The KRG’s Goals: Food security, Self-sufficiency, Economic prosperity for farmers, Becoming a major producer and exporter of wheat, vegetables, fruit, meat, dairy, and poultry to the region.
The Kurdistan Region has high potential due to growing population coupled with urbanization. Kurdistan boasts a combined 1.5 million hectares of irrigated lands, a diversified population of livestock, and strong environmental and natural conditions that allows for the development of a variety of agriculture products. Currently, agriculture industry contributes to 10% of the total GDP.
Agriculture industry is one of the prioritized sectors for investment by the KRG. The KRG offers incentives for efficient & large-scale investments since 2006. Between 2006-2014, the KRG has invested $704 million in agriculture industry. Around $1 billion will be spent for the development of the industry over next 5 years.
Agriculture industry is a major source of employment in the Kurdistan Region. Some 10% of the population live in rural areas and rely subsistence agriculture.
The KRG has increased regulatory control for quality and performance.
The KRG offers farmers’ subsidies estimated at $250 million a year.
Investment Tip: Silos & Warehouses
The KRG’s development plan prioritises the construction of new wheat and barley silos. At the moment, Kurdistan has only 7 silos & warehouses, and the storage capacity is about 385,000 tons. However, the KRG has concrete plans to increase that capacity to 1 million tons in the short term.