And in 2006, about 20,000 jobs were created in the private sector, but in 2012 the number had increased to 340,000 jobs. Per capita income had increased from $500 in 2003 to $5,000 in 2012.
In 2007, the total investment in the Kurdistan Region was four billion dollars. Today, that number stands at 47 billion dollars, with many investments in industry, housing and tourism sectors.
The government’s policy and the support it offers are the main incentive for investment in the Kurdistan Region. Only the local private sector market has 669 investment projects, worth $37 billion. This is an indication that the private sector trusts the government and its supportive policy in further boosting the role of the private sector in the Kurdistan Region.
Ladies and Gentlemen,
One of the aims of the government's plan to overcome the current challenges is to further support the private sector in order to grow its activities effectively and efficiently, generate further income and attract more job seekers instead of the public sector. The government will exert all its efforts to meet this objective.
I hope that the researches and studies presented in this conference will provide constructive recommendations that would help implementing the Kurdistan Regional Government's policy to further support the private sector.
The Kurdistan Regional Government also works to remove all the obstacles that had hampered the private sector's growth; namely those legal and constitutional obstacles under the Iraqi laws related to financial policy, commerce and customs along the borders and in the provinces of the Kurdistan Region.
We have examined laws and issued various regulations to help the private sector to play a greater role in building and developing our economy. In the past, based on observations and recommendations by the private sector, we amended some laws and regulations and will continue to do so until the private sector is able to provide its most effective contribution to the country’s economy.
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