The International Finance and Trade Center officially opened in Sulaymaniyah on Thursday, February 20, 2025, marking a historic milestone for Iraq and the Kurdistan Region. The center, the first of its kind in Kurdistan and the second in Iraq, aims to boost economic activity, attract foreign investment, and modernize financial services. With branches of local and international banks, stock exchange firms, and investment companies, the center is poised to become a hub for commerce and finance in the region.
A Landmark Initiative for Economic Development
The inauguration of the International Finance and Trade Center in Sulaymaniyah represents a significant step forward for the Kurdistan Region and Iraq. The center, which features branches of various foreign and local banks, financial stock companies, and a stock exchange, is expected to transform Sulaymaniyah into a major financial hub. Ali Al-Alaq, Governor of the Central Bank of Iraq, emphasized the city’s vibrant commercial activity, noting that the volume of trade and the number of merchants in the region are substantial and growing.
Dr. Narmin Maarouf, a member of the Parliamentary Finance Committee, highlighted the center’s potential to foster trade exchanges both within and outside the region. “This center will play a significant role in improving infrastructure and the economic conditions of Sulaymaniyah and the Kurdistan Region as a whole,” she said. The initiative is also expected to create job opportunities, attract foreign investors, and contribute to reducing the unemployment rate, which has been a persistent challenge in the region.
A Catalyst for Financial Modernization
The International Finance and Trade Center is not just a physical space but a symbol of progress and modernization. Shad Fikret, Director of Public Relations at the center, described it as a groundbreaking development in Iraq’s history. “For the first time, an international financial and economic center is being established in Iraq,” he said. The center will host several local and international banks, along with stock trading companies, currency exchange firms, and branches of Iraq’s financial markets.
The center’s media director, Shad Khusraw, emphasized its role in providing modern infrastructure for financial services. “We envision this center evolving into a major stock exchange for Sulaymaniyah, drawing investors, creating jobs, and reducing unemployment,” he said. By aligning with international standards, the center aims to strengthen economic activity and reduce the region’s reliance on oil revenues, fostering a more sustainable and diversified economy.
Addressing Challenges and Building Confidence
While the opening of the center is a cause for celebration, officials acknowledge that challenges remain. Ali Al-Alaq pointed out that some issues require resolution, particularly in streamlining trade processes. “We believe that through collaboration between the central government, relevant parties, and the Central Bank, we can create an organized and efficient framework for trade,” he said. This framework is expected to encourage commercial opportunities and boost exports from the region.
Dr. Haval Abubakr, Governor of Sulaymaniyah, highlighted the center’s unique position in Iraq and Kurdistan. “This is the first time a center of this scale and expertise has been established in the region,” he said. The center’s ability to attract banks, stock exchanges, and investment firms will depend on adherence to federal and regional laws, ensuring a transparent and regulated environment for financial activities.
A Gateway to Global Markets
The International Finance and Trade Center is more than a local initiative; it is a gateway to global markets. Experts believe the center will accelerate business development and attract growing interest from banks and companies looking to establish a presence in the region. “This financial hub is a critical step toward integrating Kurdistan into global markets,” said Shad Khusraw. The next phase of development will focus on expanding financial services and regulatory frameworks to enhance investor confidence.
The center’s opening ceremony was attended by prominent figures, including Ali Al-Alaq, senior officials from Al-Rafidain and Al-Rasheed banks, and economic and business leaders from across the region. Their presence underscored the center’s importance as a “key pillar” in the region’s economic strategy. By fostering a sustainable financial and commercial sector, the center aims to create a ripple effect, benefiting not only Sulaymaniyah but the entire Kurdistan Region and Iraq.
