kurdistan region of iraq · area: 40.000 sq. km²(approx.) population: 5,5 mln largest cities...
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Kurdistan Region of Iraq
Stavros Stavrakos
Regional Office for Economic and Commercial Affairs in Erbil
Area: 40.000 sq. km² (approx.)
Population: 5,5 mln
Largest Cities
Erbil: 1.400.000
Sulaymaniyah: 750.000
Dohuk: 350.000
The KRG exercises legislative, executive and judicial
powers according to the Kurdistan Region’s laws
The current coalition government, led by Prime Minister
Nechirvan Barzani, consists of several political parties that
reflect the diversity of the Region’s population
Iraq’s Constitution recognizes the KRG and the Kurdistan
Parliament as the region’s formal institutions
Kurdistan Regional Government (KRG)
Strengths of Kurdistan Region
a) Large oil & gas resources
b) Fertile agricultural land
c) Young population
d) Relatively stable location
e) Entrepreneurial spirit of its population
f) Central location at crossroads of trade routes
GDP 26.5 billion USD (Nominal, 2015)
GDP per capita 7,000 USD (Nominal, 2015)
Unemployment 14% (September 2016)
Revenues 5,4 billion USD (2016)
Petroleum industry (90% of revenues)
Macroeconomic data
Main objectives of the Economic Reforms Roadmap:
Economic diversification
Fiscal adjustment and consolidation
Sustainable and inclusive growth
Connecting sector strategies to resource allocation
Spurring private sector activities in non-oil sectors
Strengthening the financial and banking sector
Reforms in the economy
The energy sector is the most important of the economy
90% of revenues of the Region
The KRG has signed dozens of production sharing
contracts with companies from 17 countries
Major international oil companies
577,287 barrels per day (monthly average in 2015)
Oil and Gas Industry
Erbil’s on-street retail is located
around the Citadel
The on-street retail premises are
typically on the ground level
Limited local mall culture; local
people tend to shop in the Bazaar
or the older shopping districts in
the center of the city
The expat community and the
younger Kurdish generation prefer
shopping malls
Source: www.ikgproperty.com
The Retail Market
Interesting Sectors
www.elegantthemes.com
www.foodiesorganic.com.auwww.abazeer.com
www.cargo-partner.com
Pharmaceuticals Real Estate
Food products Fruits & Vegetables
Board of Investment (BOI)
Investment Law No 4/2006
It covers all economic sectors except oil and gas
Provision of land plots for subsidized lease
Exemption from corporate taxes (10 years) and customs
duties (5 years)
Full repatriation of profits is allowed
Possible to employ foreign labor
Customs Duties - Corporate tax rates
The general custom duty rate is 5%
Several goods are exempted from customs duties
(such as basic food products, medicines and stationery)
The corporate income tax rate for all industries
is a flat rate of 15%
Projects licensed by the Board of Investment
are exempt from taxes and import tariffs
Greek Companies in
Kurdistan Region
Express Cement
Ikitor-Constructions & High Technology
Lubricants
J&P
Greek Dreams-Constructions
Civitel Hotel & Resort
Intensive Care
Coolshape
KRI KRI
Population 36.5 mln
GDP 180.1 billion USD (2015)
Total Exports 48.2 billion USD (2015)
Total Imports 31.7 billion USD (2015)
Positive trade balance 16.5 billion USD (2015)
Top Exports: Crude Petroleum 47.4 billion USD (2015)
Top Imports: Cars 872 million USD (2015)
Republic of Iraq
Sources: www.worldbank.org/en/country/iraq, www.atlas.media.mit.edu/en/profile/country/irq
Important Trade Fairs in 2017
Project Iraq (Construction Materials, Equipment &
Environmental Technology)
Duration: 23-26 October 2017
Venue: Erbil International Fair, Sami Abdulrahman Park, Erbil, Iraq
E-mail: [email protected]
Website: www.project-iraq.com/Erbil/
Agrofood Erbil
Duration: 20-23 November 2017
Venue: Erbil International Fair , Sami Abdulrahman Park, Erbil, Iraq
E-mail: [email protected]
Website: www.iraqagrofood.com/Erbil/
Regional Section for Economic &
Commercial Affairs in Erbil of
the Embassy of Greece in Baghdad
Naz City
Buidling I, 10th floor, flat 43
Erbil, Kurdistan Region/Iraq
Tel: 00 964 7706408848
E-mail: [email protected]