IRBIL, Iraq – Turkey is the top country in terms of foreign investment in the northern Iraq region, an Iraqi official said Tuesday.
"Turkey comes first in terms of investment in the region, followed by Lebanon," Hamza Nader, head of Irbil's communications department, told Anadolu Agency.
"Local and foreign investment in the region have reached $37 billion. Local investment accounts for 60 to 65 percent, while foreign investment accounts for 35 to 40 percent," he added.
He pointed out that these figures were calculated from the establishment of the Kurdistan Regional Administration's investment authority in 2006.
The region's investment law has been hailed as one of the most appealing in the region, according to which foreign investors are treated much like their local counterparts.
Foreign investors also have the right to own full stakes in any project that they establish in the region, as well as the right to own local land outside of the oil sector.
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