The Prime Minister of the Kurdistan Regional Government (KRG), Nechirvan Barzani, has praised the role of the private sector in stimulating Kurdistan’s economy, as the region is dealing with financial challenges.
During a speech at a conference organized by the Kurdistan Federation of Chambers of Commerce and Industry on Sunday, Prime Minister Barzani said that his government “believes that the private sector could play a major and important role in developing, reviving and diversifying the Kurdistan Region’s economy.”
Below is the transcript of Prime Minister’s speech:
Ladies and gentlemen,
Welcome to the opening ceremony of the third conference of the Kurdistan Federation of Chambers of Commerce and Industry. A special welcome to Mr. Adnan Al-Qasar, the Honorary President of Arab Chamber for Commerce and Industry, and participants from neighboring and friendly countries. It is my wish to see this conference provide a favorable and successful platform to the participants. I commend the organizers of this conference in Erbil.
The role of the private sector in revitalizing the Kurdistan Region’s economy, which is the title of this conference, is an important issue and has always been a priority of the Kurdistan Regional Government.
The Kurdistan Regional Government believes that the private sector could play a major and important role in developing, reviving and diversifying the Kurdistan Region’s economy. Therefore, the government has provided incentives for local and foreign companies and created major job and investment opportunities in all sectors.
The Kurdistan Regional Government is also exploring more options to provide more opportunities and further empower the private sector. The government is considering to gradually privatize certain public services, which will provide more opportunities for the private sector. The privatization policy, especially during economic and financial challenges, will ease the burden on the regional government and help revive the economy of Kurdistan Region.
Lessons from the developed countries show that the private sector could play a major role in improving industry, agriculture, tourism and other sectors, and could become a cornerstone of a strong economy. In order to achieve that, the private sector needs the support and oversight of the government by having laws and regulations that encourage labor and investment, whether for major and strategic projects, or for medium and small businesses.