Migration Letters

Volume: 21, No: S3 (2024), pp. 502-523

ISSN: 1741-8984 (Print) ISSN: 1741-8992 (Online)
www.migrationletters.com

Designing A Model to Promote the Establishment of InvestmentFunds

from The Contributions of Foreign Investors to Achieve Sustainable
Development in The Kurdistan Region of Iraq

Kawa Ali Khorsheed*1, Mohammad Rahim Esfidani2, Ezzatollah Abbasian3

Abstract
Attracting foreign investors in the Kurdistan Region of Iraq with its turbulent history requires
implementing innovative strategies and systems that not only increase investorstrust, but also
support the region's goals for long-term growth. Based on this, the currentresearch has been
done with a practical approach with the aim of designing a Model to Promote the
Establishment of Investment Funds from The Contributions of Foreign Investors to Achieve
Sustainable Development in The Kurdistan Region of Iraq. This research has been conducted
in a mixed method (qualitative and quantitative). Based on this, at first, a semi-structured
interview protocol was prepared, and then 14 participants were selected from among
theoretical and experimental experts using the "snowball" sampling method until the saturation
point. The researchers through the analysis of the interviews conducted with the help of
grounded theory strategy (open, axial andselective coding) and data analysis with the help of
MAXQDA software, have identified six main factors affecting the participation of foreign
investors in Establishment Of Investment Funds and sustainable development, including
Designing Marketing Model, Engagement, Promotion, Macro factors, Foreign Investors
Contributions in Investment Funds and Sustainable Development and thirty-one sub-
dimensions.. The statistical sample of the research in the quantitative part is made up of 384
personnel employed bythe Board of investment in the Kurdistan Region of Iraq. Partial least
squares (PLS) were also used to analyze the data in the quantitative part. Analyzing data of
the quantitative part after applying the grounded theory with the help of ISM method led tothe
presentation of the final model. Also, the findings of the quantitative part of the research
confirm all the hypotheses .

keywords: Foreign Investors, Establishment of Investment Funds, Sustainable

Development,Marketing Model, Grounded Theory.

1. Introduction
The Kurdistan Region of Iraq (KRI) is a territory that is positioned at a crossroads where change
is about to take place. The KRI has started on the path toward sustainable development after
emerging from decades of conflict and instability. This journey is being led by a vision of
economic progress, social fairness, and environmental stewardship. The importance of foreign
investment cannot be overstated, given its power to bring in new capital, new areas of
knowledge, and new ways of thinking about existing problems. However, the historical
instability of the regioncreates enormous hurdles to recruiting foreign investors and attaining
the developmental aspirations of the KRI. These goals cannot be achieved without overcoming
these challenges. This region's history of instability presents a challenge that must be
surmounted before it can earn a reputation as a dependable and appealing investment location.
If this obstacle is not addressed, theKRI may find itself in a position where it is constantly
fighting an uphill struggle to attract the foreign capital that is necessary for it to achieve its
goals of sustainable growth1 (Wang & Wang, 2021). In the field of international finance, having

1.
(Corresponding Author), PhD Candidate, Department of Business Management, Faculty of Management, University of Tehran,
 Kawa Ali Khorsheed et al. 503

regulations that are both understandable and open to scrutiny is of the utmost importance. The
legal certainty and protections that their assets would be protected and handled properly are
necessities for attracting investment from overseas. On the other hand, the regulatory landscape
in the KRI is fraught with ambiguity and inconsistency, much like it is in many other emerging
economies. These uncertainties can producean atmosphere of unpredictability, which might
discourage risk-averse investors who look for investing settings that are steady and transparent
in nature. Establishing investor trust and recruiting the significant cash that is required for
sustainable development efforts are made significantly more difficult when there are
insufficient rules that are clearly specified (Khan et al.,2022).
The status of the KRI within the larger geopolitical scene adds an additional element of
complication to the situation. The aspirations for regional autonomy and the historical tensions
within Iraq each have their own effects on the region's stability and security. The dynamics of
geopolitics and the possibility of shifts in regional alliances both have the potential to impact
investor views and decisions regarding investments. Investors are naturally wary of taking
unnecessary risks, and the presence of political unpredictability can serve as a warning sign
that causes capital to be redirected to more secure markets. In order to create the kind of
stability that is attractive to foreign investors, it is necessary to strike a careful balance between
the interplayingforces of local politics, regional dynamics, and global interests.
The successful attraction of foreign investment is contingent on having a comprehensive
investment promotion infrastructure. The dissemination of information, the facilitation of
bureaucratic processes, and acting as middlemen between investors and local stakeholders are
allvital functions that investment promotion agencies are tasked with performing. The KRI's
efforts to attract foreign investment are still in their infancy compared to those of other areas,
which havewell-established organizations specifically designed to do so. The lack of a full
investment promotion ecosystem can make it more difficult to effectively communicate
investment opportunities and can make the difficulties that are already connected with investor
engagement even more difficult to manage. Foreign investment can result in a variety of non-
financial benefits,including capacity building, the exchange of knowledge and technology, and
the transfer of technology. These processes are essential for the transition of the KRI to a
knowledge-based economy, which will leverage innovation to meet various developmental
concerns. However, in order to ensure that foreign investors contribute not only financial
resources but also technologicalcompetence and information transfer, it is necessary to plan
and implement intentional methods.

The creation of an atmosphere that is amenable to the transfer of technologies provides a

multidimensional problem, as does ensuring that the objectives of investors are in line with
thoseof the region's sustainable development initiatives. Therefore, according to the role of
foreign investment in the establishment of investment funds, this research seeks to better
understand this phenomenon, the factors affecting it, the strategies to achieve it, and its
consequences. This helpsthe economic decision makers of the Kurdistan region in attracting
foreign investment. So, Therefore, it is vital to answer this question: what is the exact model to
Promote the Establishmentof Investment Funds from The Contributions of Foreign Investors
to Achieve Sustainable Development in The Kurdistan Region of Iraq?

