17 Mar 2007
A visiting Kurdish official from Iraq yesterday said the regional government of his province decided to follow Dubai's development model after evaluating a variety of plans from around the world.
Othman I. Shwani, Minister of Planning in the Kurdistan Regional Government, told Gulf News that Dubai's plan was found to be the most appropriate for Kurdistan and his government will go ahead with it.
"We need to modify the Dubai Strategic Plan to suit Kurdistan's requirements before putting it into force. We are convinced that the plan being adopted by the Dubai Government fits our ambitions and objectives compared to plans proposed to us from Europe or from Asia," he said.
Unlike the central and southern parts of Iraq, Kurdistan has been enjoying a relatively high level of security. Further investment will enhance security and benefit from the high demand for a variety of products and services.
He urged companies and financial institutions with experience in Dubai to consider investing in Kurdistan by utilising the best practices they have learnt from the emirate. The Investment atmosphere in Kurdistan will be similar to that in Dubai and Dubai investors will have hassle-free operation in the province, he said.
Kurdistan has enhanced airline connections with Dubai in the past two years and there is now a daily flight between the two regions.
The Kurdish government has decided to play a facilitating role in the economy, rather than involving itself on day-to-day decisions. The private sector will have to play a leading role in the region and foreign companies will enjoy rights similar to the Iraqi ones. It will be a level playing-field for everyone in Kurdistan, Shwani said.
He said the province, where more than four million Kurds live, has set up a priority plan to lure foreign investments in certain fields. "This includes agriculture, mining, tourism and real estate investment, which will be given maximum support and facilities by the provisional goverment.
"We think the region will attract more than $2 billion in the first year in four major sectors and high return on investment is guaranteed due to the big demand for these facilities."
He said although Kurdistan had been implementing an independent development plan since the mid-1990s, the province really opened up to foreign investments after the collapse of the Saddam Hussein regime in 2003.
Shwani, who is heading a business delegation to Dubai, said there is great demand for investment services and Kurdistan wants to invite major investment companies from Dubai to come and operating in the province.
By Duraid Al Baik
Gulf News 2007. All rights reserved.
