Prime Minister Masrour Barzani's Speech at the Invest Kurdistan Launch
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.