Investment in Kurdistan region of Iraq tops US$12 billion
Posted: Sun February 21, 2010 11:45 am
IRAQ. Non-oil investment in the Kurdistan Region of Iraq totaled more than US$12 billion over the last three years, according to the Board of Investors of the Kurdistan Regional Government.
While the rest of Iraq struggled for stability, the Kurdistan Region saw an influx in development and economic growth. "We want to inform the companies that we have a situation quite different from that in other parts of Iraq," Kamran Mufti, Director-General Council said.
The primary source of investment in the Kurdistan Region was the local housing sector, which saw an increase of US$4.7 billion. The banking sector followed at US$2.29 billion.
Of foreign investment in the region, Kuwait and Lebanon contributed the most, with approximately US$3.1 billion, representing a quarter of total investment during the period. Total investments from within Iraq totaled US$8.59 billion.
Officials in the Kurdish Region of Iraq do not place a priority on where investments originate. "We want to inform investors that we need them," said Mufti.
"There is no difference if they are local or foreign." Overall, about 70% of foreign investment in the Kurdistan Region comes from neighboring Turkey.
The Kurdistan Region, which is the safest and most stable part of Iraq, issued 241 investment licenses from 2006 to present, with Erbil cited as the most sought after investment location. Currently, a US$6 billion deal with the United Arab Emirates is pending.
The Kurdistan Region of Iraq has a burgeoning economy built upon progressive economic policies and growing government transparency. Investment opportunities span every sector, including oil and gas, electricity, energy, agricultural and the service industries. The government remains committed to lowering barriers of entry for new business.
Posted: Sun February 21, 2010 11:45 am
IRAQ. Non-oil investment in the Kurdistan Region of Iraq totaled more than US$12 billion over the last three years, according to the Board of Investors of the Kurdistan Regional Government.
While the rest of Iraq struggled for stability, the Kurdistan Region saw an influx in development and economic growth. "We want to inform the companies that we have a situation quite different from that in other parts of Iraq," Kamran Mufti, Director-General Council said.
The primary source of investment in the Kurdistan Region was the local housing sector, which saw an increase of US$4.7 billion. The banking sector followed at US$2.29 billion.
Of foreign investment in the region, Kuwait and Lebanon contributed the most, with approximately US$3.1 billion, representing a quarter of total investment during the period. Total investments from within Iraq totaled US$8.59 billion.
Officials in the Kurdish Region of Iraq do not place a priority on where investments originate. "We want to inform investors that we need them," said Mufti.
"There is no difference if they are local or foreign." Overall, about 70% of foreign investment in the Kurdistan Region comes from neighboring Turkey.
The Kurdistan Region, which is the safest and most stable part of Iraq, issued 241 investment licenses from 2006 to present, with Erbil cited as the most sought after investment location. Currently, a US$6 billion deal with the United Arab Emirates is pending.
The Kurdistan Region of Iraq has a burgeoning economy built upon progressive economic policies and growing government transparency. Investment opportunities span every sector, including oil and gas, electricity, energy, agricultural and the service industries. The government remains committed to lowering barriers of entry for new business.