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Sudanese Advisor: Iraq is on the cusp of a transitional stage in the development of promising economies globally
2/17/2024 Baghdad
On Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the six principles launched by Prime Minister Muhammad Shiaa Al-Sudani, to maximize value chains and sustain the development momentum in the country, while stressing that Iraq is on the cusp of a transitional stage in the development of promising economies globally.
Saleh said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “Iraq, with its large natural resources, is ranked ninth in the world after countries such as the Russian Federation, the United States of America, and the Kingdom of Saudi Arabia, and today it is on the cusp of a transitional stage in the development of economies.” “It is promising for development at the global level. Indeed, international studies estimate that the share of one square kilometer of natural resources relative to the area of our country is the highest in the world.”
He added: “Within the framework of the state’s philosophy of partnership with the private sector, there is a great investment momentum accompanied by high technological capabilities that suit the developments of the new digital era in the world, all of which seek, through international partnerships, to maximize investment, integration and cooperation opportunities in our country as an important part of the policy of Iraq’s integration into "Global economy to achieve prosperity for the Iraqi people and diversify sources of investment and national income in our country."
He continued: "In all cases, the national private sector today has priority to support and provide the necessary sovereign guarantees in keeping with the climate of guarantees obtained by international investments," pointing to "a new development era for Iraq that leads to the diversification of sources of income through investment in diverse wealth." natural and human resources, launching the manufacturing industry, and supporting agricultural efforts to maximize value chains with different technologies.”
He pointed out that "maximizing value chains in Iraq and sustaining development momentum stems from the six principles launched by the Prime Minister, in his recent meeting in the Netherlands with international businessmen and investors, which he summarized as follows:
The first principle: economic reform in all areas of the economy without relying on oil.
The second principle: Supporting farmers in expanding the use of modern technologies in the field of water and benefiting from international experiences, especially Dutch ones.
The third principle: The state seeks to provide sovereign guarantees to the private sector, amounting to 85% of the project value, to ensure the transfer of modern international industries, technologies and services to our country.
The fourth principle: Launching the operation of the Grand Al-Faw Port in the year 2025, as a foundation for development and economic progress that is integrated with the development path strategy, noting that the fifth berth of the port has been docked by one of the international ships.
The fifth principle: Reforming the financial and banking sector to put it on a competitive foundation commensurate with international compliance standards, as financial and banking reform is the introduction to the government’s reform program to link the effective finance sector to development programs and the speed of their implementation and progress.
The sixth and final principle: The desire of the global financial and banking market to open branches of its banks and activities in Iraq, which enhances the financing and investment environment and the integration of the Iraqi economy with the global economy.
He concluded by saying: "It is the message of the six principles launched by the Prime Minister to the global economic community to inaugurate another development era in Iraq, the goals of which are to diversify the national economy through partnership between the state and the private sector." LINK
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