The Kurdistan Region offers a market of 5 million people with a GDP per capita of 4,800 dollars and GDP growth of seven percent last year. The Kurdistan Region’s growing population is driving demand for high quality consumer and investment goods, and our open and tolerant society attracts business and tourists from the rest of Iraq. Erbil and Suleimania have modern and well connected international airports, and Kurdistan is a safe and stable region that increasingly serves as a bridgehead into the rest of Iraq and neighbouring countries
The Kurdistan Investment Law is one of the friendliest in the Middle East, granting land ownership for somestrategic projects, providing duty exemptions and ten-year tax breaks, repatriation of profits, and free orsubsidized utilities. Companies can benefit from thesevery generous incentives, and use Kurdistan as a launch pad for other parts of Iraq.
Thanks to Kurdistan’s and Iraq’s rising oil production and an expanding private sector, today our people can fulfil many of their needs and aspirations. But we have a long way to go, and we recognise the need to continue developing our basic infrastructure. So over the next fewyears, we will continue to focus on developingelectricity, road transportation and water. For example, we have increased electricity supply from four hours a day to around 20 hours, thanks to private investment using the Build-Operate-Own model.
We used leading international consultants to help us develop strategies for electricity, water and road transport. We hope that foreign companies will help us to implement these strategies. In the Kurdistan Region, I dare say that the Kurdistan Regional Government and the private sector are no longer looking for the cheapest suppliers and trading partners. There is a growingrecognition that quality represents value for money.
In the Kurdistan Region we have a vision of how to achieve greater prosperity, and we have identified the key sectors that will help us to fulfil our vision: