By John Lee.
KRG Prime Minister Masrour Barzani has launched Invest Kurdistan, a new platform dedicated to investment in the Kurdistan Region.
Oddly, the statement did not provide a link to this new platform, but we found it here: https://invest.gov.krd/
From a business perspective, the key points highlighted in the statement are as follows:
- Investment Opportunities: The Invest Kurdistan Launch is a platform dedicated to investment in the Kurdistan Region. It aims to facilitate local and foreign investors by providing access to information on investment opportunities in the region.
- Importance of the Private Sector: The statement emphasizes the significance of the private sector's role in the development and progress of the country's economy. It acknowledges the support and partnership of the private sector in overcoming challenges and contributing to the government's efforts.
- Overcoming Challenges: The Kurdistan Region has overcome various challenges, including the impact of the COVID-19 pandemic, instability in global markets, and political and financial issues. The successful navigation through these challenges highlights the resilience of the region and its potential for further growth.
- Improving Investment Climate: The government has taken steps to improve the investment climate by removing legal and bureaucratic barriers. Efforts are being made to enhance the banking sector, digitalize services, increase efficiency, and reduce process times for companies.
- Diversified Economic Policy: The Kurdistan Region supports diversified investments in sectors such as agriculture, tourism, and industry. The region's stable and peaceful environment, favorable geography, and available resources present opportunities for investors.
- Human Capital and Innovation: Investing in the people of Kurdistan is seen as a means to ensure a brighter future. The establishment of the Kurdistan Innovation Institute (KII) aims to harness the potential of talented individuals and attract local and foreign investors interested in innovative projects.
- Natural Resources and Tourism: The region's natural landscape, pleasant weather, water, and fertile land offer opportunities for investment in agriculture and the food industry. Kurdistan's nature and weather also make it an attractive destination for tourism investment in the Middle East.
- Economic Development for the Whole Region: The Kurdistan Region aims to contribute to the progress of the entire region and Iraq as a whole. The statement highlights the desire for the Kurdistan Region to serve as a gateway for companies to work in other parts of Iraq.
- Iraqi Budget Law and Good Management: The statement expresses hope for the fair implementation of the Iraqi budget law, free from political interference. It emphasizes the need for good and just management to leverage Iraq's rich resources and bring the country to the ranks of developed nations.
- Job Creation and Economic Revitalization: The Kurdistan Regional Government (KRG) aims to create more jobs for its citizens and revitalize the region's economy through strategic development plans and attracting investments across various sectors.
- Collaboration and Feedback: The government intends to engage closely with local and foreign investors to listen to their remarks and suggestions. It demonstrates an openness to collaboration and a commitment to fostering a prosperous and stronger Kurdistan through collective efforts.
Full text of the speech:
Dear guests,
I would like to welcome you all to the Invest Kurdistan Launch, a platform dedicated to investment in the Kurdistan Region.
Invest Kurdistan is a platform for investment in the Kurdistan Region. It will facilitate local and foreign investors and provide access to information on investment opportunities in the Kurdistan Region.
I have always said that the public sector and the private sector complement each other. This is not just a slogan, we believe in this and we apprehend the significance of the private sector's role in the development and progress of the country's economy.
We've overcome difficult challenges these past years, the impacts of the coronavirus pandemic, the instability of global markets, and the political and financial problems of the local and regional areas. All of these became major obstacles in front of us. Thankfully, with the resilience of Kurdistanis, our plans to overcome that difficult phase were a success, with the direct partnership with Kurdistan's private sector. Therefore, I take this opportunity to give a special thanks to the private sector of the Kurdistan Region, who have always stood in support in times of crisis and helped the government and our people.
Ladies and gentlemen,
Now it's time to move forward with our plan for a brighter future. We want to ensure that investors in the domestic and foreign sectors have greater confidence in Kurdistan Region's market. We have made tangible progress to remove legal and bureaucratic barriers in our investment strategy. We've made progress but we know there's more to do to make it easier for investors.
We know that investment requires a reliable and efficient banking sector. That's why in this cabinet we took the initiative to develop this sector. With teams from my office and international experts, we are working to transform the Kurdistan Region from a cash-based market to a market with a reliable banking system.
We are continuously working to digitalize and modernize services that facilitate investment, from business registration to procurement procedures. We have tried to increase efficiency in investment and reduced process time for companies. I am certain there is still more to be done in this space. I want to address the relevant institutions here; to expedite the process of providing land for investors as soon as possible.
The Kurdistan Region is a stable and peaceful region. Our region's environment and geography are encouraging for investment in agriculture, tourism and industry. We have adopted a diversified economic policy, so we support diversified investments in all possible ways.
There are substantial resources in this country. Human capital is our greatest asset. By investing in our people, we can ensure a brighter future for all of us. Last year, I announced the Kurdistan Innovation Institute (KII) to find and invest in our people's potential. The ideas and innovations of our talented people can become the focus of big projects and local and foreign investors can benefit from them.
Another strong resource that we have is the beautiful and colorful natural landscape. We have pleasant weather and four seasons, and we have water and fertile land. Kurdistan's agriculture and food industry are big opportunities for investors.
Our nature and weather also create the best opportunity for tourism investment in the Middle East.
Ladies and gentlemen,
We are with the progress of the whole of Kurdistan Region and Iraq, and we believe that if the Kurdistan Region develops and grows, it will benefit the whole of Iraq. We want the Kurdistan Region to be a gateway and the beginning of companies to work here and in other parts of Iraq.
In the past, Iraq's capital and revenue have not been used well. Citizens of the Kurdistan Region have been discriminated against. Now an opportunity has emerged and we hope that the Iraqi budget law will be implemented with justice and unaffected by political meddling. I have a good understanding with Prime Minister Mohammed Shia Al-Sudani, and I believe that with the support of all parties, we can face political and economic challenges and together we can bring Iraq to the ranks of developed countries in the world. Because the whole of Iraq is rich in all respects and only requires good and just management.
Ladies and gentlemen,
The Kurdistan Region Board of Investment has announced more than 1,000 investment opportunities in different sectors. Now as the KRG, we understand and have strategies to develop our region in the interest of both investors, and our citizens. We want to do this to have created more jobs for our people and revitalize Kurdistan's economy.
And I will personally meet more closely with local and foreign investors, so that we can hear their remarks and suggestions. I hope that this is the start of more investment in Kurdistan across all sectors.
Let's all work together to have a prosperous and stronger Kurdistan.
(Source: KRG)
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