Shafaq News/ On Thursday, the International Finance and Trade Center was inaugurated in Al-Sulaymaniyah.

The opening ceremony was attended by Iraqi Central Bank Governor Ali Al-Alaq, senior officials from Al-Rafidain and Al-Rasheed banks, and economic and business figures from across the region and beyond.

The Center is the first of its kind in Kurdistan and only the second in Iraq after the Iraq Stock Exchange. It aims to "strengthen economic activity, attract foreign investment, and modernize financial services in the region."

Speaking at the event, the center’s media director, Shad Khusraw, said, "This center will provide modern infrastructure, hosting both foreign and local banks, stock market firms, and investment companies."

“We envision this center evolving into a major stock exchange for Al-Sulaymaniyah, drawing investors, creating jobs, and reducing unemployment,” Khusraw added.

Officials see the center as a "key pillar" in reducing reliance on oil revenues by "fostering a sustainable financial and commercial sector aligned with international standards."

Experts say the opening of the International Finance and Trade Center will "accelerate business development," with 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,” Khusraw said, adding that the next phase will focus on expanding financial services and regulatory frameworks to enhance investor confidence.