Economic Development of Iraqi Kurdistan and Investment Opportunities
Seven billion dollars was invested in the city of Erbil in the last eight years. The effect of this investment can be seen in the infrastructure and construction of the city. Furthermore, about 65% of an $18 billion investment to support the private sector was spent on Erbil.
Nawzad Hadi, the governor of Erbil, explains that “the Kurdistan Regional Government (KRG) plans to develop the area economically and to develop the infrastructure along with the investments and the opportunities given to support private sector, all started after the year 2004.” Seven billion dollars was invested in the city of Erbil in the last eight years. The effect of this investment can be seen in the infrastructure and construction of the city. Furthermore, about 65% of an $18 billion investment to support the private sector was spent on Erbil. “When we look at the total amount of $25 billion being spent on a single governorate we’ll find that it is a big budget and that it has resulted in changing citizens’ income, their purchasing power, the economic and commercial activity, accordingly Erbil became an important trade centre not only to the region but to all of Iraq and it is even called the economic capital of Iraq.” Moreover, along with economical developments, Erbil’s international relations have improved, as well. Hadi continues, “There are also representatives of about 27 consulates in Erbil including: USA, Russia, France, UK, and Germany besides the neighbouring countries like Turkey, Iran, Palestine, Egypt, UAE and Jordan.”
Iraq now has the right to use the natural resources its land has to offer, and with this, Iraqi Kurdistan has made agreements with important oil & gas companies. “The KRG is making use of all authorities granted under the Iraqi constitution without any hesitation.”