Thread: Kurdistan Economy

Kurdistan Will Expand Faster Than Dubai

US companies are put off from investing in Kurdistan by security fears, even though the Iraqi region is relatively safe and stable. Iranian businesses are more aware of the lower risks in this part of the country and are desperate to invest and take advantage of its heavy investment and rapid growth, despite tax and other restrictive conditions imposed by the Iranian regime on its domestic businesses.

Reza Cheraghifar, export manager for large Iranian fiber optics manufacturer SGCC, told Aknews: “In ten years Kurdistan will expand its economy more than Dubai. Everyone is looking to get involved in that, particularly Iranian companies who share so much cultural heritage with Kurds.

“The speed of the growth means that they want to buy so much, it’s a real opportunity.

“The reason Kurdistan is doing so well, compared with Iran, is that it has a good relationship with all of its neighbors. People in charge here know how to separate business and politics.”

Habib Talavat, managing director of Urmia Petrochemical, said of Kurdistan: “It’s a very attractive place. There is a very young population who are keen to work and the labor price is much lower than in some other places in the region,”

With its relaxed laws allowing easy investment from foreign companies, Kurdistan may have to watch out that foreign countries do not set up and take their profits away with them. Cheraghifar said of the region: “They need to get investment for their own companies or have joint projects.”

http://www.iraq-businessnews.com/201...er-than-dubai/

Kurdistan 'will not eject foreign workers'
The Kurdistan Region will not follow Baghdad in its decision to eject all foreign workers without visas or the right papers.

The bid to combat unemployment in Iraq, was announced last week by the Iraqi government, but Rasul Ali, director of the Ministry of Labor, claims the Kurdish government is not bound by the order, saying it "has nothing to do with Kurdistan".

Kurdistan is a particular center for immigrant laborers, who have flocked to the region to reap the rewards of it booming economy.

The Iraqi government also threatened to close down any businesses found to be employing illegal workers.

There are 5,000 foreigners licensed by Kurdistan government to work in the region, but it is not known how many are here illegally.

http://www.zawya.com/story.cfm/sidZA...oreign_workers

Gulf Keystone is to start exporting oil from Iraqi Kurdistan

Said Gulf Keystone Petroleum said on Monday it was preparing to export oil from Iraqi Kurdistan, after it seemed that the dispute between the province and central government in Baghdad on oil payments on his way to the solution.

The British company said that the Kurdish government asked it to export five thousand barrels per day initially. She said she discovered evidence of the presence of more oil reserves in the two wells in Kurdistan.

The director of operations at the company John Jerstnlaor "The Company believes that confirmation of the Kurdistan Regional Government recently spent the first payment of oil exports have a very positive development for all producers of oil in Kurdistan."

It was the resumption of oil exports from Kurdistan in February after years of dispute with Baghdad. The Kurdish government in May, has said it received payments from the Iraqi government for exports and it plans to use to pay dues to oil companies.

Gulf Keystone said that the operations of export requires final approval from the Kurdish authorities.

Jerstnlaor said "steady progress of the company to dig Sheikhan 2 and Sheikh Adi a very encouraging and we look forward to get more results from wells soon."

http://www.iraqdirectory.com/Display....aspx?id=15741

Kurdistan international bank

Built area: 8,100 m²
Construction time: Finished
Designers: Dalamn Architects
Project cost: US $ 6,000,000

Kurdistan Region, being the first survey of oil wealth in the territory

Revealed the Ministry of Natural Resources in the Kurdistan Region, its intention to conduct its first survey in the field of oil and natural gas in areas of the province, according to the results of the survey will be the coordination and exchange of information on wealth backup with the authorities of the federal government. The agency said (Reuters), "it was the demand of the company (De. That. Or) Norwegian working in the oil field in the Kurdistan Region, and owner of three projects in that country, that is Its figures on the resources and oil and gas reserves in its three projects Pkordstan."

http://www.krg.org/articles/detail.a...r=81&anr=40385

Oil & Gas Sector: Sterling plunges after 'disappointing' Kurdistan well results
http://www.stockmarketwire.com/artic...l-results.html

Kurdistan Region’s President approves its 2011 budget

The president of north Iraq’s Kurdistan Region, Massoud Barzani, has approved the Region’s 2011 Budget, estimated at 13 trillion, 940 billion (b) dinars (US$11 billion, 583 million approx.), the Region’s media director said on Sunday.

