Erbil:Kurdistan Region President Nechirvan Barzani emphasized that Iraq is facing numerous opportunities and challenges, particularly in the economic sector, during his address at the Middle East Research Institute (MERI) Forum.

According to Iraqi News Agency, Barzani highlighted the importance of maintaining good relations with neighboring countries as Iraq navigates this new phase. He stressed that while Iraq has many opportunities ahead, the primary challenge remains economic, largely due to its heavy reliance on oil exports.

Barzani pointed out the impact of regional conflicts, particularly the closure of the Strait of Hormuz, which is crucial for Iraq’s oil exports that account for over 90% of the nation’s revenue. He also noted that opportunities exist wherever Kurds reside, underscoring the importance of Iraq’s diplomatic relations with its neighbors.

Additionally, Barzani commented on the peace process in Turkey, describing it as serious after decades of conflict. He mentioned the Kurdistan Region’s supportive role in this peace initiative, marking a significant step after 40 years of misunderstanding and disagreement.