Kurdistan Region Prime Minister Masrour Barzani has urged local investors to take a bigger role in major economic projects.
Specifically, he called on business leaders to form strong consortia. These groups would help deliver large industrial and infrastructure projects across the Kurdistan Region.
This move aligns with the Kurdistan Regional Government’s wider economic strategy. In particular, officials want to strengthen domestic manufacturing, reduce imports, and diversify the economy beyond oil revenues.
Meanwhile, Mohammed Shukri, Chairman of the Kurdistan Board of Investment, said the Prime Minister recently met local investors and encouraged closer cooperation.
According to Shukri, the government wants investors to combine resources, expertise, and capital. As a result, local businesses could manage large projects that often depend on foreign companies.
“The Prime Minister asked local investors to form strong groups to carry out major government projects, especially large factories,” Shukri said.
Additionally, the government sees domestic investors as a key driver of economic growth. Investment Board data shows local investors account for nearly 83% of total investors in the Kurdistan Region.
At the same time, officials say support for the private sector remains a government priority. From mid-2019 to the first quarter of this year, the board issued 754 investment licenses.
Overall, these projects represent around $22 billion in capital from local and foreign investors. Officials say the Kurdistan Region’s stability and investment-friendly laws continue to attract capital.
Furthermore, foreign investors remain active in the regional market. For example, Chinese companies have invested more than $4 billion in recent projects.
Officials also confirmed agreements with Chinese investors to establish three factories in Erbil. These facilities will focus on manufacturing and automotive parts assembly.
Additionally, authorities revealed plans for a future electric vehicle production facility in Erbil. Currently, investors are studying the project in detail.
Meanwhile, 54 major investment projects worth nearly $11 billion are under implementation across the Kurdistan Region.
Ultimately, by encouraging local consortia, the KRG aims to strengthen the domestic industry. In the long term, officials believe this strategy will create jobs, improve infrastructure, and reduce dependence on oil revenues.
