Market Information in KRG

The autonomous region of Kurdistan in northern Iraq differs from Central Iraq in many ways.

© DWI Staff

 

The autonomous region of Kurdistan in northern Iraq differs from Central Iraq in many ways. While only minor Kurdish minorities live in central Iraq, in northern Iraq they make up the majority of the population with their own language. From an entrepreneurial point of view, the Kurdish part is especially important because of its stable security situation. Whereas large parts of central Iraq are considered uncertain, the security situation in Kurdistan is rated much more stable. Among other things, this has to do with the great international support, including Germany, of the Kurdish security architecture, which almost completely prevented the occupation of Kurdish areas by the IS.

The Kurdistan Autonomous Region was incorporated into the Iraqi constitution in 2005, and the Kurdish administration has since allowed the Kurdish administration extensive freedom from the Iraqi central government. Although the Kurdish part of Iraq accounts for only a small part of the total Iraq with about 5 million inhabitants, the significance of the economic centers of Erbil and Sulaimanyia should not be underestimated.

The Kurdish region of Iraq, often referred to as the "anchor of stability" in the West, has achieved significant economic growth in recent years as a result of its positive assessment of the security situation. At the beginning of this decade, there was even talk of a boom, Western media reported on the billions project Downtown Erbil, which has the Emirate of Dubai as its model. In particular, the construction industry was able to grow enormously in this context. The Northern Iraqi economy benefits not only from the good security situation but also from the good infrastructural connection, as the Kurdish business metropolises have international airports in Erbil and Sulaimanyia.

The economic structure of Kurdistan is characterized by a large service sector, other important economic sectors are agriculture, trade and logistics, mining and manufacturing as well as the construction sector. The Kurdish government has defined three priority sectors for bilateral exchange, in which the economic engagement of foreign companies and investors is particularly desirable and thus promoted: agriculture, industry and tourism.

Although agriculture and tourism certainly have potential for the German economy, the most significant opportunities still exist in the industrial sector. Both the products of the construction sector and any other industrial products are in high demand, the label "Made in Germany" enjoys great popularity in the Autonomous Region.

 

 

Brief information on the Kurdistan Autonomous Region:

Brief information on the Kurdistan Autonomous Region:

Government System: Parliamentary Democracy
Head of State: Nêçîrvan Barzanî (Executive)
Head of Government: Masrour Barzanî
Area: 40,643 km² (2017)
Population: 5,300,000 Einwohner (2017)
Gross domestic product: $26,5 Bn (2016)
Currency: Iraqi Dinars (1$ = 1193,80IQD Stand: 05.02.2018)

Economic figures

  • Gross domestic product: $ 26.5 billion (2016):                                                  
  • GDP in% (2011):
Services: 30,1%
Public services: 20,6%
Agriculture: 17,5%
Trade and logistics 13,5%
Mining and manufacturing:      9,4%
Construction sector 7,6%

 

 

Cost of Living in KRG (Erbil, Sulaymaniyah, Dohuk)

 

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