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Kurdistan Economy

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Re: Kurdistan Economy

PostAuthor: Anthea » Thu Jan 09, 2025 11:22 pm

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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Re: Kurdistan Economy

PostAuthor: Anthea » Thu Jan 09, 2025 11:33 pm

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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Re: Kurdistan Economy

PostAuthor: Anthea » Fri Jan 10, 2025 9:45 pm

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
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Re: Kurdistan Economy

PostAuthor: Anthea » Fri Jan 10, 2025 10:07 pm

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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Re: Kurdistan Economy

PostAuthor: Anthea » Sun Jan 12, 2025 7:45 pm

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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Re: Kurdistan Economy

PostAuthor: Anthea » Sun Jan 12, 2025 7:49 pm

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
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Re: Kurdistan Economy

PostAuthor: Anthea » Mon Jan 20, 2025 1:27 am

Mount Hasan Bag draws thousands

Thousands of tourists have flocked to Mount Hasan Bag in Erbil province, drawn by its scenic winter landscape despite snowfall levels being lower than in previous years

“The large number of visitors to the area itself is a good incentive for increased investment in our region. Within our programs and plans, we intend to work on some projects that will provide services for tourists, one of which is improving tourism infrastructure through roads,” Faisal Sadiq, head of Soran’s tourism directorate, told Rudaw.

Tourists have traveled hundreds of kilometers to admire the snowy scenery of Mount Hasan Bag.

“I've been to Duhok and Sulaymaniyah, but this is my first time coming to Erbil and Hassan Bag. The place is lovely and very beautiful, with roads winding through the mountains in pleasant weather. We're are at peace,” Hussein Amin, a tourist, told Rudaw.

Snowfall at Hasan Bag has not reached the levels of previous years, but visitor numbers have remained steady.

Tour groups and companies fill the mountainous landscape with tourists, especially on holidays

According to Soran tourism authorities, over 80,000 people visited the district’s tourist areas in the first 15 days of the new year.

https://www.rudaw.net/english/kurdistan/190120251
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Re: Kurdistan Economy

PostAuthor: Anthea » Fri Jan 24, 2025 10:01 pm

Korek Mountain Draws Over 4,000 Tourists
Every Friday Amid Heavy Snowfall


ERBIL (Kurdistan24) – With heavy snowfall blanketing the Kurdistan Region, Korek Mountain in the Independent Soran Administration has become a popular winter destination, attracting over 4,000 tourists every Friday, according to its administrative director, Hussein Ali

The Kurdistan Region’s snow-covered mountains are drawing thousands of tourists eager to enjoy the winter season.

Among the most visited destinations is Korek Mountain, well-known for its scenic landscapes and winter activities.

Situated in the Independent Soran Administration, Korek Mountain experiences heavy snowfall annually, transforming it into a magnet for both locals and international visitors.

Hussein Ali, Administrative Director of Korek Tourist Mountain, spoke to Kurdistan24 about the influx of visitors. "Annually, with snowfall and the covering of Korek Mountain, many tourists visit, especially during weekends and holidays," Ali stated.

Accommodation Amid High Demand

The Korek Mountain tourist complex has 132 tourist houses and hotels, including 94 rooms, but demand often exceeds capacity during the peak winter season.

"Accommodation spaces are constantly full, especially on Fridays, when more than four thousand tourists visit us and spend an enjoyable time," Ali noted.

Developing Tourism in Kurdistan’s Mountains

Korek Mountain is part of the Kurdistan Regional Government's broader efforts to develop the region’s mountainous areas as tourism hubs.

Over the past several years, investments in infrastructure, facilities, and attractions have transformed these natural landscapes into popular destinations for leisure and adventure tourism.

With its majestic peaks, snowfall, and outdoor activities, Korek Mountain stands as a shining example of the Kurdistan Region's untapped tourism potential.

As visitors flock to enjoy the serene beauty and recreational opportunities, the mountain underscores the economic and cultural value of investing in the region’s natural resources.

Growing Winter Tourism Industry

The Kurdistan Regional Government’s focus on utilizing mountains like Korek for tourism projects is paying off, attracting thousands of visitors during the winter season.

With growing interest, there is potential for further development, including expanded accommodations and additional winter attractions, to meet the increasing demand.