2. Literature and background2-1. Foreign Investment

The importance of foreign investment in shaping the interconnected landscape of today's
economies cannot be overstated. Foreign investment is a fundamental component of global
economic integration (Muangmee, 2021). It exemplifies a complicated web of financial flows,

Aras International Campus.

2
. Assistant Prof., Department of Business Management, Faculty of Management, University of Tehran, Tehran, Iran.
3.
Associated Prof., Department of financial engineering, Faculty of Management, University of Tehran, Tehran, Iran.

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504 Designing A Model to Promote the Establishment of InvestmentFunds from The Contributions of
Foreign Investors to Achieve Sustainable Development in The Kurdistan Region of Iraq

capital infusions, and international activities that go far beyond simple financial transactions.
Foreign investment, in its essence, reflects the tremendous influence that globalization has,
including both the opportunities and the constraints that occur as a result of the movement of
capital, technology, and skill across national borders (Samour et al., 2022). Foreign investment
can be broken down into its most basic component, which is the channeling of financial
resourcesfrom one nation into the productive assets of another. The development of modern
capitalism andthe process of globalization are inextricably entwined with the annals of the
history of foreign investment. Cross-border investment may be traced back to the time of
colonialism, whenEuropean countries were attempting to exploit resources and develop trade
networks in far-flung lands (Takahashi & Yamada, 2021). This is when the concept of
international business first cameinto existence. In the centuries that followed, the acceleration
of industrialization, the developmentof new technologies, and the liberalization of financial
markets all contributed significantly to thespread of international investment (Sulaiman et al.,
2022). A convergence of variables has contributed to the rise in significance of international
investment in modern times, pushing it to levels that have never been seen before. The
globalization of supply chains, advancements in information technology, and relaxation of
regulations governing trade and investment have all contributed to the creation of an
environment that is favorable to the movement of money across international borders (Scown
et al., 2020). Additionally, developing economies have become increasingly attractive
destinations for foreign investment as a result of their rapidly expanding customer bases,
enormous natural resources, and the potential for large returns (Ting et al., 2021).The varied
character of foreign investment results in both benefits and problems for the countries that
receive the investment as well as the investors themselves. On the one hand, it has the potential
to encourage economic growth, the creation of jobs, and the facilitation of the transfer of
technology and knowledge across international borders, which in turn can boost innovation and
progress (Garg et al., 2020). On the other hand, it has the potential to increase economic
uncertainty in domestic economies, wreak havoc on regional sectors, and worsen income
disparities. As a consequence of this, the management of international investments has emerged
as a crucial policyconcern for governments all over the world, as they struggle to find a middle
ground between thepursuit of wealth and the protection of their national interests (Tolstoy et
al., 2022). Foreign investment in the modern period is not just a question of allocating capital;
rather, it is also a reflection of geopolitics, international diplomacy, and economic
interdependence. The World

Trade Organization (WTO), the International Monetary Fund (IMF), and the World Bank all
playcrucial roles in defining the regulatory environment and offering advice on investment
strategies (Carius & Job, 2021). These international agencies are also responsible for regulating
internationaltrade. The terms and conditions under which foreign investment can take place are
further influenced by the terms and conditions of bilateral and multilateral trade agreements
(Carlsson & Nilsson, 2023). As we go deeper into the complex world of international
investment, it becomes clear that this type of investment is much more than a simple monetary
transaction; rather, it is a driving force that molds the political and economic landscape of the
entire world. This all- encompassing investigation of foreign investment will dig into its many
forms, motivations, effects, and challenges, illuminating the varied nature of this essential
element of the contemporaryglobal economy (Yong & Laing, 2021). The study can have a
better appreciation for the far- reaching effects that foreign investment has on governments,
firms, and individuals all around theworld if we comprehend the complexity and nuances of
foreign investment (Maksum et al., 2020).

2-2. Foreign Investor Contribution in Fund Investment

The participation of international investors in fund investments is a feature of the global
financialmarkets that is both dynamic and essential. These investments involve a wide variety
of financialvehicles, such as mutual funds, exchange-traded funds (ETFs), hedge funds, and
private equity funds, which are used to distribute capital across international borders by foreign
people, institutions, and sovereign wealth funds (Deschryver & De Mariz, 2020). The relevance
 Kawa Ali Khorsheed et al. 505

of the participation of foreign investors in fund investments goes beyond the basic exchange of
monetary assets; rather, it involves the intricate dynamic between capital allocation, risk
management, economic expansion, and international cooperation (Chouaibi et al., 2022). Fund
investments act as conduits for channeling capital into a wide range of financial instruments,
including stocks, bonds, real estate, commodities, and alternative assets. As intermediaries
between investors and various asset classes, fund investments serve as conduits for channeling
capital into a wide range of asset classes (Falcone, 2020). Investing in funds is a popular choice
among international investors for a variety of reasons, including diversification, access to
specialist expertise, exposureto a variety of markets, and the pursuit of favorable risk-adjusted
returns. These investments havethe ability to offer international investors a vehicle through
which they can participate in the expansion and development of economies and enterprises
located all over the world (Oppong et al., 2023). The idea of diversifying one's investment
portfolio is one of the most important aspectsof contributions made by foreign investors to fund
investments. To lessen the impact of any potential losses, investors—whether they be private
individuals or large financial institutions— look to diversify their portfolios over a variety of
asset classes and geographic regions (Chouaibi et al., 2018). Foreign investors have the option
to gain access to a diversified portfolio that includesholdings in both domestic and international
markets through the use of fund investments, which are managed by expert portfolio managers.
By allocating capital to funds, investors can lower concentration risk, potentially improve their
overall investment returns, and avoid the drawbacks of overexposure to any single market or
asset class. These benefits can be achieved while avoidingthe pitfalls of overexposure to any
single market or asset class (Sakawa & Watanabel, 2019). Additionally, the participation of
international investors in fund investments acts as a major vehicle for the integration of
economies around the world. In this age of ever-increasing interconnection,funds offer a way
by which wealth can flow across borders in a manner that is both efficient and unobstructed
(Farzin et al., 2019). This movement of capital across international borders not onlyhelps to
create capital markets in the host nations, but it also encourages economic growth,
develops innovation, and makes it easier to transmit financial know-how. It is possible for
investments in funds, particularly those made in developing countries, to serve as a catalyst for
thedevelopment of infrastructure, the creation of new jobs, and the expansion of companies that
mightnot have flourished without the influx of capital from abroad (Migdadi, 2020).

