The Economic Kurdish Spring

By: Triska Hamid

Besides Salahadin, few know of the Kurds, their history and the atrocities they have faced over the years in Iraq, Syria, Turkey and Iran. But now the international business community is beginning to recognize the Kurds in Iraq.

In the north of the war-torn country, the autonomous Kurdish Region is attracting substantial foreign investment from investors keen to tap into the burgeoning economy, fueled by the prospect of oil and gas revenues.

For the past few years the Kurds have been portraying their land as ‘the other Iraq’, a safe and secure environment for foreigners.

As Baghdad continues to battle with the suicide and car bomb attacks, the last attack in Kurdistan was back in 2004. While the rest of Iraq averages 4 hours of electricity a day, the Kurds are enjoying 20 hours. Life is generally better, with new malls, international hotel chains and brands building up a presence.

With a $13bn budget this year, the government is keen to spend and rebuild the region and attract foreign investors to continue its economic boom.

But it is still Iraq. Kurdistan has a long way to go, economically, socially and culturally. While many investors and returning expats have come to make a fortune and establish businesses, there are many drawbacks.

There is a skills shortage, crippling corruption and bureaucracy. There’s not much to do leisure-wise and it has little to offer the young, particularly female expats.

It’s a frustrating state of affairs especially for those better familiar with working in the West. And frustration is a feeling that must be forgotten in order to make it in Kurdistan.