Shafaq News/ The newly elected head of the Sulaymaniyah Chamber of Commerce and Industry, Nuzad Ghafour, on Saturday said that his administration will seek solutions to enhance the governorate's economy, citing federal regulations as a major challenge.

In his first statement since being elected, Ghafour told Shafaq News Agency that the chamber's current term will last for four years, and that within that time, the chamber will implement a plan to address the challenges facing the region's economy.

"This week, the chamber will hold a meeting with all members to discuss their visions and unify them into a single chamber plan with specific time frames," Ghafour said.

He added that most of the chamber's members are traders and have a good understanding of the challenges facing the region's economy, which include external challenges such as federal administrative decisions, Central Bank of Iraq (CBI) regulations, and trade with foreign countries, as well as internal challenges such as the salary crisis and lack of liquidity.

"Sulaymaniyah traders are currently suffering from the issue of external transfers related to the CBI regulations," Ghafour said. "Most traders cannot get their financial dues directly, even in Iraqi dinars."

Ghafour said the plan will include solutions to the challenges facing the tourism, trade, industry, and agriculture sectors in Sulaymaniyah, as well as some issues that affect the region as a whole. He also said the plan will address the commercial challenges that have led to a decline in the region's trade, as well as create job opportunities for the unemployed population.

For her part, the chamber's vice president, Shini Ekhtiyar, told Shafaq News Agency that the chamber has a responsibility to address the decline in market activity in Sulaymaniyah and the surrounding areas, and to solve all market-related problems.

She noted that the reasons for the decline in market activity are related to currency exchange rates and CBI regulations, and that the chamber is waiting for the CBI's steps at the beginning of the year.