2-3. Sustainable Development

One of the most important and urgent issues of our day is sustainable development, which
represents a forward-thinking strategy for influencing the course of events that will occur on
our planet in the future. Sustainable development attempts to harmonize humanity's goals for
wealth and well-being with the imperatives of conserving the natural world and ensuring social
fairness for all (Dubbelink et al., 2021). This aspirational goal is rooted in a fundamental
recognition of theinterconnection of environmental, social, and economic systems. Sustainable
development seeks to achieve this harmony by recognizing the profound interconnectivity of
environmental, social, and economic systems. This multidimensional idea transcends
traditional notions of economic growth and encourages countries to reassess their approaches
to development, emphasizing the importance of responsible stewardship for present and future
generations. This is because it focuses on the interconnectedness of all aspects of society (Raza
et al., 2020). The concept of sustainable development involves three distinct aspects that are
intricately intertwined with one another (Aust et al., 2020). First and foremost is the
environmental aspect, which includes the protection of biodiversity, the reduction of pollution
and waste, and the appropriate use of naturalresources in addition to their preservation and
responsible utilization. This aspect emphasizes howurgent it is to identify strategies to preserve
the ecological integrity of the earth in an era that is characterized by climate change,
deforestation, habitat destruction, and the depletion of resources (Lee et al., 2022). The
imperatives of equality, inclusion, and social justice are addressed head-onwithin the context
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Foreign Investors to Achieve Sustainable Development in The Kurdistan Region of Iraq

of the social component of sustainable development. It prioritizes the eradication of poverty,

the reduction of inequalities, the enhancement of access to education and healthcare, and the
cultivation of thriving communities that are welcoming to all (Ulucak, 2020). The idea that the
advantages of development should be available to all people, irrespective of theirsocioeconomic
standing, gender, race, or geographical location, is a central premise of this dimension. This is
one of the key tenets of this dimension (Jakubik & Uguz, 2021). The third factor, economic
sustainability, presents new challenges to conventional models of growth by putting an
emphasis on the requirement for economic systems that are both effective and equitable.This
aspect advocates for the uncoupling of economic growth and the degradation of the
environment, the promotion of sustainable consumption and production patterns, and the
encouragement of innovation that promotes economic advancement while simultaneously
lowering resource consumption and the generation of waste (Battisti et al., 2021). Over the past
few years, there has been a growing interest in sustainable development across both the public
andprivate sectors. Companies are recognizing the value of sustainable business practices not
only interms of their responsibility to the community as a whole but also as a factor in driving
innovation,reducing costs, and improving their brand name (Hartani et al., 2021).
Much has been said about the role and importance of foreign investment on sustainable
development and many research studies have been carried out, but regarding some dimensions
oraspects of supporting foreign investors in the establishment of investment funds, including
the participation of investors and intervening condition, Fewer scientific and comprehensive
studies have been conducted. Therefore, the current research seeks to answer the basic question
that "how is the Model to Promote the Establishment of Investment Funds from The
Contributions of Foreign Investors to Achieve Sustainable Development in The Kurdistan
Region of Iraq?" In the followingtable, the most important researches conducted in this field
are presented.

Table 1: Studies Conducted on The Impact of Foreign Investment on Sustainable

Development
Researcher Research Title Findings
And Year
The impact of In the current global economic and financial environment,
customer there is an increasing emphasis on the need to prioritize
relationship sustainable development, which has become a prominent
management and concern in various industries. This perception comes from
Khan et al company reputation the growing recognition of the need for a balanced and
(2022) on customerloyalty: mutually beneficial relationship between economic growth
Themediating role and environmental and social responsibility. This research
ofcustomer provides evidence to support its claim that businesses are
satisfaction increasingly recognizing sustainability as a key objective in
their operations.

Does better The participation of international investors in investment

Zhai et al environmental, funds highlights the interdependence between the global
(2022) social, and economy and the advancement of sustainability. International
governance induce investors have a significant impact on the dynamics of
better corporate investment funds and their decision-makingregarding
green innovation: portfolio choices. according to the results of this research, the
The mediating role contributions made by individuals go beyond just financial
of financing investments and involve a more comprehensive
constraints. and holistic approach towards achieving sustainable
development.
 Kawa Ali Khorsheed et al. 507

The impact of
strategic alignment This study aims to make a scholarly contribution to the
on the sustainable expanding field of research on the intricate interconnections
Hartani al et competitive of investing practices, marketing techniques, and the
(2021) advantages: endeavor to achieve sustainable development. The theory
mediating role of its contends that the presence of foreign investors inside an
implementation investment fund moderates the relationship between regular
success and it use of promotional strategies and advancement toward
managerial sustainable development.
resource.
Invest My Idea: A this research shows the utilization of the resource-based
Case Study of perspective (RBV) in examining the manner in which foreign
Al- Silefanee Crowdfunding for investors contribute vital financial and intellectual resources
and Ismael Startups and to investment funds. thus bolstering their ability to partake in
(2023) Entrepreneurs in sustainable investment endeavors. The Resource-BasedView
the Kurdistan (RBV) approach places emphasis on the importance ofdistinct
Region of Iraq. resources and capabilities in attaining a competitive
advantage. In the present context, this perspective might be
associated with sustainable investing methods.

Lee et al Why are consumers This research seeks to explore the mediating function of
(2022) following social foreign investors in investment funds with the objective of

Media influencers gaining a full understanding of how promotional methods can

On Instagram? effectively contribute to sustainable development in a
Exploration of worldwide environment. The results of this study have
consumers’ significant significance for both the academic community and
Motives for professionals in the field. The findings provide valuable
following insights into the strategic incorporation of contributions from
influencers and the foreign investors, promotional techniques, and the
role of materialism. achievement of sustainable development goals.

