ERBIL, Kurdistan Region of Iraq - Prime Minister Masrour Barzani said on Tuesday that the Kurdistan Region has an “attractive” landscape for foreign investment, while strongly lauding the private sector for coming to the aid of the government at times of need, especially when the Region was grappling with a myriad of crises, including serious budget issues with the central government in Baghdad, and the coronavirus pandemic.
“We are trying to provide equal opportunities to everyone. As for the bigger companies, we have a very attractive law of investment that is trying to attract either local or foreign investors to come and invest in Kurdistan with tax exemptions and facilitations that they need in order to be able to invest in Kurdistan,” Prime Minister Barzani said at a panel discussion at the World Governments Summit in Dubai.
A key objective of the Kurdistan Regional Government's (KRG) ninth cabinet and PM Barzani has been to revitalize and diversify the Kurdistan Region’s economy and a promising economic independence.
Leading a government delegation, PM Barzani is attending the three-day World Governments Summit and is scheduled to meet world presidents, leaders, and top officials on the sidelines of the event.
PM Barzani is accompanied by Deputy Prime Minister Qubad Talabani and Sasan Auni, minister of Municipalities and Tourism. PM Barzani’s meetings will focus on enhancing relations between Erbil and the international community “in the fields of economy, investment, and trade,” according to a statement by the KRG.
Prime Minister Barzani commended the private sector for supporting the KRG when it was grappling with serious financial woes in the past years.
"Of course, [the private sector] has also been very helpful in terms of the crises that we have gone through, with the times of Covid, for instance, with times of political disputes that we had with the federal government where the budget of Kurdistan was completely cut. What helped us was the private sector,” PM Barzani said.
He went on to say: “The private sector was the one that really kept our economy running, and despite all the challenges, we managed to actually develop, not stop that where we were at the moment."
Parts of the PM Barzani’s discussions focused on the role of youth in the developments the Kurdistan Region has seen across many sectors, as well as the KRG’s grassroots reforms projects.
“We have been trying to look at the wellbeing of the people. How we can do this? Of course, the expectations are too many. There is always the younger generation that is more motivated and wants to have a better future. There is also the old generation that used to have this particular way of life, and you need to also accomodate their needs. Keeping this balance is a bit challenging, but it is not impossible,” the Kurdish premier said.
The prime minister of the Kurdistan Region hailed the UAE as “a model” that Erbil has "been looking up to.”
The UAE "has helped us to accelerate the changes and the reforms that we have done in our region.”
The Kurdish leader said the government is keen to resolve its outstanding issues with the central government in Baghdad.
“We are trying to solve our political disputes and problems with the federal government in Baghdad, but at the same time look at the opportunities that are available, work closely with the private sector, to look at how can we reform the government projects.”
“You always have to put people at the center of your agenda,” PM Barzani said. "That is exactly what I did.”
“In ten years time, I see Kurdistan as a peaceful, prosperous, developed Region that become a beacon of hope for many people in this turbulent area of the Middle East, with a developed economy, sustainable economy, with basically a digital banking and financial system, with investment coming from different parts of the world, and of course with the diversification policy that we have today. “
The participation of PM Barzani in the World Governments Summit is to actively engage the Kurdistan Region in the international conferences and forums, to "bolster the role and position of Kurdistan as an influential factor and partner in the international community."
In January, PM Barzani headed a delegation of eleven Kurdish investors and businessmen for the World Economic Forum in Davos, meeting world leaders to build stronger relations with the international community, especially in the sectors of trade and investment, and develop the economy of the Kurdistan Region.
The World Governments Summit is “a global, neutral, non-profit organization dedicated to shaping the future of governments.”
“One of the World Governments Summit’s key themes will explore the critical questions governments are grappling with to ensure their policies are aligned with their citizens’ needs, and how these efforts can be effectively achieved and monitored,” according to the World Government’s Summit Organization.
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