“The President of Kurdistan Region, Massoud Barzani, has approved the Region’s budget for the year 2011, last Thursday, after long discussions by the Region’s Presidency Commission,” Simko Anwar told Aswat al-Iraq news agency, adding that the announcement about the approval had been announced for all government offices in the Region.

Noteworthy is that Kurdistan Parliament had held its first session to discuss the budget’s project on 16/5/2011 and its Council of Ministers had ratified it on Feb. 27 last, estimated at 13 trillion (t) and 940 billion (b) Iraqi dinars (US$11 billion and 583 millions approx).

http://en.aswataliraq.info/Default1....&id=143406&l=1

BMW opens branch in Erbil




German car maker BMW opened a branch and a service centre in Erbil , the capital of Kurdistan Region.

The opening ceremony was attended by the deputy governor of Erbil and the Manager of BMW in the Middle East ,the Director of al- Arosh Company and the Head of the Chambers of Commerce and Industry in Kurdistan Region and a number of businessmen.

http://www.pukmedia.com/english/inde...omy&Itemid=389

“Kurds have right to self-determination and their independent state,” Kurdistan Speaker says

North Iraq’s Kurdistan Parliament’s Speaker, Kamal Karkuki, has said on Tuesday that “Iraqi Kurds reserve the right for self-determination and to have their own independent state.”

“We have the right to practice our right for self-determination on our land, and to have our independent state, similar to others, being a normal constitutional right; and as long as Iraq keeps its constitutional principles, we shall remain to be part of Iraq, which we have chosen to become part of its Federal State,” Karkuki said in an interview with al-Sharq al-Awsat Newspaper.

He pointed out that “the implementation of Article 140 of the Iraqi Constitution had been delayed for a long time, despite fact that Prime Minister, Nouri al-Maliki, had committed himself to implement it.”

“Claims that the said Article has died, had been a great and dreadful political mistake, because it is a constitutional article that won’t die unless by the death of the constitution itself,” Karkuki said.

Article 140 of the Iraqi Constitution points out to the naturalization of conditions in the areas, described as “areas under-conflict,” in a clear sign for the conflict about their belonging to Kurdistan Region, including Kirkuk Province and parts of Ninewa and Diala Provinces.

The Constitution had defined a time limit to implement the said Article, through measures that ended on December 31, 2007, leaving residents of those areas with the freedom of self-determination, whether to stay as an independent administrative area, or their mergence with Iraq’s Kurdistan Region, through a general referendum.

But certain obstacles had caused the postponement of implementing some of the basic contents of the said Article, for reasons Kurdish politicians consider as “political,” whilst Baghdad says that the delay was not intentional, at a time when a special ministerial committee had implemented some of its contents, such as the compensation of some of the harmed residents, while the most important paragraph, related to self-determination in those areas was not implemented.

http://en.aswataliraq.info/Default1....&id=143579&l=1

Natural Resources Kurdistan: Increase the region's exports of oil to 200 thousand barrels per day by year's end

Detection and Minister of Natural Resources Regional Government of Kurdistan, for the level of the Region's exports of oil at the present time amounts to 180 thousand barrels per day, confirming the rising rate of 200 thousand barrels per day by the end of this year.

The drastically, that: the level of the Region's exports of oil at a time currently amounts to 180 thousand barrels per day, stressing that: his ministry had prepared a plan to raise that percentage of oil exports to 200 thousand barrels per day by the end of this year.

He Hawrami said: draft petrodollars includes the whole of Iraq, including the provinces of Kurdistan Region three (Erbil, Sulaymaniyah and Dohuk), indicating that: will apply the principle of petrodollars in the areas where oil is extracted from the region. The Iraqi Council of Representatives had approved earlier in the allocation of the amount of one dollar to the provinces producing oil for every barrel of product and a dollar for every barrel refinery, and one dollar for the production of every 150 cubic meters of natural gas.

According to previous statements to the Minister of Natural Resources Province of Kurdistan, "In the year 2010 was the number of companies involved in oil extraction in the region amounting to 40 companies follow the 17 countries", when the Region's exports of oil amount to 100 thousand barrels per day, the center high possibility of increasing that figure to one million barrels per day by 2014.

http://www.krg.org/articles/detail.a...r=81&anr=40601