Kurdistan Economy

[Anthea]

Olive farming thrives in Duhok

There are nearly a million olive trees in Duhok, with farmers and investors planning to plant more trees in the province

Idris Mohammed is a skilled olive farmer. He fled his hometown of Afrin in northwest Syria after it fell under the control of Turkey and Syrian militants is supports in 2018. He is helping locals in Duhok to improve olive farming.

He told Rudaw that there are efforts to increase the number of olive trees in Duhok.

"Some are Spanish, some are Bashiqi, and others are Turkish. There are many varieties, all mixed together in a single orchard. When picking olives from it, you'll often notice that different parts of the olives ripen at varying times. We know some farm owners who wish to expand their orchards and plant more trees.

Fars Kochar, a Duhok investor, has planted 50,000 olive trees over an area of 200 dunams in the last 12 years. He also plans to double the number of trees and increase the cultivation of the Cornicabra olive variety, which is renowned for its high olive oil yield.

"I plan to increase it to 100,000 trees and establish an olive oil factory. From these olives we've planted, we have 100 tons of olives that we give to traders who turn them into olive oil for Duhok citizens. There is a lot of demand for it, you know, because it's very beneficial for health," he told Rudaw.

The government, along with the private sector in Duhok, is working to make Duhok the leading olive producer in the Kurdistan Region.

According to Jamil’s office, there are approximately 900,000 olive trees in Duhok province.

The annual production capacity is 34 tons of olives.

https://www.rudaw.net/english/kurdistan/090120251

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PM Barzani Urges Baghdad to

Honor Kurdistan’s Rights

Kurdistan Prime Minister Masrour Barzani called on the federal government in Baghdad to respect the constitutional rights of the Kurdish people and fully deliver the Region’s financial entitlements

The appeal came during PM Barzani’s meeting with Italian Deputy Ambassador to Iraq, Chiara Franchini, on Thursday, where they discussed strengthening bilateral ties, particularly in economy and trade, and addressed regional developments.

“The meeting focused on enhancing bilateral cooperation, particularly in the areas of economy and trade, as well as addressing the broader situation in Iraq and the region,” PM Barzani’s office said in a statement.

“They also highlighted the importance of resolving disputes between the Kurdistan Region and Iraq’s federal government, emphasizing respect for the constitutional rights of the people of Kurdistan.”

Ongoing financial disputes between Erbil and Baghdad have left Kurdistan Region public employees facing salary shortfalls. Despite fulfilling its obligations under the federal budget, the Kurdistan Regional Government (KRG) accuses Baghdad of withholding funds allocated for salaries.

In a Council of Ministers meeting on Wednesday, PM Barzani emphasized the need for Baghdad to adhere to the federal budget law. Deputy Prime Minister Qubad Talabani and the council reviewed the financial challenges of 2024, noting that the KRG has used 960 billion Iraqi dinars from domestic revenue to cover salary deficits.

According to Omed Sabah, Chief of the Office of the Council of Ministers, Baghdad has yet to honor its allocation of 11.576 trillion dinars, forcing the KRG to maintain services and investment projects with limited resources.

Prime Minister Barzani reiterated the importance of resolving disputes through dialogue and mutual respect, ensuring stability for both the Kurdistan Region and Iraq.

https://www.basnews.com/en/babat/871803

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All Parties to Address Finance with Baghdad

The Kurdistan Government (KRG) has invited all Kurdish political parties with representation in the Iraqi parliament to a meeting in Erbil on Saturday to address ongoing financial disputes with the Iraqi federal government

Aziz Ahmed, deputy chief of staff to Prime Minister Masrour Barzani, announced the gathering on X, stating, “All Kurdistani blocs in Baghdad have been invited to Erbil for talks due to ongoing delays and disputes over federal payments to the Kurdistan Region. Meetings are scheduled throughout the day tomorrow.” Ahmed added that Kurdish ministers in the federal government will also participate, emphasizing the importance of presenting a “strong, unified signal.”

The KRG has faced significant challenges in paying its civil servants on time and in full for the past decade, a situation exacerbated in March 2023 when its independent oil exports ceased following a court ruling on disputes between Iraq and Turkey. As a result, the KRG has become heavily reliant on local revenues and its share of the federal budget, which has been subject to delays and disagreements. Baghdad has yet to release December salaries for the Kurdistan Region’s civil servants, leaving payment timelines uncertain.

Kurdistan Region President Nechirvan Barzani is expected to visit Baghdad next week to attend a meeting of the State Administration Coalition, the ruling alliance that includes Kurdistan’s political parties. According to his spokesperson, Dilshad Shahad, Barzani will also hold separate discussions with political parties during his visit, scheduled to begin on Sunday.

