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The Kurdistan Regional Government (KRG) has licensed foreign investment projects worth $8 billion under the two-year-old investment law, the chairman of the region's investment authority said.

"The licenses were given under Investment Law No. 4 of the year 2006, which came into effect on July 30 of the same year. The law provides facilities and tax exemptions for investors and encourages them to bring in skilled labor force," Hirsh Muharram told Aswat al-Iraq - Voices of Iraq - (VOI).

"Nearly 15 percent of the investment licenses were granted to foreign companies, and 25 percent to joint investments and 60 percent to local companies," Muharram explained.

European contribution to reconstruction efforts far outweighed that of the U.S. and British forces, the official noted, adding that the regional investment authority is responsible for all investment projects in Kurdistan, except for oil investments, which is the direct responsibility of the supreme oil authority.

Kurdistan's Investment Authority, which was established under the Investment Law, has branches in all provinces and is directly accountable to the prime minister, Muharram noted.