International investors and the business community need an effective and reliable financial services sector in order to make significant and sustainable investments. The banking sector is still in its infancy. The only two global banks present in Kurdistan – HSBC and Standard Chartered – are both British-based. Both are stepping up their activities here and are looking to provide substantial corporate financing; local banks with global reach.
Other financial services such as risk assessment and accounting are also crucial to growth. London, the world’s financial powerhouse, is the global home of both industries. Many international companies will need the services of companies that specialise in advising investors on how to mitigate the risks that insurers associate with doing business in Iraq.
UK-based companies like Control Risk and Garda World are leaders in enabling companies to enter the market safely and effectively. The four world leaders in accountancy services, KPMG, Deloitte, PWC and Ernst and Young all have offices that they can work out of in Erbil. Kurdish companies looking to move beyond the confines of Iraq will find themselves increasingly in need of their services.
British companies are also working to preserve and promote Kurdish culture. For example, the British firm, Consultancy for Conservation, is working closely with UNESCO and the KRG on the restoration and redevelopment of the Citadel.
One of the roles of my team here in the Consulate General is to tell UK companies that Kurdistan is open for business and to come and see it for themselves. One part of the UK where that message has really taken root is Northern Ireland, home to some of the UK’s most innovate and dynamic companies, and I predict that there will be an increasing number of tie-ups between Kurdish and Northern Irish companies this year.
In addition, a large British delegation, including companies from Northern Ireland, will be attending the Erbil International Trade Fair in October. This follows on from the UK’s presence at last year’s event, which was the largest British business delegation to Iraq in recent memory.
We want to see a stronger UK commercial presence in Kurdistan. We are committed to doing all we can to make this happen.
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