Policies to be Adopted by the Province to Achieve the Goal:
1- Involvement of the private sector as a stakeholder in projects associated or relevant to the sector.
2- Encouragement of studies addressing economic challenges in the Province, including the gap between private sector needs and demands of available manpower.
3- Striving to provide data relating to economic development.
Legislative Improvements Needed:
1- Review and development of legislation and procedures to serve the implementation of BOT and BOOT projects, taking into account the investor’s solvency, mandatory contracts, and good execution guarantees.
2- Merge of the two branches of the Central Bank, located in the Sulaymaniyah and Erbil, into one bank that is a branch of the Central Bank in Baghdad.
3- Review of legislation specific to the financial and banking sector in the Region and the introduction of necessary legislative amendments to be negotiated with the Baghdad government.
4- Review and development of the Investment Law with regard to industrial projects to serve the development of the sector and the sustainability of resources and environment.
5- Re-Consideration of the draft law on metallic and non-metallic minerals, in particular the tax aspect.
6- Set up of an economic partnership board between the public and private sectors
7- Review and issuance of legislation associated to raising bank capital, introducing banking services necessary for investment, possibility of raising interest rates on bank deposits, and determining the rate of interest on bank loans to stimulate economic growth.
8- Issuance of instructions that will ensure the application of the quality control law for various economic sectors.
9- Enforcement of the law on protection of commercial property and patent rights.
10-Review of the distribution criteria of the agricultural sector’s allocations in accordance with the comparative advantage of the agricultural sector in each province.
11-Review of the Statistics Act and offering amendments relating to smooth collection of data and granting authority to the Statistics Department to do so.
12-Issuance of legislation and instructions necessary for the protection domestic products with future potential of development, especially with regard to trade exchange with countries that have special laws for domestic product protection.
Projects Proposed to the Kurdistan Regional Government:
1- Creation of a one-window investment service for investors to include:
A- Restructuring institutions concerned with economic growth.
B- Restructuring process engineering and government services in order to reduce time and errors.
C- Developing the necessary infrastructure for the one-window service, including associated electronic services.
D- Building the capacity of concerned government staff and e-literacy to enable the management of the window.
2- Implementation of a comprehensive economic study of the various economic sectors to determine the comparative economic advantage of each province, growth stimulating sectors, and priorities of the next phase.
3- Mapping industries at the level of the Ministry of Industry and Trade.
4- Implementation of a survey of natural resources, topsoil and subsoil alike, to show characteristics, amounts, and economic feasibility of available natural resources.
5- Implementation of radical reforms to the education sector in order to develop the quality of education and align its outcomes with labor market needs, based on the results of specialized studies on labor market needs, investment, expectations of job seekers, gap between education outcomes and the development requirements for the next phase, including:
A- Training and rehabilitation of administrative and teaching staff of the education sector in the various stages and the adoption of a the teacher competency certificate, which is to be renewed every three years, in addition to linking the results of the competency test with job promotion.
B- Adoption of a competency test for students according to international standards.
C- Preparation of a comprehensive plan for vocational training to respond to the needs of the labor market and target local workforce and employment.
D- Allocation of adequate financial support for the education and vocational education reform programs.
6- Implementation of a comprehensive national program for e-literacy and English language proficiency for public sector employees.