Wednesday, January 11, 2012

Erbil most desirable city for foreign investment: survey

ERBIL, Jan. 11 – Erbil Governorate is the most desired destination for foreign investment in 2011 with over $1 billion USD (1.1 trillion IQD) channeled into Kurdistan Region in 2011.


Erbil Governorate received the lion's share, $1.26 billion USD (1.5 trillion IQD). That is about 57% of the $2.18 billion USD (2.5 trillion IQD) foreign money sloshing about the region according to a survey by Kurdistan Region's Investment Board.

The remaining two governorates of Kurdistan Region, Sulaimaniyah and Duhok, each attracted $563 million USD (657 billion IQD) and $457 million USD (534 billion IQD) in foreign investments respectively.

The majority of the foreign investment has gone to the housing sector, according to the survey.

Kurdistan Region is the hot spot for investment in Iraq since 2003 and is regarded as one of the Middle East's best growth prospects in 2012. According to statistics released by the Investment Board, the region has attracted some $16.2 billion (19 trillion IQD) in foreign investment over the past five years.

Of this again Erbil Governorate has received the lion's share, attracting 61% - $9.8 billion USD (11.5 trillion IQD) - across the five years.

In the same period Sulaimaniyah and Duhok attracted $2.7 billion (3.2 trillion IQD) and $1.5 billion (1.8 trillion IQD) respectively.

Kurdistan Region's boom in foreign investment has been accredited to its accommodating Investment Law, passed in 2007. The law provides incentives for foreign investors including the possibility of owning land, up to 10 year tax holidays, easy repatriation of profits and removal of tariffs on exports and imports related to the project.

Figures obtained from the Kurdistan Regional Government's Ministry of Trade last month showed a 30% increase in the number of foreign companies registering in Kurdistan Region in 2011. Up from 331 companies in 2010 to 433 companies this year.

By Raber Aziz (AKnews)

2 comments:

  1. Raul Castro declared as early as 2007 that Cuba needs more foreign investment, and the Communist Party’s economic reform blueprint reiterated the point: more foreign investment, from more countries, with projects evaluated more promptly and according to broader criteria.

    But not a great deal has happened, as Reuters reports. One long-time investor, Unilever, is pulling out, and the golf course projects remain in the “any minute now” status where they have been for years.

    The current reforms are being rolled out on a timetable that extends to 2015, so maybe everything is right on schedule. One wonders if the iffy health of Hugo Chavez is causing a re-assessment of the timetable.

    Meanwhile, the Economist reports on the arrest of a British subject some weeks ago, and El Universal reports on foreign capital flowing in to invest in houses and businesses

    .
    foreign currency exchange
    foreign currency trading
    foreign money investment

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  2. Well, foreign investment has to come with a good system of governance in order to leave a good impact on the country.

    Investment cannot have any impact on the development of a country if there is a system that does not provide stability for the investors.

    ReplyDelete

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