The State Administration Coalition, which regularly addresses national and regional developments, is composed of parties that back Iraq’s current cabinet, including the ruling Kurdish factions. Kurdish political parties collectively hold about 60 seats in Iraq’s 329-member parliament and occupy several high-ranking positions, including the presidency and key ministerial posts in foreign affairs, justice, the environment, and construction and housing.

https://www.basnews.com/en/babat/871881

[Anthea]

Launch of International Stock Exchange

ERBIL (Kurdistan24) – The much-anticipated Erbil International Stock Market is set to open its doors soon, according to Yasser Saboor, the Executive Director of the Erbil Stock Market, in an exclusive interview with Kurdistan 24

Saboor revealed that the Kurdistan Regional Government (KRG), alongside five major banks and all regional Chambers of Commerce, has invested in the new exchange by purchasing shares. "To date, 57 companies have also bought shares in the Erbil stock market," Saboor added, noting that individual investors are encouraged to participate as well.

The initiative to establish a stock market in Erbil was first proposed in 2008, with the necessary licenses granted in 2014. Initially scheduled to open in 2015, the launch was postponed due to the conflict with ISIS and subsequent delays brought on by the global pandemic.

Economic Implications for Kurdistan

The inauguration of the Erbil International Stock Market represents a significant milestone for the economic development of the Kurdistan Region. By facilitating easier access to capital for businesses and offering investment opportunities for local and international investors, the stock market is poised to bolster the economic infrastructure of the region.

For the citizens of the Kurdistan Region, the new market could mean increased job opportunities, enhanced financial services, and broader economic diversification. As local companies gain the ability to raise capital through public offerings, they can expand and innovate, driving economic growth and stability.

Furthermore, the presence of an international stock market in Erbil could attract foreign investment, improving the region's global economic integration. This, in turn, would lead to more competitive industries and potentially higher standards of living for its residents.

Overall, the establishment of the Erbil International Stock Market is expected to create a more dynamic economic environment in the Kurdistan Region, fostering growth, innovation, and prosperity for its citizens.

https://www.kurdistan24.net/en/story/81 ... k-exchange

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Athens-Erbil Flights Resume

Trade Volume Rises 25%

The Director General of Erbil International Airport, Ahmad Hoshyar, announced on Sunday that monthly commercial traffic at the airport has surged to 2,500 tons, marking a 25% increase in trade volume compared to 2023

“In 2024, there was about 2,500 tons of trade per month, an increase of about 6,000 tons compared to 2023,” Hoshyar told Kurdistan 24.

He highlighted that Erbil International Airport has maintained its position as Iraq’s leading airport for cargo for the past four years.

Hoshyar also revealed plans for expanded international connectivity in 2025, particularly with the resumption of flights between Erbil and Athens.

“Flights between Erbil and Athens will resume on February 15,” he stated, adding that additional international routes are also in development.

Erbil International Airport continues to play a vital role in facilitating trade and travel in the Kurdistan Region, with increasing cargo operations and growing international flight options.

https://www.basnews.com/en/babat/872076

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Canada Eyes Investment in Kurdistan

Canada is advancing its trade relations with the Kurdistan Region by encouraging its businesses to invest in the area, the Canadian Ministry of Trade and Foreign Relations announced

Canadian Ambassador to Iraq, Christopher Boehm, expressed optimism about Kurdistan’s potential during his visit to Erbil. He noted that he has “always seen change during my visits.” Kurdistan continues to present opportunities for Canadian businesses, the diplomat said, reaffirming Canada’s support for the Kurdistan Regional Government’s (KRG) efforts to grow its labor market and attract investments.

Boehm made the remarks following a meeting with members of the Erbil Chamber of Commerce and local business leaders aimed at fostering a robust business network and identifying investment prospects.

Gilan Haji Saeed, President of the Erbil Chamber of Commerce and Industry, highlighted the positive outcomes of the KRG’s economic policies. “Trade and investment in Kurdistan, particularly in Erbil, are thriving thanks to the government’s efforts under the leadership of Prime Minister Masrour Barzani to streamline bureaucracy and boost efficiency,” he said

The KRG has prioritized diversifying revenue streams, improving infrastructure, and attracting foreign investment, particularly in the agriculture and tourism sectors, as part of its development agenda.

This latest move aligns with Canada’s broader strategy to strengthen global trade ties, positioning Kurdistan as a promising partner for economic collaboration.

https://www.basnews.com/en/babat/872049