President Nechirvan Barzani highlights the importance of private sector

President Nechirvan Barzani visited the Kurdistan Region pavilion at the Annual Investment Meeting (AIM Congress) in Abu Dhabi today, as part of his official visit to the United Arab Emirates.

During his visit, the President appreciated the participation of the Kurdistan Region in the annual investment summit. He extended his congratulations to Dr. Mohammed Shukri, Chairman of the Kurdistan Region Investment Board, along with his team, the relevant entities of the Kurdistan Regional Government, and those investors and small business groups from Kurdistan Region present at the summit, wishing them all success.

The President emphasized the critical role of the private sector in the development of any country. He noted that in the recent meeting with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, they held comprehensive discussions as to the investment opportunities available in the Kurdistan Region. He mentioned that a special investment envoy would be sent to the Kurdistan Region, marking a significant advancement for investment in the Region.

The Iraqi Ambassador to the UAE accompanied the President of the Kurdistan Region during this visit.

President Nechirvan Barzani's remarks to reporters:

“We arrived in Abu Dhabi for an official visit to the UAE, where Dr. Mohammed Shukri was aware of our presence and graciously invited us to meet here. I express my gratitude for his invitation. I am pleased to observe that there is a place here (at the summit) in Abu Dhabi, known as Kurdistan and Iraq, which tries to see what measures can be taken to instill confidence in foreign investors considering investment in Kurdistan. It is a firm belief that the private sector serves as the driving force behind a nation's development. We established the Investment Board on the principle that the private sector should be empowered to contribute significantly to the country's reconstruction and development. In Kurdistan, more than in any other region globally, it is essential for the private sector to collaborate closely with the government to enhance prosperity. Reflecting on the progress in Kurdistan since the inception of the Investment Board, it is evident that such advancements would not have been possible without the efforts of private sector investors. I extend my heartfelt congratulations to all private sector investors in the Kurdistan Region for their vital contributions to its development. I am optimistic about the success of your endeavors within the Investment Board and look forward to seeing an increase in both domestic and foreign investment in the Kurdistan Region, which can serve as a gateway to all of Iraq.

“Certainly, any investor considering a country, requires a few essential elements. Firstly, the regulations must be clear and transparent, and we have frequently emphasized the importance of swift transaction processes. I believe commendable progress has been made in this regard. Specifically, I observe that there has been effective collaboration with the Ministry of Municipalities and the Ministry of Agriculture, leading to advancements in this area. Secondly, it is crucial to have a mechanism for resolving disputes should they arise. I understand that a commercial court has been established to address such matters, which is a significant development. The third aspect pertains to the banking sector. While some banks are under the jurisdiction of the Kurdistan Region, further collaboration with Baghdad is necessary to enhance this situation. If these conditions are met, a favorable environment will be created for investors to engage confidently in the country. I hope that Kurdistan continues to thrive with your support and increased investment in both the region and Iraq.”

Regarding the formation of the new cabinet and resumption of the oil export:

“A significant dialogue is currently taking place between us and the PUK. As you are aware, recent holidays, including Newroz and Ramadan, have overlapped, which was the main reason for the delay. I believe we are progressing well towards establishing a government. While there are some technical challenges, the Kurdistan Regional Government is prepared to commence oil exports through the pipeline at the earliest opportunity."

Addressing the impact of regional issues on Iraq, the President said, "It is crucial that Baghdad, particularly Prime Minister Sudani, has taken extensive measures to prevent Iraq from descending into chaos. They have worked diligently to ensure that Iraq does not become part of the problem. Iraq itself faces numerous challenges, and it is essential that it remains uninvolved in any regional conflicts. What I observe in Baghdad is the Iraqi Prime Minister's strategy to contain the situation and prevent it from escalating within Iraq."

The President further noted, "We are engaged in discussions to establish a government as swiftly as possible, but there is no intention to delay this process until after the parliamentary elections in Iraq, neither within the KDP, the PUK or in other parties. We hope to see these discussions resume promptly, leading to the formation of the new cabinet."

Regarding the economic relations between the Kurdistan Region and the UAE, the President said:

“Following our recent meeting, it is evident that we engaged in an extensive discussion yesterday with His Highness Sheikh Mohammed bin Zayed Al Nahyan, the President of the UAE. I can affirm that the UAE is earnestly and genuinely seeking investment opportunities within the Kurdistan Region. In this regard, they are in the process of appointing, or may soon appoint, a special envoy dedicated to investment in the Kurdistan Region, marking a significant advancement. This initiative is currently under consideration and may be officially announced in the near future. Such a development is a promising indication of the UAE's intent to invest in Kurdistan and to facilitate investment throughout Iraq. The current trade volume between the UAE and Iraq stands at approximately $30 billion, a portion of which involves the Kurdistan Region. Our aspiration in the Kurdistan Region, which is also why you, the Investment Board, are here, signifies a desire for increased UAE investment in Kurdistan. Thank you very much.”