KRG Investment Board Chair visits Austria, Slovakia

Austrian companies in Vienna heard about the investment and trade opportunities in the Kurdistan Region, at the first business lunch to be jointly hosted by the Kurdistan Regional Government Austrian Representation and the Austrian Federal Chamber of Commerce. The guest of honour was Chairman of the Kurdistan Investment Board Minister Herish Muharam, who on the same visit led the first KRG delegation to the Slovak Republic.

The event brought together Austrian companies, entrepreneurs and institutions who have shown much interest in the Kurdistan Region’s rapidly developing economic sector, particularly in the areas of agriculture, tourism, industry and infrastructure.

In his keynote address, Minister Muharam presented specific trade and investment opportunities.“International companies for years have enjoyed success in the Kurdistan Region. Now is the time for Austria to enjoy the same! Austria is known for their excellence in agricultural cultivation and machinery as well as the successful tourism promotion. The Kurdistan Region has many projects in these sectors open to you.”

Minister Muharam also stressed the need for greater Austrian participation in the infrastructure development of the Region, principally in the construction of schools, hospitals, roads and bridges.

Dr Richard Schenz, Vice-President of the Austrian Federal Chamber of Commerce (WKO), highlighted the positive experience he had in the Kurdistan Region during his visit with Austria’s Foreign Minister Dr Spindelegger in November 2011. He said,“ The business hub Erbil is not only the gateway to the Kurdistan Region, but also to the central and southern provinces of Iraq. The necessary conditions for trade and investment have been established by the Kurdistan Regional Government with the introduction of the legal framework for investment, the liberalisation of the economy, the speedy development of the infrastructure, the improvement of the financial and insurance sector, and the numerous trade fairs. The potential offered to Austrian businesses in Iraq is large and we have the greatest interest in deepening our trade relations.”

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