(MENAFN- Khaleej Times) Continuing stability and year-on-year GDP growth in Kurdisatan is proving attractive to British businesses headquartered in the UAE, according to the British Business Group Dubai & Northern Emirates.
The Tawke oil refinery near Zacho in Kurdistan. Stability in the Iraqi region has allowed it to expand rapidly and its economy is expected to grow by 12 per cent this year. - AFP
Kurdistan has attracted almost $22 billion worth of investments from abroad with an unprecedented boom in the consumer and construction sectors, and British companies have started to capitalise on Kurdistan's favourable political and economic conditions with over 100 UK firms registered in the region.
The UK Trade & Investment's (UKTI) 2013 Market Overview report on the region revealed that stability in the region has allowed it to expand rapidly and its economy is expected to grow by 12 per cent this year.
According to research and consultancy company Invest in Group's March 2013 review of the Kurdistan region, the economy continues to develop at a rapid pace driven primarily by the oil and gas sector and a favourable investment law. The region's GDP has nearly tripled since 2006, and since its first project in November 2006, the Board of Investment has licenced 517 different projects. In 2012, it licenced 138 projects worth a total value of $6 billion. Thus, approximately 27 per cent of all licences permitted by the BOI were granted in 2012.
Taking advantage of the growing interest in Kurdistan, the British Business Group (BBG) Abu Dhabi, in collaboration with UKTI and the Abu Dhabi Department of Economic Development has organised a third overseas country trade mission to Erbil in Kurdistan from September 21-24, 2013. The collaborative mission to Iraq's third-largest city will educate potential British investors about the opportunities of investing in a growing global commercial hub.
"British-Kurdish relations have gained momentum over the past years as UK firms are highly recognised for their quality of skills, expertise and products," said Jonathan Davidson, chairman of BBG Dubai. "This programme will serve as a connecting pipeline between Britain and Kurdistan by further facilitating British establishments in an increasingly growing commercial hub of Erbil."
The overseas mission, which will bring East and West entrepreneurs together, coincides with International Erbil Trade Fair 2013, the largest general trade fair in Iraq exhibiting multi-sector business establishments. The touring business programme in Erbil will host several table gatherings and site visiting with key government-trade officials and establishments.
Speaking on the programme, Richard Oliver, chairman of BBG Abu Dhabi, said: "This mission is a great opportunity for British businesses to invest in a commercial city where British expertise and services are highly appreciated."
"The UAE mission assisted by UKTI and the British Business Groups of the UAE, will see the missions jointly co-operate as part of the UK/UAE Business Council. The overall aim is to explore the opportunities the Erbil International Trade Fair and the region has to offer to companies from both countries," said Graeme Mullin, trade advisor at the British Embassy in Abu Dhabi.
- See more at: http://www.khaleejtimes.ae/biz/inside.asp?xfile=/data/uaebusiness/2013/September/uaebusiness_September169.xml§ion=uaebusiness#sthash.UKerI0O2.dpuf
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