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KURDISTAN REGION OF IRAQ

KURDISTAN REGIONAL GOVERNMENT REPRESENTATION IN SPAIN TRADE AND INVESTMENT DESK

KURDISTAN REGION OF IRAQ

The Kurdistan Regions population is similar to those of Norway, Ireland, New Zealand and Croatia. Its land size is roughly the same as Switzerland and larger than The Netherlands.

FACTS & FIGURES


FACT Area (KRG) Population Main cities System of Government Languages Peoples Average temperature GNP GDP Growth GDP Per Capita Annual Budget Labour Force Electricity Capacity Oil Production Oil Reserves Natural Gas Production Natural Gas Reserves
2

VALUE 40,643 km 4.6 million Erbil, Sulaymaniyah, Duhok Parliamentary Democracy Kurdish, Arabic and English Kurds, Arabs, Turkmen, Assyrians 20 - 25 C $18.6 billion 7% $4,800 $11.6billion (2011) 1.16 million (15% of Iraqi labour force) 1.200 kWh 150,000 bdp 47 billion barrels 300/MT per day 3-6 Trillion Cubic Meters

SECURITY

Kurdistan has its own regional military and intelligence services independently managed. Since 2003, no coalition soldier or foreign civilian has been killed or kidnapped in the Kurdistan Region Only part of Iraq that receives direct flights to and from European destinations Austrian, Lufthansa, Turkish Airlines 11 diplomatic representations in Erbil: US, UK, Germany, France, Italy, Russia, South Korea, Jordan, Egypt, Turkey and Iran

Honorary Consuls: Japan, Denmark, the Netherlands, and Sweden

KURDISTAN INVESTMENT LAW

2006 Kurdistan Region Investment Law. Considered one of the most liberal in the Middle East. Main benefits:

Foreign investors can own 100% of investment project capital Full ownership rights of real estate and movable assets Equal treatment for foreign and local investors (arbitrary court, in Kurdistan and Iraq) Foreign investors can repatriate 100% of investment and profits 10 year tax holiday and 5 year customs and duties exemption on imports

BANKING INFRASTRUCTURE

BUDGET OVERVIEW
The Kurdistan Regional Government recieves 17% of the Iraqi national budget. IRAQ AND KRG BUDGETS 2008 2010 in US$ Billion

PUBLIC DEBT AS % OF GDP


Iraqs public debt has been decreasing gradually over the past 4 years.
In 2011 there was a large reduction in public debt as production and export of oil increased.

REGISTERED COMPANIES

10,433 companies currently registered in the Kurdistan Region 1,170 are foreign companies (11% of total) From May 2009 till May 2010, 1,444 companies were registered (16% increase) 105 of those companies were foreign 60% of foreign companies are Turkish, trade between Turkey and the Kurdistan Region amounted to $6 billion in 2010

INVESTMENT

Investment has been booming, with over $14 Billion dollars in investment since 2006 in the region. $13 billion worth of license agreements from 2006 till 2009 granted by the Investment Board In 2003,GDP per capita in Iraq was barely $465. Current GDP per capita the Region is estimated at $4,800, which compares to $3,600 in Iraq as a whole.

Healthy investment law has moved the region away from a centrally planned economy, creating an investor friendly environment.

FOREIGN DIRECT INVESTMENT

11

SECTOR INVESTMENT (2006 2010)

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BOI - ONE-STOP-SHOP

ONE-STOP-SHOP
The Board of Investment (BOI) reviews and processes investment applications. Grants all permits and licenses for projects. Its one-stop-shop design eliminates bureaucratic hassle and provides decisions within 45 days of application submission

TRADE

$20 billion worth of trade facilitated through Kurdistan between Iraq, Turkey and Iran $9 billion worth of imports of goods and products to Kurdistan from 2008 till 2010

Kurdistan is a net importer of food stuff and consumer products. 80% of imports to the region come from Turkey and Iran.

EXPORTING TO IRAQ
In May 2011 Iraq contracted Bureau Veritas for pre-export Verification of Conformity of imported goods, certified to both Iraqi national requirements and also International Standards. The VOC programme covers 89 categories of products. Testing in accredited laboratories are performed for those goods where documents do not demonstrate compliance to Iraqi requirements. All companies wishing to export to Iraq are advised to contact with Bureau Veritas for assistance concerning compliance to the new import regulations.

LOCAL PARTNERS

Companies interested in trading with Kurdistan and Iraq are advised to find local partners.

To find out more on local partners interested companies should contact:


The Erbil, Sulaymaniyah and Duhok Chambers of Commerce

The Kurdistan Regional Government Ministry of Trade and Industry


The Kurdistan Importers and Exporters Union.

