The Kurdistan Region: Invest in the Future

The Kurdistan Region : Invest in the Future

His Excellency Prime Minister Nechirvan Barzani introduces the Kurdistan Region

The Kurdistan Region of Iraq is experiencing an unprecedented period of development, which we were able to consolidate because of the overthrow of Saddam Hussein’s
regime in 2003. Having emerged from the darkness of dictatorship into the light of democracy, we are determined not to squander this opportunity.

The Kurdistan Region can be an example to the rest of the country Foreword

We believe that Iraq can be a free, democratic, federal, secular, and pluralistic country if sufficient
efforts are dedicated to this goal. With our clear and comprehensive vision for the future, the Kurdistan
Region can be an example to the rest of the country in achieving peace, stability, democracy and
economic development.

To focus on development, we have created a unity government in our region, in which all political parties are included, and through which every person in the region is represented.

The Kurdistan Regional Government is determined to operate as the servant of the people in a transparent and accountable way, while upholding the principles of human rights and civil liberties. The Kurdistan National
Assembly (KNA), our regional parliament, makes the law, which the courts uphold, and our ministries manage most aspects of political decision-making.

There is a great deal to do – our people have suffered from genocide, and our region endured
decades of neglect. After years of isolation, we are embracing foreign interaction and encouraging foreign
direct investment.

To facilitate external engagement, the KNA passed our Investment Law in July 2006. This is a
comprehensive and investor-friendly law, offering generous incentives to outside investors, including the
right of full property ownership, tax and customs duty exemptions, repatriation and partnerships.

We believe that the private sector is the true engine of sustainable economic growth and that this law will
encourage the growth of this vital part of our economy by strengthening the legal guarantees
covering foreign investment.

In August 2007, the KNA passed the Kurdistan Region Oil & Gas Law. Under the Iraq Constitution,
regions have the right to manage their own previously untapped oil and gas reserves. We are implementing
our rights, but will share the oil revenue with the rest of Iraq, to benefit not only the people of our region, but
also the rest of the country. This law ensures that our people will be served by the most reputable
international oil and gas companies.

The National Assembly has also passed legislation to ensure that the rule of law is upheld at all times and that our law enforcement authorities have the necessary power to punish illegality and corruption if it occurs.

These pieces of legislation exhibit the close working relationship between government and parliament and show the progressive and spirited mindset of both. We are determined to avoid the problems that have bedeviled the rest of the country. Rather than let sectarian hatred and political infighting cripple us, we are taking positive steps to maintain and consolidate stability and prosperity.

We are especially enthusiastic to reform our agricultural sector. We are blessed with highly fertile soil and abundant fresh water reserves. We were once Iraq and the region’s breadbasket, but to destroy our social fabric Saddam Hussein instituted a program of forced urbanization, moving people from rural areas to collective towns. Now we currently import food-stuffs that we could grow ourselves, at competitive costs of production. We
aim to reverse this situation and become an exporter of food to countries throughout the Middle East.

Our industrial sector is also primed for investment.

Our workforce is ready to embrace hard work, and keen to learn new skills. Under Saddam, industry was stifled in Kurdistan – we are ready to reverse that trend.

Tourism is another obvious area for development. We are blessed with striking mountains and gently
undulating lowlands. The Tigris, Euphrates and their tributary rivers run though our land. Our people have
long taken advantage of our stunning natural heritage...