ROMANIA

An international investment magazine has ranked Erbil in fifth position among top Middle East cities with potential for foreign direct investment. This places Erbil ahead of Muscat and Riyadh.
FDI Magazine, a subsidiary of the Financial Times, in this month’s edition, ran a feature on Middle East cities of the future, ranking cities by economic potential, infrastructure, business friendliness and FDI promotion strategy.
In the listing for cities with the most potential for FDI, the magazine gave Amman top place followed by Dubai, Manama, and Ras Al Khaimah and then Erbil. Rhiyad was ranked 9th and Muscat 6th.
Bayan Sami Abdul Rahman, the KRG High Representative to the UK, said, “FDI Magazine’s recognition of Erbil as a Middle East city of the future with potential for foreign direct investment confirms what many who have been doing business in Kurdistan already know – that Kurdistan and its capital are ripe for investment and ready to do business.”
The Kurdistan Region is increasingly seen as the commercial gateway to Iraq and is attracting trade and investment from around the world, particularly from neighbouring countries. The region’s trade with Turkey comes to about $7.5 billion dollars a year, followed by Lebanon, Iran and the Gulf states.
The Kurdistan Board of Investment and Ministry of Trade and Industry go out of their way to ease business in Kurdistan, with the assistance of the chambers of commerce and other trade organisations. The Board of Investment estimates $17 billion has been invested in projects ranging from cement factories to shopping malls in Kurdistan in the past five years.
European business communities are also turning to Kurdistan and there are regular trade delegations visiting the region from the UK, France, Italy, Austria, Germany and other EU countries. Erbil’s international airport offers direct flights to Frankfurt, Vienna, Amman and many other destination and an increasing number of hotels in the capital make it a business friendly environment.
A trade and investment conference in London last year attracted over 600 people representing 205 companies, 60 media organisations and close to 20 diplomatic missions.
Kurdistan has also recently been listed as a favourite tourist destination. The New York Times placed the region in its top 34 places to visit and National Geographic Magazine listed it as 20.

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