KEY SECTORS: CONSTRUCTION

High demand for construction materials because of residential and civil project developments. Iraqi building specifications require Spanish ceramics, tiles and paving. Demand for Housing Iraqi government needs to build 1 million housing units to meet demand Kurdistan Region requires 300,000 housing units ANNUAL NEED FOR KEY CONSTRUCTION MATERIALS
MATERIAL Cement Marble Granite Concrete NEEDED ANNUALLY 2,500,000 tons 124,000 m2 300,000 m2 63,000,000 units

KEY SECTORS: TOURISM AND HOSPITALITY

Increasing number of tourists traveling to Kurdistan as well as trade and investment delegations. New York Times and National Geographic both recommend Kurdistan to tourists in 2011 The Hilton DoubleTree and Marriot hotels will be opening in Erbil and more international hotel chains are expanding to the Kurdistan market. Tourism projects are in high demand with annual tourist numbers increasing year on year. So far in 2011 1.15 million domestic and international tourists have visited Kurdistan.

KEY SECTORS: AGRICULTURE

Agriculture is Iraqs second-largest economic sector (after oil sector), producing about 12% of GDP, and the second-largest source of jobs (after the public sector), employing at least 15% of the labor force.

Despite its abundant land and water resources, Iraq is a net food importer. Needs: new technology in plant and animal genetics, fertilizers, irrigation and drainage systems, and farm equipment, seed, plants and orchids, plastic green houses.

KEY SECTORS: HEALTH AND PHARMACEUTICALS

Over the next few years the Kurdistan Regional Government is constructing:

6 General Hospitals (100 - 400 beds)

Various medical clinics and centers

Products in demand

Pharma Drugs
Swab 5 tons annual Needle 2,500,000 pcs, annual IV Fluid

KEY SECTORS: FOOD AND DRINKS

Kurdistan and Iraq are dependent on imports of food stuffs and consumer goods. The country as a whole is a net importer and recieves most of these imports from Turkey and Iran. Products in demand:

Cooking oils Tinned and processed foods Fruits and vegetables Cereals Dairy products Dried fruits and nuts Bottled beverages and juices

2011 TRADE MISSIONS TO KURDISTAN

Turkish PM and 40 companies March 2011

46 companies ICEX delegation April 2011

Italian Trade Minister and 50 companies Oct 2011

British MPs and 40 companies Oct 2011

2011 TRADE SHOWS


All of Iraqs major trade exhibitions are held in Erbil which has become the trade hub of the country.

Project Iraq, PMV Iraq, and Elenex Iraq, Erbil 19 22 September 2011 Construction, building materials, equipment & environmental technology. Architects, engineers, contractors, construction specialists, diplomats, high-ranking officials, regional and national investment authorities. Of the 302 exhibitors, more than 200 were international companies from 24 countries.
Makinat Iraq 2011, Erbil 3 - 6 October 2011 Machinery, machine tools, equipment, accessories and spare parts by Iraqi, regional and international manufacturers and suppliers. Iraq Medicare Fair, Erbil 4 - 6 October 2011 Healthcare products, equipment and services, and to reach doctors, hospitals, buyers and health sector professionals from the Kurdistan Region and the rest of Iraq. 7th Erbil International Trade Fair, Erbil 24 - 27 October 2011 Largest general trade fair in Iraq covering various economic sectors. Trade promotion agencies, chambers of commerce, trade associations, ministries and embassies, the fair will attract more than 850 exhibitors from over 25 countries.

2011 TRADE SHOWS

7th DBX Suleimaniah International Expo, 1 - 4 November 2011 Organised by the Iraqi-American Chamber of Commerce and Industry Over 550 international and local companies participated last year, attracting more than 95,000 visitors. 4th Iraq Agro-Food Fair, Erbil, 21 - 24 November 2011 Agricultural products and machinery, food and beverages, fertilizers and pesticides, food additives, processing technology and packaging materials. Suleimaniah Build Expo, 29 November 2 December 2011 Household and Hotel Equipment Fair, Erbil, 5 8 December 2011

TRAVEL TO KURDISTAN
Two international airports in Erbil and Suleimaniah with direct flights to and from European and Middle Eastern destinations
Erbil International Airport has expanded considerably, adding a large new terminal in 2010 designed to handle up to 3 million passengers annually. 10 day tourist visas are issued on arrival at the airports of the Kurdistan Region. IATA scheduled carriers that fly to the Kurdistan Region include:

Austrian Airlines via Vienna Lufthansa via Frankfurt Turkish Airlines via Istanbul Royal Jordanian via Amman

KRG SPAIN
FOR MORE INFORMATION ABOUT THE KURDISTAN REGION OF IRAQ PLEASE CONTACT:

KRG REPRESENTATION IN SPAIN


C/ SERRANO 31, 4 izq 28001, MARID

Tel: +34 91 436 26 20 / Fax: +34 91 435 29 14

info@krgspain.org

www.krgspain.org