The Kurdistan Regional Government (KRG) is making significant strides in diversifying its economy and creating employment opportunities through foreign investment. A German car manufacturing company is preparing to establish a new factory in the Kurdistan Region of Iraq (KRG), marking a major milestone in the region’s industrial development.
According to official sources from the Kurdistan Regional Investment Board, a delegation from the German company recently visited the region to assess the feasibility of the project. The delegation has since returned to Germany to conduct further studies on the proposal, and the Investment Board is awaiting their return to finalize the details of the collaboration.
As part of the agreement, the KRG has committed to providing the company with free land for the factory’s construction. In addition, the company will be classified as a domestic entity, benefiting from a 10-year tax exemption. The KRG has also pledged to offer a range of incentives and support to facilitate the investment process, making it a favorable environment for foreign investors.
The total cost of the project is estimated at approximately $500 million. The project is expected to officially commence with the inauguration of the tenth cabinet of the Kurdistan Regional Government, signaling the government’s commitment to fostering industrial growth and job creation within the region.
This development follows the success of the Infinix smartphone manufacturing facility, which opened in Erbil in September of the previous year. The Infinix factory, the first of its kind in the Middle East with the involvement of Chinese technology experts, has the capacity to produce up to 30,000 mobile phones per month.