An empirical The central theme of this study centers on the concept that the
Investigation of participation of foreign investors in an investment fund serves
Islamic marketing as an intermediary element in the intricate interactionbetween
Ethics and promotional techniques and the achievement ofsustainable
development results. A set of research hypotheses that look at
Suandi et convergence
various facets of this mediating role support the current
al(2023) marketing as key
factors in the analysis. These hypotheses propose that the participation of
Improvement of foreign investors acts as a mediator in the
Islamic banks connection between different aspects of promotional strategies
performance. and the advancement of sustainable development.

Financial literacy,
Investment and Through the utilization of empirical evidence and case studies,
the research endeavors to offer tangible and substantial
Oppon et Personal financial insights into the intricate link between foreign investor
g al Management nexus: engagement and promotional tactics on the sustainable
(2023) Empirical evidence
development.
on private sector
employees.

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Foreign Investors to Achieve Sustainable Development in The Kurdistan Region of Iraq

3. Methodology
In terms of purpose, the current research is applied, and in terms of research method and type
of data, it is mixed research (qualitative-quantitative). Based on this, the methodological part
of the research is presented in the form of two qualitative and quantitative parts.

3-1. Methodology of the Qualitative Part

Among the different methods of data collection in qualitative research, due to the impossibility
ofcoordination with a number of experts to attend a joint meeting at the same time, the interview
method was chosen. In the form of a semi-structured interview, it is possible to cover all topics
from different dimensions, and on the other hand, the interviewees can answer the questions
completely freely. Therefore, a semi-structured interview was used instead of a structured
interview in this research, and the interview protocol included predetermined open questions
thatallowed the interviewer to evaluate and clarify the topics during the interview. Interviews
were conducted as a data collection tool in the qualitative section with open questions between
70 and 90 minutes; Sometimes the interviews were completed, revised and modified in order
to share thepreliminary findings. The participants were asked about the elements of the model
(Establishmentof Investment Funds from The Contributions of Foreign Investors to Achieve
Sustainable Development) and supplementary questions were proposed to direct the
discussions and reach thecategories related to the phenomenon under study. In case of the
participant's approval, the interviews were recorded so that by reviewing the conversations,
a more detailed analysis and investigation could be done regarding the views of the
participants. The preliminary agreement (protocol) has been designed based on preliminary
studies, the research problem, preliminary interviews - with the approval of supervisors and
consultants - and the preliminary review of theoretical research literature. In order to finalize
the agreement (protocol), the interview was initially conducted based on the preliminary
protocol with three participants. After analyzing and coding the interviews, the initial
amendment agreement (protocol) and the final agreement(protocol) were prepared for scientific
and practical experts as described in Table 2. This protocolincluded nine main questions, and
other questions were asked below them based on the participants' answers and their specific
experiences. All the mentioned interviews were recorded using a tape recorder and after they
were written by the researcher and returned to the intervieweefor confirmation.

Table 2: Agreement (Protocol) of Interviews with Scientific and Practical Experts

 Kawa Ali Khorsheed et al. 509

1: Do you believe that there is an administrative staff specialized in managing such funds by
benefiting from workers who deal with foreign investors in other investment fields, as well as
the extent of the possibility of providing the main requirements for establishing investment
funds?
2: What is your opinion on the idea of establishing foreign currency investment funds in the
region, and do you think that such an idea is acceptable to specialized officials in the Kurdistan
region of Iraq?
3: Do you think that there will be a demand from foreign investors of all nationalities to
contribute to these funds?
4: Do you believe that there will be development in the areas of investment in the Kurdistan
region of Iraq to contribute to achieving sustainable development, assuming that the foreign
currency earnings of the funds were good?
5: Do the legislation and laws in the Kurdistan region of Iraq allow foreign investors to invest
according to this formula?
6: Is there a possibility in the Kurdistan region of Iraq to promote such an idea, assuming the
success of extensive studies of such an idea?
7: Do you think that investing in investment funds is feasible in terms of financial returns for
you?
8: Do you believe that investing in the Kurdistan region of Iraq according to this formula does
not have any caveats or fears, especially in the area of changing legislation, and do you believe
that the stability enjoyed by the region helps such investment?
9 :Are you a contributor to investment fields in other countries and what is the difference
between it and the new experience in the Kurdistan region of Iraq, or is this the first experience
for you?

Although the general strategy in all qualitative methods is purposive sampling, this strategy
includes several methods, including snowball sampling. This method is suitable for finding
informative key informants; And it requires the use of knowledgeable people or early
participantsto identify additional items.
In other words, after the analysis (coding) of each interview, the shortcomings of the model are
identified in different dimensions, and depending on these shortcomings, the next participant
is selected for the interview. This process continued until the saturation stage. Theoretical
saturation is a stage in which new data does not appear in relation to the category and the
relationships between the categories are established and confirmed (Strauss and Corbin, 1998).
The purpose of this type of sampling is not to make statistical inferences, but the purpose is to
identify the most suitable person from the set of possible samples in order to be able to explain
the aspects of the investigated phenomenon well. In this way, participants who have
experienced the desired phenomenon are selected in the sampling. The statistical population of
this research in thequalitative part consists of two parts: a) Expert professors in investment
topics who have one of the conditions; Teaching for more than 10 years in the field of
investment and financial Management, or owning books in the aforementioned fields. b) In a
practical approach, these people have been senior managers of departments and foreign
investors in the Kurdistan region. The number of selected participants to conduct in-depth
interviews is about 6 cases among scientific experts and 8 cases among practical experts. To
ensure the validity of the qualitative research data, that is, the accuracy of the findings from the
perspective of the researcher,participants or readers of the research report; Various actions such
as Member Checking and PeerExamination were done (Strauss and Corbin, 1998). In this way,
the participants reviewed the coding paradigm and expressed their opinion about it; In fact,
some of the participants reviewed how to categorize the concepts and reach the outputs and at
the same time, the participants were helped in analyzing and interpreting the data and their
views were applied in the coding paradigm.Also, in the meetings of the seminar group with the
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Foreign Investors to Achieve Sustainable Development in The Kurdistan Region of Iraq

presence of some participating experts, their opinions were obtained and applied regarding the
classification of concepts, and three management professors reviewed the findings and
commented on the coding paradigm.

