Despite the humanitarian and security burden on the KRG, had it not been for the dramatic drop in oil prices and the cut of the KRG share of the federal budget by Baghdad, we would have been in a much better condition financially. If we are to recover from these assaults on the economy of the Region, we will need the cooperation of the private sector, and the enthusiasm of our foreign investors and workers.
Over the past ten years, we have made tremendous progress in our efforts to develop our energy sector, to build the infrastructure of a modern state, and to provide quality services to our citizens. Our progress was far from perfect, but it was genuine progress. The twin challenges of our budget and ISIS have forced a level of suffering on our people that they are bearing with great dignity and pride.
We must never forget that the government can do a great deal in terms of ensuring the rule of law, providing security, and improving the service infrastructure, but the real engine of growth in Kurdistan is the private sector. As we are nearing the end of military campaign against ISIS in Iraq, it is important for us to refocus our attention to revitalize our economy. We say with confidence, that Kurdistan is open for business and remains safe and secure. Our Region provides a novel opportunity for foreign investment.
We have benefited from our experience and believe we can benefit yet more from the successful experiences of countries around the world. KRG policies fully support both the local and international private sector; we encourage and promote foreign investment for the mutual benefit of all.
In the end, I would like to conclude my remarks with two key messages:
First, the outstanding support of the international community for Kurdistan and Iraq in the fight against terrorism reflects an investment in the future of Kurdistan and the Kurdish people.
And my second message to you is Believe in Us. We are your friends and your allies; we are fighting a battle for humanity against an enemy many of you do not even know. We are developing energy resources that can help your societies and economies; we are supporting your policies and alliances in the Middle East Region; we are a responsible partner; we are following a development path that holds great hope for our future. Believe in Us. Stand With Us. Together we will win and ensure a win-win partnership.