Import and export dropped by half
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.