ERBIL, Kurdistan Region – Tough times lie ahead for the world economy as a result of the coronavirus pandemic, especially for oil producing nations, yet the Kurdistan Regional Government (KRG) Board of Investment has set out an ambitious plan for growth in 2020.
With a raft of infrastructure schemes designed to attract private foreign investment, the KRG appears determined to diversify the economy away from oil – an overreliance upon which has left Iraq and the Kurdistan Region extremely vulnerable to global price fluctuations.
Industry, agriculture, and tourism seem to be particular priorities in the 2020 investment plan, together with big infrastructure projects in water, electricity, housing, and mass transit. Health, education, social care, and banking are also considered high priorities.
Since it was created in 2006 under Investment Law no. 4, the KRG Board of Investment has implemented 890 projects, opened up more than 65,500 dunams of land for development, and has overseen a total capital investment of $52 billion, covering every sector of the economy except oil and gas.
The vast majority of this was state spending (81 percent), while the remainder came from foreign investors (12 percent) and through joint ventures (7 percent).
With a drop in oil revenues putting a dent in the KRG’s public investment fund, and a renewed spat with Baghdad threatening its 12.67 percent share of the federal budget, the KRG Investment Plan 2020 is a clear invitation to foreign firms to spend in Kurdistan.
Industry
In its plan, the Board of Investment identifies industry as “a pillar of development”. It highlights the availability of raw materials in the Kurdistan Region for expanding its production of metals and other materials.
Food manufacturing is also an area with promise thanks to the Kurdistan Region’s rich agriculture. The board hopes development in this field will help the Kurdistan Region “achieve food security”.
The outbreak of coronavirus has demonstrated the value of domestically manufactured medical supplies – items that can quickly fall into short supply when imports are in high demand.
The board has therefore prioritized moves to develop a pharmaceutical industry in line with current Good Manufacturing Practice (cGMP) regulations.
Land will be opened up for new industrial cities and zones where these industries can grow sustainably, according to the plan.
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