In a significant economic development, the Kurdistan Region's Investment Authority spokesperson, Barkhat Akreyi, announced today that 154 projects, totaling over $4.3 billion in capital, have been granted investment licenses throughout the region in 2023.

Speaking exclusively to Kurdistan24, Akreyi detailed, "Throughout 2023, we've greenlit 154 projects in various cities and towns across the Kurdistan Region, amassing a capital investment of approximately $4.3 billion."

The distribution of licenses reveals a strategic approach, with 50 projects approved in Erbil, 43 in Sulaymaniyah, 29 in Duhok, three in Halabja, 12 in Karmian, five in Ranya, four in Soran, and eight in Zakho.

Akreyi outlined that the bulk of the licenses issued in 2023 pertained to the residential sector, closely followed by the commercial and industrial sectors. The health, education, agricultural, technical, and sports sectors also secured notable investments.

Highlighting the meticulous approach to project approval, Akreyi explained, "Specific procedures are followed during project submissions to the Investment Authority, with a dedicated committee overseeing proposals to ensure compliance with conditions, laws, and administrative standards."

Earlier remarks from Dr. Mohammed Shukri, the head of the Investment Authority in the Kurdistan Region, painted 2023 as an exemplary year for regional investment. Shukri underscored that the Kurdistan Regional Government issued 151 investment licenses for the private sector during the year, generating an estimated 10,000 employment opportunities.

Breaking a record set in 2006, the Kurdistan Region saw a surge in investment licenses, reaching a staggering total capital investment of around $47 billion.

Shukri emphasized the government's commitment to projects enhancing economic infrastructure, such as those in the food industry, marketing local agricultural products, and the production of essential goods like potatoes and plastic houses. Additionally, a focus on exporting and marketing local products to international markets aims to bolster economic ties.

"In 2023, we introduced the 'Invest in Kurdistan' website and platform," Shukri noted, adding that the investment tourism map, crafted with support from the Tourism Authority, is now an integral part of the "Invest in Kurdistan" platform. This initiative aims to attract both local and international investors, showcasing the Kurdistan Region's potential as a thriving economic hub.