Distinguished guests, this law was passed within the framework of
the constitutional powers of the Kurdistan Region to support the
government’s free market policy, promotion of the private sector and
to welcome investors.
I would like to express our thanks to the Kurdistan National
Assembly for their backing of the draft investment law submitted by
the KRG. Our special thanks go to the Speaker and the Deputy Speaker
of the parliament for their effective role and support in passing
the law.
Investment is a prerequisite for progress and continued economic
growth. Foreign and national investment, hand in hand with the
government efforts to regulate the working environment, is the
guarantee for achieving a developed economy.
Dear Guests,
We know there is much that we in the government must do to revive
our economy. But our economic growth will also depend, in large
part, on the degree to which we are able to attract foreign
investment to participate in the development of our economy.
Here I would like to assure our people that our purpose in passing
such laws is to provide more and better quality services to our
citizens and to provide employment opportunities to our citizens
that will add to the development of our region.
We have not taken this step without full consideration and study. We
have benefited from the experience of developed countries and we
have examined models of those who have taken a similar stand and
were able to provide the best services for their own people.
Distinguished guests,
Today the government is the main employer providing employment
opportunities for people. The KRG will continue to play its role in
the areas of rehabilitation of the infrastructure, providing social
services, security, and stability.
But the most dynamic aspect of our economy must be driven by the
private sector and investors. Information technology, oil, energy,
manufacturing and tourism industries are all areas that the private
sector can and must play an effective role.
Direct foreign investment plays an important role in the development
of the economy in three ways:
Firstly, it creates jobs in the manufacturing and services sectors.
For instance, when a foreign investor comes to the Kurdistan Region
and implements a project, employment opportunities are created for
our people.
Secondly, investment brings with it new techniques and methods and
provides necessary services. We do not have all the capabilities and
skills in the region yet and so we benefit from the experience and
expertise of international companies. This provides an opportunity
for learning and training for our national staff.
Thirdly, when foreign companies and investors come to the region
they help us to learn modern methods and sound business practices in
areas such as financial accounting and auditing systems,
international banking systems, modern management techniques, and
application of current information technologies.
Distinguished guests,
I believe that Kurdistan will come to serve as the gateway for the
rest of Iraq. The Iraqi market is a large market and companies that
enter this market can launch their enterprises from Kurdistan.
The investment environment in Kurdistan is conducive to
international investment. The airports in Erbil and Sulaimaniyah
continue to welcome visitors from around the world. The security and
stability of the Region remain our main focus. Efforts are underway
to provide a banking system that meets international standards.
During the past few months in Kurdistan and overseas, I have been
asked by investors and business people from the Middle East, Asia,
Europe, United States, and Canada, who all have an interest in
coming to Kurdistan to invest, what laws were in place to regulate
foreign investment.
Distinguished guests,
Today I am proud to announce that the investment law for the
Kurdistan Region was passed by the Kurdistan National Assembly and
approved by the President of the Kurdistan Region.
This investment law, first and foremost, is characterized by the
principle of fairness and justice. It takes these two principles
into consideration. We want investors to feel confident that they
will be treated equally and within the framework of the law. Their
rights and duties will be described and protected.
We, as the Kurdistan Regional Government, assure investors that
their capital and projects will be protected in accordance with
modern laws. Investors should not have any fears that the government
or other business will seize or take their capital and projects.
The changes we are making in our legal system along with this new
investment law will help to give all concerned the confidence that
their investments and their rights will be well protected in
accordance with the law.
In case of any disputes, should they arise, and we hope they will
not, they will be dealt with in a civilized and equal way in front
of the law.
We, as the KRG, will not stop here. We will continue to take other
steps to encourage more investors to come to Kurdistan.
I would like to assert that the foreign investor will get the same
support and cooperation that the national investor receives. We will
work to make their tasks easier and to reduce the bueracrcy and red
tape.
For this purpose, the Investment Board of the Kurdistan Region has
been established to be the main focal point to deal with this
important subject and to provide the necessary cooperation and
facilitation.
We are working to make the company registration processes easier in
order to attract more companies to the Kurdistan Region. We know
that until now investors and companies have faced mountains of
paperwork and meetings and sessions with government officials to get
approval to establish their offices. We have tried to simplify this
process.
We also want to assure our citizens that there is an element of
transparency in the law so that all citizens can know what foreign
and local investors are doing in the Kurdistan Region and what kind
of benefits such projects bring to our people and our region.
Apart from the points mentioned earlier the new law allows for full
ownership and repatriation of profits. This will make work much
easier for the investors. At the same time we will watch carefully
that these projects and investments will abide by the law and will
have direct benefits for the Kurdistan Region.
Distinguished Guests,
We, as the government, will be partners and supporters for the
economic development of the Region and the government will not be a
barrier to these works.
The KRG welcomes investment in the Kurdistan Region. It supports
joint venture projects with investors, the private sector and
government. We will work to create the proper environment for
investors.
We have faced oppression and suffering in the past but our people
remained firm. Today I have full confidence in our people that they
support us in our efforts. We are at the forefront of a new
experience in applying free market economic law.
We see it as our duty as the government to provide the legal
framework for work and to create conducive environments so that
investors can carry out their work freely and for our people to live
in prosperity and well being.
Dear Distinguished Guests,
I am pleased to announce that Mr. Herish Muharram Mohammad Amin will
take office as the chairman of the Investment Board in the Region
with ministerial rank.
Here on behalf of my dear brother, Omer Fatah, and myself, I warmly
congratulate him and wish him success in his mission. Mr. Herish is
a graduate of the College of Engineering, Department of Electricity.
He has worked in different fields. For many years he was program
director at SCF and later he headed the planning department at
Habitat. He also served as chairman of the reconstruction projects
board. His last post was chairman of the electricity board in
Sulaimaniyah. He has participated in many training courses both
inside and outside the country. He has gained good experience.
We wish him success in his work and want to assure him that he will
be given the full support of the KRG.
Again, thank you for attending.
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