Prime Minister Nechirvan Barzani yesterday chaired a meeting of the Kurdistan Region’s High Council for Investment to discuss various issues related to investment and the economy.
In the meeting, implications of the current situation and the latest developments in the Kurdistan Region were discussed, as well as the economic crisis and the effects that Baghdad’s decision to withhold the KRG budget have had upon investment and projects currently under construction in various sectors.
Possible solutions to manage the economic and financial difficulties in the Kurdistan Region were also raised in order to encourage continued investment in all sectors.
The Council stressed the importance of speeding up approval of the draft legislation for the Housing Board in order to regulate guidelines for housing projects and licenses based on such legislation, as some projects have been suspended in the absence of this law.
The law would address individuals and families with low income and would ensure that they are among the first candidates to benefit from low-income housing projects.
The High Council for Investment also decided to review the guidelines set for licensing investment projects, especially for companies that seek to begin or continue construction and are awaiting the new legislation. The Council decided to form a committee to review all projects in industrial, tourism, and agricultural sectors and make decisions accordingly.
The Investment Council also formed a committee to investigate claims filed by companies affected by the current economic and financial situation in the Kurdistan Region. Many of these companies are seeking project extensions because they could not continue or complete their projects, and have been delayed.
The committee will examine each project separately, for each company, to prevent any market exploitation amid the circumstances.