The Kurdistan Regional Government’s (KRG) goal is to support private investment, to reform economic infrastructure, and to actively provide improved job opportunities, said government officials on Tuesday.
Regional Prime Minister Masrour Barzani met with senior investors for the autonomous region of Iraq earlier that day, where he pledged that the KRG would support and facilitate the ongoing investment process and remove unnecessary administrative routines in all governmental institutions.
Barzani also emphasized the importance to establish fundamental standards for local and international investment in all sectors, thus boosting the economy through a data-driven plan that also serves the needs of the populace while enriching investors.
During the meeting with investors, Barzani pointed out that Kurdistan Region is rich in both human and natural resources, stating that the KRG aims to turn Kurdistan into a “vital trade center in Iraq and the region.
Afterward, KRG spokesperson Jutyar Adil told Kurdistan 24, “The meeting looked into several issues and one of them is to support private investment, as the KRG’s ninth cabinet since its formation has been looking to achieve two goals; one is rehabilitating economic infrastructure and the second is to provide more job opportunities to the youth.”
Omid Sabah, the KRG’s Diwan Chief, told Kurdistan 24 that the regional government, “is currently developing a master plan for investment which will include three crucial economic projects. These are cooperation between private and public sectors, amendment in the investment law, and a draft bill to boost and diversify local production.”
Mala Yassen, one of the investors present, said, “The current initiatives the KRG is taking will allow the Kurdistan Region’s economy to go beyond just depending on oil as the sole source of revenue.”
According to recent assessments conducted by the KRG’s Board of Investment, the Kurdistan Region can eventually provide up to 63 percent of its overall income solely from agriculture, industry, and tourism if they are properly developed and funded.