Iraqi Kurdistan admits "errors", vows to reform economy

IRBIL, Oct 9 (KUNA) -- Prime Minister of Iraqi Kurdistan Nechervan Barzani has admitted "errors" in handling the economic crisis in the autonomous region, and vowed to apply reforms.
The region has been suffering a financial crisis for two years.
"We do not deny errors exist, but this economic crisis offers an opportunity to conduct reforms," Barzani told a conference on boosting the role of the private sector in Kurdistan on Sunday.
He "affirmed" that they will overcome the crisis and that a "prosperous future" lies ahead for the region.
The sector can play a major role for developing the Kurdistan economy, the Premier said, referring to significant facilities offered to private foreign investments to provide further jobs, Barzani said.
Iraqi Kurdistan is a "live model" for the private sector's role in economy, amid the current hard economic conditions the region has been experiencing, namely the cut of the budget and the war against the so-called Islamic State (IS), besides the falls of oil prices, he told the business conference.
In addition, the region has been hosting huge numbers of displaced Iraqis, and still the sector is able to support thousands of families.
Barzani urged the private sector to pump more capital in agriculture, industry and tourism.
On the ties with Baghdad, he said that following the recent visit by Kurdistan President Masoud Barzani to the Iraqi capital, "we hope for an opportunity to solve all problems." Referring to the long-waited battle to free Mosul from IS (Daesh), he said that the liberation would positively affect the region's economy.
However, liberating Mosul is primarily a political issue, but it will not settle all problems, he said.
Barzani stressed the necessity of having political agreements among the components of the Nineveh governorate of the post-liberation era.
For his part, head of the Kurdistan Union of Chambers of Commerce and Industry Jalil Al-Khayyat, said that the conference seeks in the first place to identify the points of strength and weakness in the Kurdistan economy, and the means likely to help promote it.
Former US Ambassador to Iraq Zalmay Khalilzad expressed a belief that the autonomous region would overcome the economic crisis after defeating Daesh.
The two-day event aims to shed light on the financial crisis in Iraqi Kurdistan and the means likely to bolster the private sector there, with participation of numerous Kurdish officials and Iraqi and foreign businessmen. (end) sbr.msa