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Foreign companies are exploiting the financial distress of the Kurdistan Region
Iraq 12/12/2023
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h: Karim Al-Ansari
Experts and those concerned with economic affairs believe that the imbalance in the investment and market movement in the Kurdistan region is primarily due to the lack of reliable accredited banks, the absence of skilled labor, and reliance on foreign competence.
Economic expert Hossam al-Din Barzanji said: “The investment law in the Kurdistan region is appropriate despite it containing weak points,” adding that “there are necessary things that remain inherent to investment and are still not available sometimes, and some of them may become obstructive things, such as insurance companies that are not available in the region.” .
Barzanji explained to “Al-Sabah” that “there are no accredited and reliable banks in addition to the absence of economic infrastructure,” noting that “construction in the region is inappropriate, in addition to the red tape in government departments that hinders and repel investment, in addition to the lack of a skilled and expert workforce in Tourism, oil, and engineering, meaning investors depend on Lebanese and Indian labor.”
While the economic expert, Mirza Muhammad, pointed out that “the oil companies operating in the region are an exceptional case, as they are companies that took advantage of the regional government because it did not have capital, so they requested partnership contracts estimated at 30 percent or more, and this has become a reality.”
Muhammad told Al-Sabah: “The regional government was thinking of a semi-independent economy or relying on the region’s revenues, which helped foreign oil companies obtain partnership contracts,” indicating that “foreign companies created a major problem for the region, while oil contracts are... The federal government has good contracts.”
While economics professor Khaled Haider said: “The investor and whoever owns capital knows that there is no demand for the commodity for which he is about to establish a factory, and to formulate an investment project he will sell the goods he has, or the factory or residential real estate in which he works. This means that the investment environment in the region “At the present time, there is a weak environment and the factors surrounding it have been negatively affected according to the current circumstances.”
Haider added, in an interview with Al-Sabah, “We hope that an agreement will be reached between the federal government and the regional government next year, and they are on the way to a solution according to our perceptions. Financial benefits will also be disbursed on time according to the budget, and it is certain that this will reflect positively on the region.” “.
Edited by: Ali Abdel Khaleq
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