detailing the areas that are open for foreign direct investment.

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Shukri also highlighted several international partnerships and memorandum of understanding that his Board had signed in the last 12 months, including a MoU with the International Finance Corporation (IFC) of the World Bank Group.

Since 2006, more than $66 billion has been invested in the Kurdistan Region.

The Region’s investment law provides several incentives to attract foreign capital, including exemptions on taxes and duties for at least 10 years on the use of property.