NADER FROM MID EAST CC HIGHLIGHTS NOTES, 3 JAN

 NADER FROM MID EAST CC HIGHLIGHTS NOTES

Summary

The recent statements made by Mzar Muhammad Sali, Iraq’s financial advisor to the Prime Minister, highlight the country’s extraordinary potential due to its abundant natural resources. He confirmed that Iraq holds the top position globally for the concentration of natural resources per square kilometer and ranks ninth in the world for the overall value of its natural resource reserves, which are estimated to exceed $16 trillion. The government aims to leverage this wealth through a comprehensive “Natural Resources Renaissance Project” that will coincide with a broader developmental strategy.

Sali emphasized the need for Iraq to transform its natural resources into productive capital assets, which would facilitate economic diversification. This transformation is vital for creating value-added chains, maximizing national income, and fostering sustainable development. The government’s economic strategy revolves around two primary development models: one focused on export-oriented growth and another on maximizing local production while substituting imports.

The role of the state in this transformation is paramount, as it presently contributes about 65% to the gross domestic product (GDP). Sali advocated for enhancing market guarantees and providing soft financing to stimulate the labor sector, particularly through initiatives aimed at employing youth in productive national projects.

Looking ahead, Sali forecasted that by 2037, Iraq would experience a demographic shift, with approximately 60% of its population being of working age. This shift presents a significant opportunity for economic growth, with the private sector expected to contribute over 53% to the GDP within the next decade. He urged the Iraqi people to move beyond their dependency on oil and embrace a future of diversified production and investment in both material and human resources.

Highlights

• 🌍 Iraq ranks first globally in the concentration of natural resources per square kilometer.
• 💰 The country’s natural resource reserves are valued over $16 trillion, positioning it ninth globally.
• 🚀 The “Natural Resources Renaissance Project” aims to transform natural resources into productive capital assets.
• 🏗️ The government is focusing on creating value-added chains to boost national income and sustainable development.
• 📈 The economic strategy includes both export-oriented growth and import substitution models.
• 👥 By 2037, 60% of Iraq’s population will be of working age, presenting significant economic opportunities.
• 📊 The private sector’s contribution to GDP is expected to rise above 53% in the next ten years.

Key Insights

• 🌱 Maximizing Resource Potential: Iraq’s position as the leader in natural resource concentration indicates an unparalleled opportunity for economic growth. Transforming these resources into productive assets can significantly enhance the nation’s wealth and stability. The focus on creating value-added production chains is essential for ensuring that the benefits of these resources extend beyond mere extraction.

• 🔄 Economic Diversification Needs: The emphasis on moving away from a purely.