3-2. Methodology of the Quantitative Part

After the finalization of the model, for its quantification, it is necessary to extract the
componentsin it as measurable variables (questionnaire questions in this research). For this
purpose, researcher-made questions were used to measure the variables. This research has been
done with the aim of designing a model to Promote the Establishment of Investment Funds
from The Contributions of Foreign Investors to Achieve Sustainable Development in The
Kurdistan Regionof Iraq. For this purpose, the statistical population of this research in the
quantitative part is madeup of all the personnel employed by the Board of investment in the
Kurdistan Region of Iraq. The Ministry presently maintains a workforce of 807 personnel,
allocated throughout its many officessituated in Erbil, Sulaimaniah, and Dohok. Considering
that the statistical population of the research is 807 employees, the sample size of the research
in the quantitative part was consideredto be 384 employees based on the Cochran formula. In
order to select the research sample for answering, random sampling method was used.

4. Findings

4-1. Findings of the Qualitative Part

In this section, in order to obtain the findings of the research, after the stages of open and axial
coding under the title of initial stages of theorizing, selective coding is presented as the final
stageof theorizing. After open coding and in axial coding, the researcher identifies the core
category and phenomenon, explains the causal conditions, specifies the strategies, identifies the
interveningand contextual conditions, and determines the consequences and results of these
strategies for thisphenomenon.

The results of open coding showed that 101 concepts were extracted from the interviewees'
interviews, which were categorized into 30 sub categories. The axial coding of the theory of
Establishment of Investment Funds from The Contributions of Foreign Investors to Achieve
Sustainable Development, based on the paradigm model, is shown in the form of figures 1 and
2.
 Kawa Ali Khorsheed et al. 511

Figure 1: An Image of The Axial Coding and Frequencies of Codes in The Classification
Classes

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Foreign Investors to Achieve Sustainable Development in The Kurdistan Region of Iraq

Economic Factors

Intervening Social Factors

conditions:
Macro
Exchange Rate
factors

Investors' Information

Techniques to Engage
Emotional Dimension

Investors' Attitudes
Interaction Control
Social Dimension
Political Factors

Social Dimensions

Economic Dimensions

Innovative Marketing Political Dimensions

Causal Consequences: Resources

Strategic Marketing Core Strategies:
conditions: Category:
SD
FICIF Environmental
DMM Engagement
Ethical Marketing Protection

Public Participation
Humanity Marketing
Implementation
Contextual Methods
Conditions:
Promotion
Barriers to Foreign Investment

The Importance of Foreign

Support for Foreign Investors

Foreign Investment Opportunities

Expectation of Investors
Advertising and Informing
Investment Time Selection

Persuasion of Investors
Incentives

Figure 2: Axial Coding Diagram Based on The Paradigm Model

Capital is considered the engine of economic growth and development in all theories and
models of economic growth. With the expansion of issues related to globalization and the
interrelationship of countries and the lack of financial resources for investment, countries are
forced to attract foreign capital and compete in attracting it. Foreign investment can be
considered one of the mostimportant economic phenomena of the current century. The global
expansion of this phenomenon,especially in the 1980s, has had an unprecedented acceleration,
 Kawa Ali Khorsheed et al. 513

so that its growth rate has exceededthe growth rate of other economic indicators in the world,
such as: exports, trade and gross nationalproduct. Capital can stimulate the production sector,
and by increasing production, it can lead to the growth of trade, improvement of people's living
standards, and economic growth and development. Lack of capital is known to be one of the
main causes of many countries being caught in the vicious cycle of poverty and
underdevelopment, and in addition to causing widespread unemployment, it causes the
backwardness of the national production level and leads to economicpoverty in the next stage.
In discussions related to economic development, the main solution to overcoming the problem
of lack of capital and getting out of the vicious cycle of poverty and underdevelopment is the
use of developing countries from capital accumulated in developed countries and attracting
foreign investment in general. The necessity of this point is to know the factors affecting
foreign investment in the establishment of investment funds so that the process of economic
growth and sustainable development becomes better and more desirable. For this purpose, it is
necessary to design and implement all marketing models with an innovative and creative view
and with a sustainable development approach. In this regard, one of the participants says:
“Considering today's turbulent and competitive market and the high speed of changes in the
business environment, in order to achieve the desired investment performance, it is necessary
to use creativity along with a broad market orientation in accordance with the changes in the
businessenvironment. Innovative actions in the form of "innovative marketing" strategy can be
consideredan effective solution in this regard”.
Examining the dimensions and pillars of sustainable marketing as well as the structural changes
realized in marketing science shows that this concept is a combination paradigm of marketing
concepts and models, if they are realized, sustainable marketing can be realized. In addition to
creative marketing, the most important marketing models known in this field are
StrategicMarketing, Ethical Marketing and Humanity Marketing.
Although, until the beginning of the 21st century, the issue of sustainable marketing, unlike
otherareas of management, was less emphasized and paid attention to in the field of operation
and theorizing, but today this issue has received special attention and many opinions in the
field of research and it has attracted attention and has opened new chapters for researchers
regarding futureresearches.
The concept of sustainable marketing is a combined concept. The proof of this is the pillars of
sustainable marketing, i.e. the social dimension, the environmental dimension, and the
economic or customer dimension, each of which has specialized models and concepts in the
world marketingliterature and is explained by a group of models.
Therefore, in designing our marketing model, in addition to economic and profitability issues,
weshould also pay attention to ethics, society and the environment, so that this will provide the
basisfor attracting foreign investors. In this regard, one of the participants says: “Business ethics
is one of the most complex and controversial topics in management science, and ethical
marketing can be used as a way to create a sense of trust among foreign investors .Any ethical
marketing strategyshould try to maximize profits for investors while minimizing harm and cost.
You should always look for an overall and lasting positive impression in the minds of your
investors”.
The purpose of foreign investment is to achieve sustainable development and pay attention to
thesociety. In this regard, one of the participants says: “Through Humanity marketing, the
economic

