ERBIL — Now that the Islamic State (IS) cannot pose a direct threat to the Kurdistan Region, the Kurdistan Regional Government (KRG) is putting the utmost efforts into reviving and reforming its economy.
The initiatives, led by KRG Prime Minister Nechirvan Barzani, are being implemented in most sectors of the region’s economy.
Russia will be playing a significant role in the revival of KRG’s economy, particularly in the energy sector, according to KRG’s Head of Foreign Relations.
"Russia may prove to play an important role in the economy of the Kurdistan Region as they have already done so by the presence of Gazprom, and now Rosneft. We hope and look forward to establishing areas of cooperation beyond the oil and gas sectors,” KRG Foreign Minister, Falah Mustafa, told Sputnik.
Regarding KRG PM’s plan for reviving the economy, Mustafa said "The Prime Minister's economic vision includes empowering the private sector, encouraging public-private partnerships, and enhancing joint ventures between local and foreign companies.”
Sharing further details with Sputnik, Mustafa emphasized that the investment laws, the open culture of Kurdistan, and the clear vision of the KRG leadership are attracting foreign investment on a great level.
Kurdistan Region suffered a harsh financial crisis due to the costly fight against IS, and several other issues, including an unprecedented refugee crisis, sweeping budget cuts from the Iraqi federal government and a slide in the oil prices, from over US$100 to around US$30 a barrel.