As tourism continues to thrive, Korek Mountain not only provides enjoyment for visitors but also contributes to the region’s economic growth, showcasing the Kurdistan Region as a premier destination for winter tourism.

https://www.kurdistan24.net/en/story/82 ... y-snowfall
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Re: Kurdistan Economy

PostAuthor: Anthea » Tue Jan 28, 2025 9:02 pm

KRG to Attract Foreign Investments

The Kurdistan Regional Government’s investment board is undertaking a comprehensive review of its investment licensing process to streamline procedures and encourage foreign direct investment in the Kurdistan Region

In a meeting held in Erbil, chaired by Dr. Mohammad Shukri, Chairman of the Investment Board, representatives from the International Finance Corporation (IFC), the Ministry of Agriculture, the Ministry of Municipalities, the Environmental Protection and Improvement Board, and other government entities discussed steps to simplify the investment process.

Shukri highlighted the lengthy current procedures, noting that obtaining an investment license involves approximately 300 steps and takes between one to three years, which can deter potential investors.

    “Our goal is to restructure and accelerate the licensing process by reducing bureaucratic hurdles and creating a more welcoming environment for investors, particularly Arabs and foreigners,” he stated
The investment board has partnered with the IFC to improve the regulatory framework and has established an advisory unit to ensure investors receive adequate support and confidence throughout the licensing process.

In 2024, the Kurdistan Investment Board issued 179 investment licenses worth $3.41 billion, covering 8,804 hectares and creating over 12,000 jobs. The commission aims to further enhance these figures by optimizing its licensing framework and making the Kurdistan Region a more attractive destination for international investments.

https://www.basnews.com/en/babat/873623
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Re: Kurdistan Economy

PostAuthor: Anthea » Sat Feb 01, 2025 12:35 am

KRG’s Rights Challenged by Political Factions

ERBIL (Kurdistan24) – Ashwaq Jaff, a senior member of the Kurdistan Democratic Party (KDP) Central Committee, has accused an unconstitutional political force of obstructing Iraq’s political stability and undermining the principles of federalism

In an interview with Kurdistan24, Jaff stated that certain factions within Iraq’s political landscape are actively working against the Kurdistan Region’s constitutional rights and financial entitlements.

A Cycle of Unproductive Negotiations

Jaff criticized the ongoing negotiations between the Kurdistan Regional Government (KRG) and the Iraqi federal government, arguing that repeated talks and agreements have failed to yield tangible results.

She attributed this to Baghdad’s inability to govern effectively within a constitutional framework, accusing political actors of exploiting legal loopholes to sideline the KRG.

“The continuous negotiations and agreements prove that the federal government has failed in establishing a constitutional governance system,” Jaff said.

“The lack of respect for the constitution and federalism has led to a political process dictated by forces that do not acknowledge the rights of provinces, including the Kurdistan Region,” she added.

A Political, Not Technical, Issue

Jaff emphasized that the dispute over financial entitlements, including KRG employees’ salaries, is not a technical issue but a political maneuver aimed at weakening the Kurdistan Region.

    She noted that despite KRG’s full compliance with constitutional provisions, Baghdad continues to delay budget allocations, severely impacting the livelihoods of Kurdistan’s citizens
“The KRG has submitted all necessary evidence and met Baghdad’s conditions, yet the delays persist,” she said.

“This is purely political, as even Iraqi parliamentarians acknowledge. The Federal Supreme Court has ruled in favor of KRG’s entitlements, yet Baghdad continues to manipulate the process, depriving citizens of their rights,” she stated.

Centralized Governance Mindset

According to Jaff, one of the fundamental obstacles to resolving the crisis is the persistence of a centralized governance mentality among Iraqi decision-makers.

Despite the 2003 constitutional transformation that established Iraq as a federal state, many political actors still operate under a centralized mindset, resisting the devolution of power.

“Federalism is not exclusive to the Kurdistan Region—it applies to all provinces. Yet, certain political forces refuse to recognize this reality and instead attempt to impose a centralized governance model,” she explained.

Foreign Influence and Internal Political Struggles

Jaff further alleged that foreign interference is exacerbating tensions between the KRG and Baghdad, with external actors influencing domestic political decisions.

    She suggested that some factions within the federal government are using the Kurdistan Region as a scapegoat to further their own political interests, particularly with national elections approaching in less than ten months
“The opposition to agreements between Erbil and Baghdad is not entirely domestic. There are external forces influencing Baghdad’s decision-making,” she claimed.

“Additionally, internal disputes among Iraqi political parties are being projected onto the Kurdistan Region as a way to gain electoral leverage,” she added.

Budget Amendment Standoff

The impasse over Kurdistan’s financial entitlements is set to be a critical issue in the upcoming parliamentary session.

Iraqi MP Zozan Kocher told Kurdistan24 that numerous political parties are obstructing the passage of the federal budget law amendment, which includes provisions to resume Kurdistan’s oil exports.

