Kurdistan
eBizguides Kurdistan
Great business opportunities
Le guiaré a lugares increíbles
The concept of eBizguides
eBizguides aims to provide on-the-ground information about the country economic performance, the main investment opportunities and acute business intelligence research about who are the leaders and influencers of the country and which are the top 100 companies. All you need to know about doing business in a country and in a unique publication that also includes a small tourism guide. eBizguides are the world's leading business intelligence guidebooks. Click to read more.
Primary sectors
The economy of the Kurdistan region of Iraq is based on three primary sectors: energy, agriculture, and tourism.The KRG has established an open investment policy with significant incentives to attract foreign investorsto further boost other sectors such as tradeand industry. Due to relative peace and stability in the region, it has a more developed economy compared to the rest of Iraq. The Kurdistan Region is making serious efforts to achieve high levels of economic and social development.
Economic activities
An increasing share of the Kurdistan Regional Government’s budget is allocated to building the infrastructure, including electricity, water, housing, transportation, telecommunication, education and health, as well as other social development indicators. In all its economic activities the KRG relies on the private sector for implementing projects and activities. It adheres to the policy of promoting joint ventures and shareholding ownership. The private banking sector is picking up and several private and regional banks have opened branches. But there is more room for expansion,
particularly for insurance companies.
particularly for insurance companies.
INVESTMENT
As a general rule, a foreign company which is “carrying on business” in the Kurdistan Region is required to establish a legal presence in the Kurdistan Region (e.g. company, branch office etc.). While there is no specific definition of what constitutes “carrying on business”, typically an obligation would arise when the company obtains premises (including rented premises) in Kurdistan Region, or retains personnel on a more than temporary basis. Penalties may apply in respect
of failure to register the enterprise. Kurdistan’s notable economic growth, estimated at 12 percent during 2012, has been driven largely by the country’s oil industry. The region’s oil and gas reserves are proven to be among the 10 largest reserves in the world. Before 2007, Patriotic Union of Kurdistan (PUK) and Kurdistan Democratic Party (KDP) signed 6 contracts with foreign oil companies, which were later honoured by the KRG. After 2007, KRG has adopted KRG oil and gas law, and has concluded around 50 contracts including the ones signed before 2007, almost all of which are production-sharing contracts, covering areas where up to now has seen no substantial commercial production. Growth in the oil sector has positive spillover effects on the rest of the economy. The table & bar chart below shows the overall value of investment over the period 1/8/2006 to 15/2/2012 across 12 economic sectors.
of failure to register the enterprise. Kurdistan’s notable economic growth, estimated at 12 percent during 2012, has been driven largely by the country’s oil industry. The region’s oil and gas reserves are proven to be among the 10 largest reserves in the world. Before 2007, Patriotic Union of Kurdistan (PUK) and Kurdistan Democratic Party (KDP) signed 6 contracts with foreign oil companies, which were later honoured by the KRG. After 2007, KRG has adopted KRG oil and gas law, and has concluded around 50 contracts including the ones signed before 2007, almost all of which are production-sharing contracts, covering areas where up to now has seen no substantial commercial production. Growth in the oil sector has positive spillover effects on the rest of the economy. The table & bar chart below shows the overall value of investment over the period 1/8/2006 to 15/2/2012 across 12 economic sectors.
Partner Companies
Kurdistan
The The name Kurdistan literally means Land of the Kurds. In the Iraqi Constitution, it is referred to as the Kurdistan Region. Iraqi Kurdistan or Kurdistan Region is an autonomous region of Iraq. It borders Iran to the east, Turkey to the north, Syria to the west and the rest of Iraq to the south. The regional capital is Erbil, known in Kurdish as Hawler. The region is officially governed by the Kurdistan Regional Government. The population is about 5-6 million. 95% of these are Kurdish Sunni Muslims. There are also significant numbers of Yazidis, Kakeyíand Christians. Kurds comprise the ethnic majority in the region while the Turkmen, Assyrians, Armenians and Arabs who reside particularly in the western part of the area make up the rest. The people living in the Kurdistan Region are Kurds as well as Assyrians, Chaldeans, Turkmen, Armenians and Arabs. The Kurds are descendents of the Medes, an ancient Iranic people. They are the largest ethnic group in the world who do not have a state of their own.
