In The Shadows Of Iraq: Qubad Talabani (Part 5)

Continuing on the same theme, I now delve more into the entrepreneurial / venture capital opportunities. This region is actively looking for external investments, and simply because of the vast natural resources there, they are very likely to receive investments in the energy industry. I have also noticed over time that entrepreneurial spirit exists is nearly every situation. One of the intriguing aspects of this interview was to explore what activities are going on in a country now, which allows some speculation for future development.

SM: Is the Kurdish region proactively looking for outside investments, and if so, what types? How are these requests being solicited? QT: Yes. In March 2007, the United States Under-Secretary of Commerce for International Trade, Frank Lavin, traveled to Erbil to launch the U.S.-Iraq Business Dialogue and the Iraq Gateways Initiative. The latter being an initiative to encourage companies that are looking at Iraq for investment opportunities to consider particular locales — in this case Kurdistan.

Importantly, the Investment Law for the Kurdistan Region was adopted in July 2006. The law was approved by the Kurdistan National Assembly, the Region’s parliament, and ratified by President Masoud Barzani. The investment law applies to both national and international investors, and is a key milestone in ensuring future investors the protection of their rights. This investment law is one of the most liberal in the Middle East, and allows for full repatriation of profits and ownership of land by foreign companies.

The KRG strongly believes in promoting Foreign Direct Investment, as only by tying in the international investors will we attract the latest technologies and surge forward in the development of Kurdistan.

SM: What types of entrepreneurial endeavors are going on now? QT: This is an exciting time for entrepreneurship in Kurdistan. Tourism is one area that has greatly expanded because of this entrepreneurial spirit. In the mountains of Kurdistan, investors are opening up new resorts that both promise to attract travelers, as well as boost local job growth. The Pak Resort is an example.

The British touring company Hinterland Travel is also leading the way in the tourism industry by providing foreigners the opportunity to travel in organized tours to Iraqi Kurdistan and the region. Tourism in Iraqi Kurdistan has benefited from the opening of new airports in the region, and having several major countries (including Austria, Germany, Sweden, Denmark, Japan and Great Britain) alter their travel advisory to northern Iraq to reflect its stability.

Another example is the amazing success story that began before OIF. In 1999, a Kurdish entrepreneur imported cell-phone technology to Kurdistan to set up a small cell phone network. While most thought he was mad to do so, he has since developed into one of Iraq’s wealthiest and most successful entrepreneurs. His then little known company, Asia Cell, now has over 3 million subscribers! He was willing to take a risk, and it has since paid dividends.

[to be continued]

[Part 4]
[Part 3]
[Part 2]
[Part 1]

This segment is part 5 in the series : In The Shadows Of Iraq: Qubad Talabani
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