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Kurdistan region should look to Dubai for
inspiration
11.1.2007
By Greg Aris
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January 11, 2007
Dubai, -- Iraq's economic revival can and
should be based on Dubai's hugely successful model -
and provinces which adopt the same free market
values can achieve similar prosperity within 20
years, trade experts claimed.
Dr Mohammad Baban, senior economic adviser to the
prime minister of KRG - the semi-autonomous
Kurdistan region in (northern Iraqi) province which
has its own army and separate government - said the
country's ability to breathe new life into an
economy decimated by decades of sanctions and war
hinged on immediate decentralisation of the
financial decision making process.
"For many years there was too much control from one
source, which in turn led to discrimination of
certain regions and individuals - it's no wonder we
find ourselves in this state," he said.
Baban highlighted Dubai's transformation from a
simple fishing port and pearl harbour - with few
natural resources - to the second largest and
arguably the most diversified economy in the Middle
East.
"How did Dubai become such a success? Long term
ideas and realistic targets, along with the
promotion of people from different religions and
cultures living in harmony," he told delegates.
As well as encouraging the private sector to take an
active role in rebuilding the country, Baban
stressed the most crucial step in creating a vibrant
economy was training an Iraqi workforce.
"Without investing in human resources we will go
absolutely nowhere with these plans," he added.
Following Dubai's lead, KRG has built an
international airport and created a $200 billion
private investment arm, which Baban said was to act
as a catalyst to attract the private sector and not
as competition.
Timothy Mills, president of the American Chamber of
Commerce in Iraq, one of the conference's
organisers, said Dubai's economic model could be
applied to every region in Iraq.
"In developing in a similar way to Dubai, provinces
can be at a similar stage as the emirate between 15
and 20 years."
OPPORTUNITY Beyond the violence
Private UAE companies are being urged to look beyond
common perceptions of Iraq and focus instead on
potential investment opportunities in peaceful areas
of the country.
Iraqi provincial leaders and American economic
experts based in Iraq say significant returns can be
made in sectors including oil and gas equipment,
construction materials, health, tourism and IT.
They say Baghdad's almost daily carnage hides the
fact that areas including north-western KRG,
centrally located Karbala and the southern port of
Umm Qasr offer potential for UAE companies looking
to invest overseas.
"This is not a simple time to be doing business in
Iraq," admitted Andrew Wylegala, counsellor for
Commercial Affairs for the US Embassy in Baghdad.
Wylegala said cellular licence holders such as
Motorola are earning "handsome rewards" from the
Iraqi telecommunications sector - an industry which
has experienced investment worth approximately $800
million in the last three years.
gulfnews com
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