“Many political parties are not cooperating in passing the amendment,” Kocher said. “This delay is costing Iraq an estimated 15 trillion dinars annually, making it imperative to reach a resolution.”

A Call for Constitutional Adherence

Jaff concluded by reaffirming the Kurdistan Region’s commitment to constitutional governance while urging Baghdad to uphold its legal obligations.

“The constitution must be the guiding principle for all political decisions,” she asserted.

“The KRG remains committed to dialogue, but it cannot continue to engage in endless negotiations while its citizens suffer the consequences of Baghdad’s unconstitutional maneuvers,” she emphasized.

As Iraq’s political landscape remains fraught with tensions, the outcome of the upcoming parliamentary vote on the budget law amendment could play a crucial role in determining whether the federal government is willing to uphold the constitutional framework or continue its current trajectory of political brinkmanship.

https://www.kurdistan24.net/en/story/82 ... highlights
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Re: Kurdistan Economy

PostAuthor: Anthea » Sun Feb 02, 2025 10:53 pm

PM Barzani welcomes budget amendment

ERBIL (Kurdistan24) – Kurdistan Region Prime Minister Masrour Barzani on Sunday in a post on X welcomed today's vote by the Iraqi parliament on the federal budget law amendment

“I welcome today's vote by the Council of Representatives on the federal budget law amendment,” the premier said.

He also added “I thank everyone who supported the amendment. I also thank the KRG Kurdistan Regional Government negotiating team for their efforts to put in place a mechanism to resolve the salary issue.”

Prime Minister Barzani also hoped that “this positive step in amending the budget law will be the beginning of resolving all other disputes and the federal government's commitment to provide financial entitlements of the Kurdistan Region.”

The Prime Minister’s statement came after the Iraqi Parliament approved a key amendment to the federal budget law on Sunday. This crucial step will allow oil exports from the Kurdistan Region to resume.

https://www.kurdistan24.net/en/story/82 ... -amendment
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Re: Kurdistan Economy

PostAuthor: Anthea » Mon Feb 03, 2025 11:47 pm

KRG secures salary agreement with Baghdad

Speaking at a press conference, Noori highlighted the success of recent negotiations, stating, “After 10 days of discussions in Erbil and five days in Baghdad, we were able to reach an agreement with the Iraqi Ministry of Finance to guarantee salary payments without obstacles.”

ERBIL (Kurdistan24) – In a major breakthrough for the Kurdistan Region, Minister of Finance and Economy Awat Janab Noori announced on Monday that an agreement has been reached with Baghdad to ensure the uninterrupted payment of salaries for Kurdistan Region civil servants in 2025.

Speaking at a press conference, Noori highlighted the success of recent negotiations, stating, “After 10 days of discussions in Erbil and five days in Baghdad, we were able to reach an agreement with the Iraqi Ministry of Finance to guarantee salary payments without obstacles.”

The agreement marks a significant achievement in ongoing efforts to strengthen relations between the Kurdistan Regional Government (KRG) and the federal government. Noori emphasized that resolving financial disputes with Baghdad has been a top priority since the formation of the KRG’s ninth cabinet in 2019.

“The strategic issues of the Kurdistan Region must be addressed through Baghdad, and today we see the results of this long-standing policy,” Noori said. He credited the Kurdistan Region Prime Minister, the KRG leadership, the Iraqi Minister of Finance, and members of the Iraqi Parliament for their dedication in securing the agreement.

With this milestone, the long-awaited salary distribution is set to begin as early as tomorrow or the day after, bringing relief and stability to civil servants of the Kurdistan Region.

This development is seen as a positive step toward fostering greater cooperation between Erbil and Baghdad, ensuring financial security for thousands of civil servants and reinforcing the region’s economic stability.

https://www.kurdistan24.net/en/story/82 ... l-servants
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Re: Kurdistan Economy

PostAuthor: Anthea » Wed Feb 12, 2025 1:04 am

Kurdistan, Italy Sign Tourism Deal

An Italian company has signed a contract with the Kurdistan Government (KRG) to develop a tourism project in the Soran region, officials said on Tuesday

The agreement was reached during the first economic forum between Italy and the Kurdistan Region, held in Rome on February 11 to enhance cooperation across various sectors and boost investment.

Lawand Mahmoudi, a member of the executive council and representative of the Erbil Chamber of Commerce and Industry, told BasNews that the contract was signed between Visit Kurdistan and the Italian company to promote tourism in the Region.

He emphasized that strong political ties between Italy and the Kurdistan Region have laid the groundwork for expanding economic and trade relations. “This partnership will help facilitate investment opportunities between the two sides and strengthen business cooperation,” Mahmoudi added.

https://www.basnews.com/en/babat/875015
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