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Investment an economical index to Kurdistan
Haydar Mustafa
Investment in Kurdistan is holding a golden stage for local and foreign investors in the region. Kurdistan region government made a suitable atmosphere for investing in the region. Post war, Iraqi Operated War by March 2003, all of the political, economical, social and even cultural fields had taken basic changing. In 2006, KRG knew the possibility and commercial potential in the region and established a special board to take the economical opportunities for the investors. It was Kurdistan Board of Investment. After that a particular law had written to it. Investment Law of the BOI had passed the legal stages in the parliament and BOI started its activity as a center to attract capital to the region.
After about three years of the BOI starting, a general report of the board mentioned some details of this center. During this time, 123 investment projects are allowed to work in Kurdistan. The General Director of Research and Acknowledgment in BOI, Mr. Haydar Mustafa informed: "up to now, we allowed 123 investing projects in the region which just four of them had been refused by the investment law". In spite of this fact that most of the investors try to be sure about the related conditions in the region, but Haydar Mustafa mentioned: "foreign investors had the main role in the projects". "47% of the projects are taken by the foreign direct investment (FDI (, and %16 of them are done by government and foreign investment together. And the other %37 projects are holding by the local investors" He added.
Each country and region has its special field to invest. For example for Arabic countries and especially Middle East one, the petrol and energy sector has the main role to their economy. Investors in Kurdistan are interested by some certain sectors to invest. The General Director of Research and Acknowledgment in BOI said:" there are three certain sectors which are interested by the investors at first, for example, Tourism, Agriculture and Reconstruction & Settlement sectors are the most sectors which the local and even foreign investors interested by". Obviously, there are some legal problems which appear for both of the BOI and investors during the projects. "Haydar Mustafa" mentioned: "among these 123 projects, according to the Investment Law four projects are denied from the BOI and the other 119 projects are holding by the investors now". The projects are divided on the Kurdistan provinces as Erbil, Sulaimany and Duhok. About the details of the projects divisions on the region, Haydar Mustafa mentioned: "from the 119 projects, in Erbil 61, Sulaimany 43 and in Duhok province 15 projects are on working now". Certainly the BOI activities to attract investors to the region are supported by the Investment Law. The law is suitable, but actually there is another chance to make it better. The General Director of Research and Acknowledgment in BOI, Mr. Haydar Mustafa told: "investment law in Kurdistan is suitable to be reformed in order to make it better and clarify it more, we ordered to hold a special conference to review the law and make it more useful for both of BOI and investors at all".
Recently, most of the great companies around the world and especially the succeed one appeared in Kurdistan economic field. All of them have desire to invest in Kurdistan region. Damac, DNO and the other foreign famous companies try to attend the Kurdistan region to invest. Which are more than thousand companies and both of the government and investors refer to the Investment law. According to these status and the commercial abilities of the region, actually it impacts usefully on political field of the country and the international position of KRG.
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