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514 Designing A Model to Promote the Establishment of InvestmentFunds from The Contributions of
Foreign Investors to Achieve Sustainable Development in The Kurdistan Region of Iraq

decision-makers of the Kurdistan region can raise their reputation and lead foreign investors to
depend on their values .The activities of the Kurdistan Region are always in the direction of
equality and equal rights for all members of the society, as well as respecting the rights and
freedom of foreign investors”.
Considering the importance of foreign investment in the establishment of investment funds and
sustainable development and the high competition in this field among different countries, the
decision makers of Kurdistan should also follow the principles of strategic marketing with a
long-term perspective in designing their models in order to attract foreign investors. In this
regard, one of the participants says: “It seems that today the shape of trade and foreign
investment equations have been changed and the fate of marketing and sustainability are tied
together, and it is necessaryto design a marketing model from the perspective of establishing
long-term and profitable relationships with foreign investors. Designing a sustainable
marketing model can affect the economic, environmental and social activities of the
environment in which foreign investors enter,and since marketing must be able to understand
the expectations and behavioral patterns of investors, Sustainable Marketing model can provide
new opportunities to decision makers.
Another participant says about the design of the strategic marketing model: “Strategic
marketing is a part of strategic management that leads to organizing a clear path and setting a
unified goal forall marketing activities in order to attract foreign investors. in this field The first
step in designinga strategic marketing model is to specify the main reasons and how to serve
foreign investors as atarget in the long term”.
The participation of foreign investors can lead to sustainable development through the use of
appropriate strategies. In order to attract the participation and involvement of foreign investors
inthe establishment of investment funds in the Kurdistan region, the attitude of Investors and
their emotional dimensions should be well known. One of the participants says: “The
combination of knowledge, feelings and readiness for foreign investment is called investor's
attitude towards foreign investment, which is very important to know .In the theory of rational
action, attitude is animportant variable that predicts behavioral intention. This variable is a
function of the perceived consequences of performing the behavior and the individual's
subjective evaluation of these consequences, which should be considered in foreign investment.
With the help of behavioral financial knowledge as a new scientific phenomenon in the
economic field, the behavioral dimensions of foreign investors should be investigated”.
Therefore, the key to involve foreign investors in the establishment of investment funds in
order to achieve sustainable development is to manage interactions with them. In this regard,
one of theparticipants says: “In order to convince any investor that capital and company you
need to know how the investor thinks and how he makes the decision. By studying, persuading
and understanding the behavior of investors, it is possible to attract the opinion of foreign
investors better in presenting the desired plans and detailing their work”.
There are many strategies in achieving sustainable development through attracting foreign
capital.One of the important elements of these strategies is to identify the expectation of foreign
investorsand the importance of foreign investment and to respond effectively to obstacles and
use foreign investment opportunities in investment funds in order to achieve sustainable
development. One ofthe participants says: “Foreign investment will help to invest in the region
and pave the way for development, as well as infrastructure construction. These studies will
make the Kurdistan Regionone of the capitals of developed countries. Currently, it is better at
a certain rate than before, but in my opinion, those responsible for managing investment funds
in the region need to develop andqualify their skills and experience by working with
investment offices and bodies that have
 Kawa Ali Khorsheed et al. 515

professional global experience in the field of managing investment funds for investment in less
developed regions and contributing to the development of these areas. So To enhance the
promotion of investment in the Kurdistan Region and attract foreign investors, it is necessary
to provide comprehensive and accurate information about the economic environment and
investmentopportunities in the Region”.
In using strategies to achieve sustainable development, there are many influential factors that
we have divided them into two areas of intervening and contextual conditions, and among the
most important factors, we can mention the influence of economic and social conditions in the
use of strategies. One of the participants says: “he stronger the economic structure and
infrastructure of a country, the more foreign investors are willing to invest directly in that
country. Whenever economic policies in the host country are aimed at creating an open and
stable economicenvironment, the amount of investment risk will be reduced. Also, It is important
that the KurdistanRegion enjoys security and stability and is at the forefront of Iraq. Kurdistan
In terms of investorsin the Kurdistan Region and Iraq, foreigners can work here. Kurdistan in
the continuous development of the investment sector in all fields”.
Also, political factors and exchange rate changes are also very influential in this area. Another
participant stated in this regard that: “the present time, there is no financial stability in relation
to the exchange rate of the foreign currency to the local currency, such as the Iraqi dinar. The
investoris afraid to invest all his money inside the country. as well as the political situation
effect of strategies in order to reach sustainable Development”.
Another category that has a role in the use of strategies to achieve sustainable development
through the attraction of foreign investments in investment funds is the use of appropriate
promotion and advertising strategies to encourage foreign investors. One of the participants
expressed in this regard that: “Promotion is the process of explaining the value of an investment
options, create interest and encourage investors. In fact, In the discussion of stablishing
investment funds, one should benefit from advertising techniques aimed at attracting foreign
investors. Attention to advertising, as an area that is currently growing, becomes a necessity,
and without a doubt, advertising is one of the important factors that help attract foreign investor
to stablish investmentfunds”.
The final step is to achieve sustainable development through foreign investment. For this
purpose,the components of sustainable development should be properly recognized and logical
planning should be done in order to achieve them, so that not only economic progress can be
made, but Kurdistan's resources and environment can be protected as well. In this regard, one
of the participants expressed that: “In addition to economic benefits, sustainable development
includes atmospheric protection, appropriate land use, forest protection, desertification,
mountain development, agriculture, biodiversity, sustainable biotechnology, ocean protection,
water resources protection and management, toxic chemical and hazardous waste management,
it also focuses on solid waste and sewage and nuclear waste”.
Based on the findings of grounded theory strategy and relying on the results of the data analysis
obtained from the interview and examining the semantic and conceptual connections between
the codes, concepts and categories, all dimensions were fully defined and explained and the
researcherBased on the opinion of the experts and the weighted average, the final extracted
model has beenpresented as described in Figure 3.

