The UAE is the leading investor in Iraq’s Kurdistan region and has registered a 28 per cent increase in investment inflows in the period 2006 to 2008, according to the Minister of Foreign Trade.
Speaking at a forum called “Investment in Iraq’s Kurdistan” Sheikha Lubna Al Qasimi, UAE Minister of Foreign Trade, said yesterday that this was because of the ability of UAE-based companies to discover investment opportunities early.
Another reason was the highly competitive business atmosphere in the country, which lead to these companies being proactive both in their home market and abroad, she said.
She said the UAE’s non-oil exports to Iraq rose by more than 89 per cent in 2008 compared to a year earlier to stand at $358 million. The value of re-exports from the UAE to Iraq remained a high $2.6bn, though it registered a marginal fall of 5.7 per cent.