Large industrial zones and a modern stock exchange will be opened in Kurdistan
The Kurdistan Supreme Financial Board (KSFB), decided to open several significant industrial zones in the three provinces of Kurdistan, as well as opening a modern stock market exchange in the region. In addition, the board decided to launch an insurance directorate to oversee insurance companies.
The board's 17th meeting, held on July 1st 2012, was led by Kurdistan Prime Minister and head of the board, Nechirvan Barzani. Imad Ahmed, deputy to the PM and the board, was also in attendance at the meeting.
Barzani said that Kurdistan Regional Government (KRG), views industrial projects as "highly imperative" and said they will take step towards building the regions, infrastructure.
"A law should be prepared soon to build large and contemporary industrial zones as well as a mechanism to manage them. Relative parties should form a panel to prepare the law," said Barzani during the meeting.
The new industrial zone to be built in the west of Erbil will be the largest of its kind across the Kurdistan Region. The board decided to provide each local and foreign investor, who had already tendered requests, with a piece of land in the zone. Most of the companies had completed their administrative preparations. A special meeting will be held by the board in the upcoming weeks to allocate lands to the investors.
In addition, the board discussed the activities of insurance companies in Kurdistan. They shed light on their shortcomings and the expected problems they might face in the future. The main problem for such companies is lack of a comprehensive and contemporary law to support them.
In the meeting, Barzani insisted that an inclusive law is needed for organizing and overseeing the insurance companies. The board later agreed to open an insurance directorate in the Kurdistan Region with the responsibility of supervising the insurance sector.
Following Iraq's Stock Exchange Board's decision to launch a new branch in Kurdistan, the KSFB issued an order to open it in Kurdistan's capital city, Erbil. The previous stock exchange of Erbil was known as a market of financial papers.
In addition, the stock exchange will be run by a joint venture company and a board of five from the KRG.
In addition, a proficient foreign company will also oversee the stock exchange and will train employees of the exchange. It will be tied with the central stock market in Baghdad as well as international exchanges across the world.
The last topic discussed by the board was implementation of strategic projects in cooperation with local and international companies under a system called "PPP". The KRG and private companies will carry out long-standing projects for long-term periods under the system.
The board decided to build more schools, construct more roads and initiate further electricity projects in cooperation with the local and international private companies under the proposed scheme.