Source: Press TV
Five hundred global companies are taking part in two international trade exhibitions in the Kurdistan Region this week. The fifth consecutive Project Iraq exhibition focuses on the region's construction needs. The Energy Iraq expo also aims at showcasing the latest achievements in the field of electricity and energy. Seventy-two Iranian companies have flocked to the region's capital, Arbil.
Companies from 22 countries such as Canada, Germany, the UK, Estonia and Finland have taken part in the expos. The exhibitions are also expected to attract official delegations, government decision-makers and entrepreneurs. Opportunities in the region are tempting. The Kurdistan Region's investment law was passed in 2007 and allows foreign investors to purchase land and enjoy tax exemption for ten years.
Kurdistan is frequently referred to as "the new Dubai". In Arbil and its surrounding areas there are about 1,200 construction sites of various sizes. Kurdistan's government has attracted almost $17bn in foreign investment over the past five years. For foreign investors, the abundance of opportunities is clear.
By 2015, eight-five star hotels will be built in the capital. Gated communities for wealthy foreigners and Iraqis are popping up all the time. But critics say the focus should be Kurdistan's production sector, rather than opening exhibitions.
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