(MENAFN- Arab Times) Nechervan Barzani, the Prime Minister of Iraq's Kurdistan, has lauded recent opening of a Kuwaiti consulate in the northern region but noted need for greater foreign investments, namely by Kuwait, to help in shoring up the ailing domestic economy.
Barzani, during a meeting with visiting Kuwaiti media personalities, affirmed that the Kurdish administration encourages current Kuwaiti investments but hopes these businesses are boosted. He underscored significance of recent opening of a Kuwaiti consulate in the northern Iraqi region, but stated, "We need greater participation on part of the State of Kuwait," hoping to see more Kuwaiti-funded enterprises in the region.
Following fall of Saddam Hussein's regime in 2003, the regional government embarked on construction of Kurdistan, partly by utilizing oil proceeds to develop various sectors including the industrial and agricultural fields, "however emergence of DAESH last year surprised everybody and led to slowing down the construction process," Barzani said.
Region
Now, the region is gripped with difficult economic and financial conditions, he said, explaining dire need for external investments to shore up the local ailing economy. "DAESH" is the Arabic term that refers to the Islamic State in Iraq and the Levant (ISIL). The group has occupied large swaths of land in Syria and Iraq, namely in Al- Anbar province, but has gotten embroiled in ongoing fighting with troops of the Baghdad Government and the Kurdish Peshmergas forces. Burden borne by the local administration has dramatically grown, partly due to influx of Iraqis and Syrians seeking safety, he indicated noting that Iraqi Kurdistan's four-million-population has grown by 28 percent.
There are fears that number of the refugees coming to the region will swell due to the ongoing violence in other parts of Iraq and neighboring Syria. Barzani urged Arab states to follow Kuwait's example of offering generous aid to the refugees. Kuwait had hosted two international conferences, in which donors pledged billions of dollars worth of aid for the Syrian refugees.
Meanwhile, the local Minister of Planning Ali Al- Sendi affirmed that the refugees have become a heavy burden on shoulders of the Kurdish government. Al-Sendi, who also received the Kuwaiti delegation, echoed Barzani's call on Kuwait to invest on a larger scale in the region, noting that the local laws include incentives for foreign investors. The Kuwaiti delegation arrived in Irbil on Tuesday to hold meetings with local officials get close look at the situation in Kurdistan.
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