Why invest in Erbil?
If you ask investors from Turkey, Iran, Lebanon and many other countries about their motives of investment in Erbil, you will get several positively enthusiastic answers. Businesses in many different sectors are popping up across Erbil. Shopping malls for one are being built to accommodate the increase in consumer spending. Erbil now has eight shopping malls that stock big luxury brands such as Armani and Rolex. Erbil construction and housing projects are underway all around the city to meet the demand of people moving to Erbil city limits. First class hotels, such as the Divan or Rotana Hotel, are there to house Erbil business conferences and the growing tourism industry. Restaurant owners have gotten on the bandwagon as well. If you are hungry, you can now find pizzerias, Chinese restaurants, and a sushi bar right in Erbil. On an important note, the Kurdistan Regional Government (KRG) is investing heavily in tourism to diversify the economy. Their most notable cultural investment was restoring Erbil Citadel, the oldest continuously inhabited settlement in history. Its now crumbling houses are being transformed into boutiques, restaurants, and art galleries.
Erbil’s economic growth is not only getting domestic attention. The economic transformation of Erbil is getting noticed internationally. In particular, Iran and Turkey, Iraq’s neighboring countries, have been making Erbil investments since the major change in regime many years back. There are more than 1,000 Turkish companies and 300 Iranian companies registered in Iraq according to data from the Ministry of Trade and Industry. Turkey is investing in everything from construction to oil installations … from jewelry and fashion boutiques to food products. To further illustrate Erbil’s growing international economic importance, the region now hosts 17 consulates and foreign representatives, seven universities, and two international airports with direct flights to cities like Vienna, Frankfurt, and Stockholm. It’s clear that Erbil’s economy is booming. Starting a company in Erbil might just be your best investment yet!
For more information on Erbil business news, please visit the business category on Erbilia: http://erbilia.com/category/businessposts/.