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516 Designing A Model to Promote the Establishment of InvestmentFunds from The Contributions of
Foreign Investors to Achieve Sustainable Development in The Kurdistan Region of Iraq

Designing H1
marketing Engagement
Model H5

Sustainable
H2 Development

H3 Foreign Investors H4
Promotion Contributions in
Investment Funds

Figure 3: Research Model

4-2. Findings of the Quantitative Part

In total, 400 questionnaires were distributed in order to maintain the safety margin in data
collection in the quantitative part, of which 384 questionnaires were approved. Of these
respondents, 237 were men and 147 were women. In addition, in terms of age, 102 people are
lessthan 30 years old, 197 people are between 31 and 40 years old, and 85 people are over 40
years old, and in terms of education, 31 people have a diploma or less than a diploma, 37 people
have apost-diploma, 173 people have a bachelor's degree and 143 people were MA graduate
and above. In order to analyze the internal structure of the questionnaire and determine its
validity, the resultsof confirmatory factor analysis and " Average variance extracted" have been
used. Validity is established when the value of all the standardized factor loadings related to
each of the measurement variables, as well as the value of the "AVE" index related to each of
the main variables, is greater than 0.5. Since this index is greater than 0.5 for all items and
variables; Therefore, it can be concluded that the questionnaire of this research has an
acceptable validity. Cronbach’s α values was also used to measure reliability, which is more
than 0.7 and acceptable.

4-2-1. Measurement Model (Confirmatory Factor Analysis)

There are always two basic questions in measurement models. The first question is whether the
indicators or observed variables used in the model measure the same thing that the researcher
is considering or something else? This question refers to the validity of observed variables. The
second question refers to the issue of how accurately the observed variables measure the desired
latent variable. This question refers to the reliability of observed variables.
 Kawa Ali Khorsheed et al. 517

Figure 4: Examination of the Measurement Model: Confirmatory Factor Analysis in

Non-StandardMode

Figure 5: Examination of the Measurement Model: Confirmatory Factor Analysis in The

StandardMode

4-2-2. Structural Model (Path Analysis)

Path analysis is an advanced statistical method that can be used to identify both indirect and
direct effects of each independent variable on the dependent variable. Therefore, the most
important advantage of using the path analysis method compared to the regression analysis
method is that inthe regression analysis method, we are only able to identify the direct effect of
each variable on the dependent variable, but in the path analysis method, in addition to the
direct effect, it is also possible to identify the indirect effects of each independent variables on
the dependent variable. For this reason, in path analysis, we are faced with several standardized
regression line equations,while in regression analysis, there is only one standardized regression
line equation.

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 518 Designing A Model to Promote the Establishment of InvestmentFunds from The Contributions of
Foreign Investors to Achieve Sustainable Development in The Kurdistan Region of Iraq

Figure 6: Structural Model

4-2-3. Hypothesis Test

Table 3: Structural Model Hypotheses Test

Hypotheses Path Coefficient (ᵝ)Critical Ratio(T-Value) Sig-P Result

H1 0.309 3.610 0.015 significant

H2 0.443 4.95 0.000 significant
H3 0.509 5.224 0.004 significant
H4 0.516 5.719 0.003 significant
H5 0.598 6.738 0.000 significant

5. Conclusion and Recommendations

The Kurdistan Region of Iraq (KRI) has embarked on a sustainable development path after
emerging from decades of conflict and instability. This journey is guided by a vision of
economicprogress, social justice and environmental supervision. In this process, in order to
achievesustainable development, the importance of foreign investment cannot be ignored. In
fact, it is imperative to focus on attracting international investment as a catalyst that can drive
economic growth, create employment prospects and promote technological advancement.
Therefore, the purpose of this research is to Promote the Establishment of Investment Funds
from The Contributions of Foreign Investors in order to Achieve Sustainable Development in
The Kurdistan Region of Iraq. To achieve this goal, the researcher has used a hybrid approach,
that is,combining qualitative and quantitative approaches. In the qualitative part, Grounded
Theory has been used to identify dimensions, components, and indicators, and in the quantitative
part, a surveyresearch has been conducted to validate the extracted model.
The research results indicate that Designing Marketing Model causes engagement of foreign
investors. This research also introduces the strategy of Foreign Investors Contributions in
 Kawa Ali Khorsheed et al. 519

Investment Funds, which are themselves affected by intervening (Macro factors) and
Contextual conditions (Promotion). The consequence of implementing the strategy also leads
to Sustainable Development and its components. Analyzing the data of the quantitative part
after applying the grounded theory and with the help of interpretive structural modeling (ISM)
led to the presentation of the model. The results of the quantitative part confirmed all the
hypotheses.
These results of present research are consistent with the researches of Al-Silefanee and Ismael
(2023), Lee et al (2022), Suandi et al (2023), Aust et al (2020) and Oppong et al (2023) And
theyall confirmed the impact of foreign investment on sustainable development. In this part,
based on the results of the research and the analysis of the data, recommendations and
suggestions are presented in relation to Promote the Establishment of Investment Funds from
The Contributions of Foreign Investors in order to Achieve Sustainable Development in The
Kurdistan Region of Iraq:

• The first hypothesis of the research: Designing marketing model has a significant effect
on engagement.
One of the most important factors affecting the economic growth of countries, especially in
developing countries, is the provision of capital to finance investment projects through the
attraction of foreign investment in investment funds. Many countries in the world have a strong
desire to attract foreign capital due to the lack of domestic resources for investment, and foreign
investors are also inclined to invest in other countries in order to gain more profit and return. If
theinvestment conditions in developing countries and transition economies are guaranteed,
international investors will have more desire to participate in such markets. This gives host
countries such as Kurdistan Region the opportunity to benefit from relative advantages,
economicgrowth, job creation and access to modern knowledge and technology to produce
competitive goods in the international arena. Therefore, accelerating the flow of foreign
investment provides mutual benefits for host countries and international investors. Therefore,
it is suggested to the economic decision makers of Kurdistan region in order to get the most
benefit from foreign investment and also to reduce its potential threats, to use appropriate
marketing strategies, which will ultimately lead to sustainable development for Kurdistan
region.
One of achievement of this research is the comprehensiveness and multi-purpose of the concept
ofsustainable marketing, as the analysis of the obtained model shows sustainable marketing
and thedesign of a sustainable marketing model for the purpose of greater participation of
investors in Kurdistan region investment funds will not be realized, unless it is realized in a set
of different types of marketing models, if they are realized and established, we can expect the
realization of sustainable marketing. Therefore, it is suggested to companies active in the field
of investment touse strategic, creative, innovative and ethical marketing models in order to
achieve economic profitability and promote other components and aspects of sustainable
development in Kurdistan region.

