Im­port and ex­port dropped by half

The Kurdish Globe - - OPINION -

Head of the Suleimaniya In­vestors’ Union ar­gues that due to the re­cent fi­nan­cial in­sta­bil­ity in Kur­dis­tan Re­gion, the im­port and ex­port ac­tiv­i­ties have been par­a­lyzed and dur­ing the past 6 months the vol­ume of im­port and ex­port has dropped by 50%.

Yassin Mah­moud, Head of the Suleimaniya In­vestors’ Union, says:" The ma­jor fac­tor be­hind this drop is the in­creas­ing ten­sions be­tween Er­bil and Bagh­dad, which has led to the stop­page of dis­burs­ing govern­ment salaries, con­trac­tors’ money and the var­i­ous gov­ern­men­tal loans."

“A num­ber of for­eign in­vestors have put their projects on hold,” Mah­moud said. “Ad­di­tion­ally many lo­cal in­vestors and con­trac­tors are on the edge of bankruptcy.”

“They have to solve these is­sues as soon as pos­si­ble other­wise they would se­ri­ously harm the in­vest­ment and busi­ness ac­tiv­i­ties in the Re­gion,” con­cluded Mr. Mah­moud.

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