Turkish Companies' Assets in Kurdistan Exceed US$ 600 Million

A source from Kurdistan Investment Board declared that the Turkish companies' assets in Kurdistan Region amount to US$ 621 million.

Confirming the figure, Haydar Mustafa, the Director General of Investigation & Information in the Board, told AKnews on Wednesday that although there are many Turkish companies operating in the Region the majority of them are contractors, dealing with the Region's Ministries for trade exchange.

"The majority of them do not carry out investment projects in the Region", he added.

Recently and especially after KRG President, Massoud Barzani, visited Turkey in May, bilateral trade and economic relations have improved.

The president's visit was followed by a Turkish delegation's two days stay in the Region, meeting with the Kurdish Premier, which further sped up the influx of the Turkish companies.

"A number of Turkish tycoons and businessmen have proposed to invest in Kurdistan", Mustafa said, adding "within the next months the final conclusions of the Turkish high trade delegation's meeting with the Kurdish top officials will be disclosed".

"Investment is a continuous project while contracting is temporary and a fast profit-making trade", Mustafa commented on possible reasons for reluctance to invest.

"Besides, the neighboring countries dominating trade and our strong trade links with them ... discourage businessmen to focus on investment in the Region", he explained.

According to the official figures by the Kurdistan Ministry of Trade & Industry 60 percent of the total 1,217 foreign companies operating in the Region are Turkish, said Fathi Mohammed Ali, the Economy & Trade Relations Advisor in the Ministry.

The foreign asset in Kurdistan Region is estimated to be some US$ 4 billion, according to Ali.

(Source: AK News)

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