Erbil: Iraq is a suitable environment for investment due to security, political stability

INA - BAGHDAD

The Kurdistan Region confirmed on Tuesday that Iraq has become a suitable environment for attracting foreign capitalists and companies due to security and political stability.

"Investment is of utmost importance in all economies of the world, to increase financial returns for countries, companies and investors in general. It also contributes to strengthening the national economy, by diversifying sources of financial revenues, and achieving sustainable development," said the representative of the Kurdistan Region, Faris Issa, during the World Investor Day conference - attended by the Iraqi News Agency - INA reporter.

Issa added, "The success of investment in all countries depends on many factors, including economic and political stability, positive expectations for economic growth, technological progress and innovation in investment opportunities in emerging sectors, in addition to government policies, plans and programs that are purposeful and encourage investment, facilitate appropriate tax procedures, and provide an encouraging environment for investors."

"Today, due to the security and political stability, Iraq is a suitable environment to attract capitalists and foreign companies. From this standpoint, we must all cooperate to provide a better environment to attract investors to develop the economic movement and seek to put an end to the rentier economy in the country, which depends largely on the revenues of oil wealth. It is often exposed to price fluctuations in global markets, which directly affect our economy negatively and positively," he noted.

He pointed out that "the Kurdistan Regional Government, by Investment Law No. 4 of 2006, has granted licenses and permits for projects included in the Investment Law, and provided investment opportunities according to the needs of the region, in addition to supporting investors to import equipment and raw materials necessary for their projects, exempting them from taxes and customs duties, as well as providing land for establishing projects." 

The representative of the Kurdistan Region explained that "these facilities created a suitable environment for investment in the Kurdistan Region, and through it, we were able to attract many foreign companies and capitalists, who completed many small and strategic projects in all sectors. The government of Masrour Barzani is still working according to well-studied and ambitious plans to attract more companies according to the region's need for them." 

Issa indicated that "cooperation and coordination can be established between the investment commissions in the federal and Kurdistan governments in developing solid plans and programs that are compatible with Iraq's economic reality, and by benefiting from the experiences and expertise of developed countries in this field."