Saleh: Iraq ranks first globally in the concentration of natural wealth, 3 JAN

Saleh: Iraq ranks first globally in the concentration of natural wealth

Economy News – Baghdad

The financial adviser to the Prime Minister, Mazhar Mohamed Saleh, confirmed on Thursday that the future of the country will depend on the transformation of natural resources into productive capitalist assets, while the project of renaisssing natural resources will come in parallel with the strategy of the path of development.

Saleh said in a statement reported by the official news agency, and seen by “Economy News”, “Iraq ranked ninth globally in the value of its stocks of natural wealth, which exceeds the current market value of 16 trillion dollars, at a time when it ranks first globally in the concentration of natural resources in one square kilometer,” pointing out that “the features of the future of the country in a comprehensive renaissance will depend on the transformation of those natural sovereign wealth into productive capital assets used in the movement of diversification of the national economy.”

He added: “This requires an economic model in managing and investing in diversified wealth (except oil and gas),” pointing out that “the closest thing to mind is the manufacture of industrializable natural resources to generate value-added chains that maximize national income and generate accelerated opportunities for sustainable development in our country, whether towards export or export replacement.”

He pointed out that “the project of renaissance with natural resources will undoubtedly come in parallel with the strategy of the development path in generating a leading industrial renaissance in the national economy, which Iraq is characterized in building the future of its economy for the twenty-first century in two directions: the first is an export-oriented development model, and the other is a development model aimed at maximizing input and output tables and replacing imports within the national economy.

He explained that “the national market is in the stage of formation and development, and that the strategy of the government program is approaching the philosophy of partnership through the concept of the social market, because the country’s contribution to the GDP (national income) is close to 65%, and this requires an important role for the state in economic legislation and laws.

Saleh pointed out that “improving the entity of the national market and building its role starts from two directions: the first is to provide market guarantees by approving the social security law for the labor and business sector, and the second is the financing partnership by providing easy financing to the forces generating market activity responsible for absorbing 60% of the labor force,” pointing out that “the beginning in the Riyada program led by Prime Minister, Mohammed Shia Al-Sudani, by providing the necessary financing to employ youth with productive national projects, as well as preparing to launch Riyada Bank for the same purpose without overlooking the great role of the Iraq Fund for Development.”

He continued: “In 2037, Iraq will become one of the nations of a housing gift, as young people of working age will dominate 60% of the population,” adding that “the national strategy for the private sector will increase the contribution of the private sector to more than 53% in GDP within the next ten years.”

Saleh concluded that “my message for the Iraqi people is to take out of the concerns of fear of worrying about the unilateralism of the current oil economy and the link between this to the consumption cycle, which we live as part of its well-beings, and to look forward to a future productive era, the era of the investment economy with Iraq’s enormous material and human wealth, which is the diverse era of digital material production and connected to the global economy and with the arm of the path of development, investment in natural resources and the diversification of production networks in the national economy that guarantee human well-being and the sustainability of its development in our country.”