Snow told Kurdpress in an interview that since 2003, the economy of the the region has been highly dependent on either local oil production or budgetary transfers from the central government which derive primarily from oil production.

With the right long-term strategy and an array of reforms, the Kurdistan Region could lessen its dependence on these two drivers of economic activity over time, he said, adding that the KRG would have to work to strengthen its business climate to attract foreign and domestic investors, increase transparency and combat corruption, strengthen rule of law, and encourage diversification.

He further added that “the region has significant potential to develop other sectors such as tourism and agriculture and the KRG also has potential to develop as a services hub.”

“Increased political stability would also help the business climate. Negotiations with the central government on long-term solutions with regard to oil sector and budgetary policies would give investors greater confidence; as would continuing the region’s progress towards democracy,” he added

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