Barham Salih [Saleh], the Prime Minister of Kurdistan's Regional Government, said he expects 12 per cent growth in the region’s economy next year.
Speaking at the opening ceremony of the Sulaimaniyah Trades Fair, Salih (pictured) praised the economic boom in the Kurdistan Region.
“This city [Sulaimaniyah] used to be like a military camp, a war zone and a terror zone which was deprived from any opportunities of development,” Salih said. “A bright future is ahead of us. The figures indicate a 12 per cent increase in the economic growth next year.”
Salih also said Kurdistan Region’s annual budget, which is deducted from the federal budget on a 17 percent basis, will increase by 30 percent from $10 billion USD (11,500 billion IQD) to $13 billion USD (15,000 billion IQD) “which will create a hot market and will bring more economic boom to Kurdistan”.
“Now, investment volume in Kurdistan Region has topped $16 billion USD (18,500 billion IQD). Only in Sulaimaniyah city, the investment volume is $6.4 billion USD (7,500 billion IQD),” Salih said.
Salih described the region as a gateway to the Iraqi market.
The Trades Fair in Sulaimaniyah brought together 270 foreign and local companies from 19 countries who exhibited their products in the fields including trade, industry, agriculture, food and automobiles.