Entrepreneurship Opportunities And Challenges In The Kurdistan Region Of Iraq (Kri)

Abstract

This paper intends to examine the opportunities and challenges of entrepreneurship in the Kurdistan Region of Iraq (KRI). It listed out the opportunities for promoting entrepreneurship in the region such as leasing of land for startups on subsidy, financing for public infrastructure, exemption of customs duties on imported raw materials, allowing 100% foreign ownership for the new establishments, allowing transfer of investment, and exemption from corporate taxes. It also identified the few challenges for the entrepreneurial activities in the region such as lengthy and costly process to start the business, inconsistent and outdated regulatory policies, lack of protection for intellectual property (IP), limited access to the capital, lack of entrepreneurial mindset, skill gap for employability, and the corruption as well as terrorism in the region. However, it is felt that the direct support to the aspiring entrepreneurs would probably promote the startups in the region without imposing some of the legal and regulatory restrictions. Finally, it is recommended to start the incubators as well as labs for the development of entrepreneurship in the region for not only improve the business activities but also for the generation of employment in the private sector across the KRI.