Sulaymaniyah Governorate Witnesses Major Investment Boom

Reports 12:11 PM - 2024-01-23

100 meter road project in Sulaymaniyah.

The volume of investments in Sulaymaniyah Governorate experienced a significant increase in 2023, with over 50 projects in various sectors being granted work licenses.

Qubad Talabani: Investment in Sulaymaniyah has reached an unprecedented height  

In a statement that he posted on his official Facebook account, Qubad Talabani, Deputy Prime Minister of the Kurdistan Region, said: "In Sulaymaniyah, in 2023, over 50 projects across eight sectors, with a capital exceeding $2.6 billion, have been authorized and begun operations. Investment in the city has reached an unprecedented height, surpassing any levels seen in the past two decades."

"Our objective is to maintain our leading position in Sulaymaniyah by prioritizing the development of the industrial, agricultural, and tourism sectors. This will enhance trade activity and create a vibrant market environment. We are committed to achieving this goal by 2024 and beyond," he added.

The projects include different sectors

Engineer Aziz Saeed Rashid, General Director of Investment in Sulaymaniyah Governorate, told PUKMEDIA: "In 2023, we gave licenses to 53 projects valued at $2.603 billion. These projects span multiple industries, including housing, health, trade, industry, services, education, tourism, and agriculture."

"Comparing these figures to the previous year, 2022, reveals a significant advancement in the execution of projects, resulting in our top ranking in Iraq," he added. "Furthermore, this was the first year in which this significant amount of projects were given authorization to commence work."

Qubad Talabani's efforts resulted in synchronization between government and investors

Engineer Rashid stated: "These matters arose after many meetings and directives given by Qubad Talabani, the Deputy Prime Minister of the Kurdistan Region, to the governmental departments and institutions in the Kurdistan Region."

"This matter facilitated collaborative efforts and synchronization between governmental entities and investors, leading to highly impactful outcomes. For instance, constructing several roadways, bridges, and other infrastructure projects," he said.

Providing 19 thousand job opportunities

Furthermore, the Director General of Investment in Sulaymaniyah Governorate said: "These projects created 19,000 job opportunities directly for all citizens in 2024, and an additional 10,000 job opportunities indirectly through restaurants, hotels, and shops."

He added:  "All the companies that received licenses are local businesses, and all employment opportunities are exclusively for residents of Sulaymaniyah Governorate. These initiatives will greatly influence the development of infrastructure and the provision of additional services to citizens, particularly in the present year."

In 2022, Sulaymaniyah province led in terms of investment with 39 projects being licensed. However, in 2023, while it still maintained its position as the top province in Iraq, it saw an increase of 14 licensed investment projects compared to 2022.



PUKMEDIA