Kurdistan is an important oasis for investment. Security and economic stability eliminates the housi

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[size=52]Kurdistan is an important oasis for investment. Security and economic stability eliminates the housing crisis in the region[/size]

[size=45]Erbil/Susan Taher[/size]
[size=45]The Kurdistan Region has faced difficult economic conditions since 2014, as a result of cutting the financial budget allocated to it, and these conditions continued, as a result of the push and pull between Baghdad and Erbil regarding the financial agreement.[/size]
[size=45]However, despite these circumstances, the region was able to confront this crisis and reduce its effects through investment, as Kurdistan remained an important oasis for local and foreign businessmen and companies, as a result of the fertile environment and security available within the region.[/size]
[size=45]Security stability[/size]
[size=45]Writer, journalist and economic affairs specialist Jawad Malikshahi says, “It is natural that the issue of the economy and attracting investments requires a stable security and political environment, and without that, the investor cannot risk his capital and invest in a chaotic environment.”[/size]
[size=45]Malakshahi added in his speech to (Al-Mada) that, “After the change that took place in Iraq in 2003, the Kurds participated in the political process and writing the constitution strongly and had great weight in Baghdad, but Baghdad and other provinces in the country witnessed intense terrorist attacks, and then the sectarian war broke out.” .[/size]
[size=45]He continued, “During that period, due to the harmony of the two main Kurdish parties with the other small parties and the formation of a harmonious government and a common understanding parliament in the region, the Kurdistan region witnessed great political and security stability, and oil companies were invited to enter the oil market in the region, and this in itself helped to increase imports, and they began The government is implementing important strategic projects, especially restoring the destroyed and dilapidated infrastructure and providing services to the people.”[/size]
[size=45]He stated that “this stable environment and the investment law, which granted investors many facilities, prompted companies from neighboring countries, the region, and the world to come to the region and contribute to working on multiple projects in all fields,” adding that “security and political stability, the investment law based on rationality, oil imports, and the provision of good opportunities for companies were “It is one of the most important factors to attract investors and solve the economic crisis in the region.”[/size]
[size=45]In 2006, the regional government took a major step forward by establishing the Investment Council, which the regional government entrusted with the task of leading efforts to attract investment to the region by simplifying licensing processes, providing incentives, supporting investors, and creating a business climate conducive to investment.[/size]
[size=45]Encouraging foreign investors[/size]
[size=45]The former member of the Kurdistan Regional Parliament for the fifth session, Rebwar Babkai, confirms that the Kurdistan Region has a strong will emanating from rational leadership.[/size]
[size=45]Babaki said in an interview with (Al-Mada), “The Kurdistan Regional Government has plans and programs to address the financial crisis, and committees were formed to discuss with the Iraqi government in order to commit to implementing the agreements, including the budget law.”[/size]
[size=45]He added, “There are programs developed by the government to provide all facilities to the investor, whether local or foreign. Security exists and there are no security or administrative harassments to which the investor is exposed in the region.”[/size]
[size=45]Also, the regional parliament voted to amend the investment law, which includes many facilities for investors, including tax exemption, as well as equality between local and foreign investors, as well as providing full legal protection.[/size]
[size=45]Facilities and fertile environment[/size]
[size=45]The head of the Investment Authority in the Kurdistan Regional Government, Muhammad Shukri, believes that the facilities in the region for investors and businessmen are not available in the Iraqi governorates and countries in the region.[/size]
[size=45]Shukri said in his speech to (Al-Mada) that “Masrour Barzani’s government in the Kurdistan region supported investment and encouraged the provision of a suitable and fertile environment for the investor, both foreign and local, and the foreign investor feels safe and stable about his life and his money within the region.”[/size]
[size=45]He pointed out that “the government is moving towards supporting investment by directing all ministries and institutions within Kurdistan to cooperate with investment companies, facilitate their affairs, and stay away from administrative routine.”[/size]
[size=45]Also, the issue of registering investment and commercial companies within the region is not delayed and the procedures are simplified, and compared to other countries in the region, the Kurdistan region encourages and provides greater facilities to investors, and this includes the privileges and incentives contained in the investment law.[/size]
[size=45]32 thousand companies[/size]
[size=45]There are more than 32,000 companies registered in the Kurdistan region, 3,362 of which are foreign companies.[/size]
[size=45]The Kurdistan Regional Government made the company registration system electronic, and the cost of establishing companies was reduced by 80 percent, which led to an increase in the proportion of foreign companies in the region.[/size]
[size=45]The Director General of Company Registration in the Kurdistan Region, Buland Muhammad, said in press statements, “Foreign companies operate in the Kurdistan Region in a variety of fields, such as agriculture, oil, investment, and roads, with assets ranging between 500 and one million dollars, which has many benefits for creating job opportunities.” In the region.”[/size]
[size=45]According to official statistics, in 2023, the Kurdistan Regional Government issued 154 investment licenses to the private sector, which provided about 10,000 job opportunities in the region, with investment capital reaching $47 billion so far.[/size]
[size=45]Overcoming the economic crisis[/size]
[size=45]Economic expert Karwan Ali confirmed that the region was able to overcome the economic crisis and provided a suitable environment for investors that encouraged them to have a strong presence within the cities of Kurdistan.[/size]
[size=45]Ali explained in his speech to (Al-Mada), that “thanks to investment, the region was able to get rid of the housing crisis, as a result of the presence of hundreds of residential complexes in Erbil, Dohuk, and Sulaymaniyah, to varying degrees, selling apartments and houses to citizens in installments, and this encouraged them to buy and get rid of the housing crisis.”[/size]
[size=45]However, investment is still in limited areas, such as oil, housing, health, and education, and the government must encourage investment in the areas of agriculture, transportation, industry, and tourism, especially since the soil and environment of the region are prepared for investment.[/size]
[size=45]Kurdistan has fertile soil and a suitable climate for large agricultural projects, livestock breeding and the food industry. The low elevation and terrain of the region provide excellent opportunities for creating unprecedented tourism projects.[/size]
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