The Kurdistan Region of Iraq (KRI) was severely tested this past decade with the greatest challenges any nation could face, yet it overcame these challenges with unwavering determination and resilience. After an immensely difficult period of combating ISIS, tackling economic upheaval, mitigating the covid pandemic, and managing one of Iraq’s largest humanitarian crises to date, the KRI is back on track to meet the internal demands of its people and engage with the global market.
The KRI is in the best position it has been in its three-decade history in terms of resources. Our potential is rooted not only in considerable oil and gas reserves, but also in substantial renewable energy sources, a promising agricultural sector, favorable geographical position on trade routes between east and west, and a thriving young labor force with impressive entrepreneurial drive.
The Kurdistan Regional Government (KRG) is building on these advantages by reforming various sectors of the government and modernizing its services to meet the demands of the 21st century. These include cutting red tape to reduce bureaucracy and support business owners, digitalizing government services to facilitate smoother license approvals and increase transparency, and international investment in large scale infrastructure projects. The KRI is not only open for business but once again ripe for investment.
Kurdistan Region President Nechirvan Barzani
When we look back on the KRI’s development over the past three decades, we can see remarkable and rapid progress, as well as significant challenges that have been overcome.
Today, our oil and gas sector is not only meeting local demand but is also contributing to the international market at a time when the world is in the middle of a global energy crisis of unprecedented depth and complexity, according to the International Energy Agency. In addition to meeting local demands, our gas has the potential to contribute to the international demands within a few years.
Of critical importance to this process is our relationship with the Federal Government of Iraq. While we have had difficulties in the past, we are optimistic that we will be able to resolve the outstanding issues that remain between Baghdad and Erbil with Iraq’s new Prime Minister, Mohammad Shia al-Sudani, and the new government. It is quite simple: a strong KRI means a secure and stable Iraq. The KRI’s success is the success of Iraq. We are determined, together with the Federal Government of Iraq, to build a sustainable and equitable environment for all Iraqis.
Of paramount importance to the economic prosperity of any territory is regional security. The KRI has faced many security challenges, but it has always stood firm, thanks to the bravery of our Peshmerga, the determination of our people and the support of the Iraqi government and our coalition partners.
Kurdistan Region President Nechirvan Barzani
Our success also depends on our relations with our allies. As the Presidency of the KRI, we have worked diligently to nurture cooperation and collaboration with our international partners, to strengthen relations with our neighbors, and to actively wlcome new alliances with burgeoning economies around the world.
In engaging the global community, the KRI endeavors to strengthen its capacities to contribute to global security, political stability, and economic prosperity while addressing environmental and social concerns. We seek that all progress be well rooted in our culture and communities. We look forward to building on this progress and applying our substantial potential to engage the global community on World Economic Forum priorities and topics.
We look toward active collaboration with the World Economic Forum on the biggest challenges that we all face, which include climate change, unequal economic development, gender disparity and attacks on religious freedom. Together, we can progress towards a more just economic environment for all communities.
