Economic
Diversification
Economic
Diversification
Prime Minister Barzani’s Vision
Economic Diversification And Sustainable Growth
Prime Minister Barzani has consistently advocated for economic diversification and sustainable growth, aiming to reduce the Kurdistan Region's reliance on the oil sector and achieve economic diversification.
His approach centers on two critical areas
1Revitalizing the agricultural sector and making it the backbone of Kurdistan’s future economic success
2Bolstering small and medium-sized enterprises (SMEs) to enrich and diversify the region's economic landscape and reduce dependence on the government.
Revitalizing Agriculture
Under Prime Minister Barzani's leadership, agriculture is poised to become a cornerstone of the Kurdistan Region's economy and subsequently turn it into a regional food basket.
The government's commitment to this vision is evident in the remarkable increase in agricultural investment and export, which has soared from 1.8% to 8% of the total region's investment. This financial influx has propelled the initiation of 2,173 agricultural projects within the Prime Minister’s tenure, marking a significant pivot towards agricultural resurgence.
The initiative has also successfully introduced Kurdish products to global markets, notably with the Pomegranate Export pilot project reaching countries such as the United Arab Emirates, Bahrain, Saudi Arabia, and Oman. Following this success, other Kurdish products like apples and honey have found international buyers, enhancing the region's export portfolio.
Infrastructure development has kept pace with market expansion, with the construction of 12 new grain silos and 27 storage facilities, increasing the region's grain storage capacity to 841,000 tons. Additionally, the launch of the Farmers’ National Training Program has brought international expertise to 1,000 Kurdish farmers, aiming to increase production, comply with international export standards, and connect with new markets.
Fostering Entrepreneurship
Aligned with the Prime Minister’s vision of diversifying the Kurdistan Region’s economy, Project Bloom represents an opportunity to empower entrepreneurs and SMEs. This program offers government-backed loans of up to 150 million Iraqi dinars to selected businesses, aiming to stimulate innovation and job creation. Out of 130 applicants, 25 were meticulously chosen through a transparent process, facilitated by private banking and sector specialists, reflecting a robust collaboration between the government and private sector.
The distribution of nearly 3 billion Iraqi dinars under Project Bloom is set to generate approximately 80 new employment opportunities, contributing significantly to the region's economic vitality. By removing traditional lending barriers such as collateral requirements and minimizing administrative fees, Project Bloom paves the way for deserving SMEs to thrive, leveraging the KRG’s advanced digital infrastructure to streamline processes and enhance accessibility.
Prime Minister Barzani's initiatives exemplify a profound commitment to diversifying the Kurdistan Region's economy through strategic investments in agriculture and SMEs. These efforts not only aim to reduce the region's oil dependency but also to establish a resilient, diversified, and sustainable economic foundation for future generations.
Fostering Entrepreneurship
Aligned with the Prime Minister’s vision of diversifying the Kurdistan Region’s economy, Project Bloom represents an opportunity to empower entrepreneurs and SMEs. This program offers government-backed loans of up to 150 million Iraqi dinars to selected businesses, aiming to stimulate innovation and job creation. Out of 130 applicants, 25 were meticulously chosen through a transparent process, facilitated by private banking and sector specialists, reflecting a robust collaboration between the government and private sector.
The distribution of nearly 3 billion Iraqi dinars under Project Bloom is set to generate approximately 80 new employment opportunities, contributing significantly to the region's economic vitality. By removing traditional lending barriers such as collateral requirements and minimizing administrative fees, Project Bloom paves the way for deserving SMEs to thrive, leveraging the KRG’s advanced digital infrastructure to streamline processes and enhance accessibility.
Prime Minister Barzani's initiatives exemplify a profound commitment to diversifying the Kurdistan Region's economy through strategic investments in agriculture and SMEs. These efforts not only aim to reduce the region's oil dependency but also to establish a resilient, diversified, and sustainable economic foundation for future generations.
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