• The Second Research Hypothesis: Engagement Has a Significant Effect on Foreign

Investors Contributions in Investment Funds.
The behavioral finance school or perspective that emerged from the integration of psychology
andfinance asserts that psychology plays a role in financial decision-making. Since cognitive
errors and deviations affect the opinions of investors and the investment of foreign investors in
Kurdistan Region investment funds, the relationship between finance and other social
sciences known as

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 520 Designing A Model to Promote the Establishment of InvestmentFunds from The Contributions of
Foreign Investors to Achieve Sustainable Development in The Kurdistan Region of Iraq

financial psychology has caused researchers to carry out many studies on the behavior of
foreign investors in investment funds and their reactions in different situations.
Therefore, it is important to manage interactions with investors because it is possible to predict
emotions and control them; As a result, more value is obtained for both investors and Kurdistan
Region. In addition, as a result of management of investors' emotions and influence on their
judgments and decisions, foreign investors can be satisfied, loyal and have a high sense of trust
and security. Managing emotions is complicated; Because even the investors themselves may
notbe aware of the emotional stimuli affecting them. Therefore, it is suggested to the decision-
makingmanagers in Kurdistan Region, in their segmentation, to be more oriented towards
investors who are more knowledgeable and have more foreign investment experiences. Also,
provide enough educational content about investment funds to their current foreign investors.

• The third research hypothesis: Promotion has a significant effect on Foreign Investors
Contributions in Investment Funds.
Based on the results of the research, it was found that supporting foreign investors and
persuadingand encouraging them can improve the amount of investment in the investment funds
in KurdistanRegion. In this context, the following suggestions are provided:
• The possibility of using insurance coverage of investment funds
• The possibility of concluding long-term investment contracts
• Establishing basic infrastructure in the region
• Facilitation in obtaining loans and repaying them from banks
• The law on removing barriers to competitive production and improving the financial
system
• The possibility of exporting manufactured goods to the mainland within the framework of
thevalue-added system
• No need to obtain a visa for the entry of foreign nationals
• Exemption from customs duties for the import of raw materials and industrial machinery
ofproduction units
• Simple and easy registration of companies, industrial companies and intellectual property
• Simple formalities for export and transit of goods
• Easy regulations for the entry of authorized goods
• Tax exemption for any type of economic activity
• No restrictions on currency transfer
• Providing flexible monetary and banking services

• The fourth research hypothesis: Foreign Investors Contributions in Investment Funds

have a significant effect on Sustainable Development.
In the last few decades, the presence of foreign investors and their role in economic growth and
development of countries, especially developing countries, has led to a wide change of attitude
inthe composition of the economic activists of these countries. Foreign investors are present in
othercountries in different ways and according to the capacities and economic, political and
security conditions of the host countries, they start extensive economic activities. Therefore,
economic, protective, political and legal factors and Regulations are among the factors
influencing the attraction of foreign investment in the establishment of investment funds in
Kurdistan region. Considering the experience of other countries and the advice of most experts,
the liberalization of investment in developing countries that have an inefficient and fragile
financial structure is a gradual thing that should be done with caution. According to the
advice of experts in such
 Kawa Ali Khorsheed et al. 521

countries, in order to liberalize foreign investment, the money market and the investment
system must first be reformed and by strengthening the financial market, they should open
these marketsto foreign investors

• The fifth research hypothesis: engagement has a significant effect on Sustainable

Development.
In the first step, the economic decision makers of Kurdistan Region can expand the fields of
attracting foreign investment by creating the necessary platforms, reducing uncertainties and
creating a safe environment. In the next step, they can reduce the costs by removing the
obstaclesof the business environment and investing in investment funds, which will increase the
willingnessof foreign investors to invest in investment funds. Also, the results of this research
can help to adopt a suitable approach in directing policies and establishing laws in order to
clarify the environment and align the interests of the main stakeholders in this field.
Considering the influence of the social and cultural factors of Kurdistan region in attracting
foreigninvestments in order to establish investment funds, it is suggested that arrangements be
made so that the general public's perception of foreign investors, which is associated with
suspicion, will go away from their minds and This cultural Issue should be done first in the
case of foreign investors. It is necessary to create economic, political, social and judicial
security for all foreign investors along with the cooperation of relevant institutions.
In order to create coherent and comprehensive legal rules in the field of cross-border investment
in investment funds, it is necessary to develop a draft law on international investment funds by
therelevant departments and with the cooperation of experts. Also, due to the legal restriction
that restricts foreign investment in investment funds in the Kurdistan region, it is necessary to
amend the legal restriction of investment funds. Also, considering that one of the legal
mechanisms to support international investments is the conclusion of international investment
agreements, it is necessary for Kurdistan region to support cross-border investments of
investment funds with countries with dynamic financial markets, which They have appropriate
economic and political interactions, to conclude such agreements.
In the end, it should be mentioned that This research was carried out in the city of Tehran. One
ofthe characteristics of qualitative research is the investigation of the phenomenon in its natural
context, and this limits the investigation; Because the researcher does not have the possibility
to access the context and diverse environment due to the deep investigation of the phenomenon.
As a result, it reduces generalizability. Of course, this does not reduce the value of qualitative
research. After using the opinions of researchers and experts in drawing the model, the
researcher did not include the intervening factors in his model, hence it is suggested to the
future researchers to examine these factors in a model. Also, in order to obtain a standard and
comprehensive scale thatwill be used more widely, it is better to carry out research on a wider
level, so that thegeneralizability of the results can also increase.

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