Iraq is on the ver of an economic renaissance.” Sudanese Advisor Reveals Plans for the Next Stage
Shafaq News / Mazhar Mohammed Saleh, economic and financial adviser to Iraqi Prime Minister Mohammed Shia Al-Sudani, revealed on Tuesday the expected economic situation of the country during the next phase.
Saleh told Shafaq News that “Iraq enjoys high economic capabilities, as it is witnessing a cohesion between a renaissance in infrastructure on the one hand, and strategic development thinking on the other hand, foremost of which is the development path that will attract local and international investments, in addition to the active government contribution, which will constitute an unprecedented renaissance in the country, especially in the residential urbanization sector and the new cities that have launched their projects and will not stop, which is the best way for economic well-being on the one hand and raise the level of employment in the country on the other hand.”
He pointed out that “Iraq also enjoys unprecedented price stability, as the annual price growth rate did not exceed 2.9% against a rise in GDP growth of 6%, which makes Iraq walk on the path of sustainable economic development at a steady pace, and all governorates are witnessing remarkable progress.”
Saleh continued that “the National Development Plan for the years 2024-2028 seeks to enhance the contribution of the industrial sector to GDP to about 2.2%, after remaining less than 1.8% in previous years,” noting that “this launch will come through the diversification of the industrial sector, both private and governmental, with a focus on the transition from crude oil production to the production of petroleum derivatives and the petrochemical industry.”
Saleh stressed that “Iraq is the ninth country in the world in natural resources, as its territory includes more than 16 trillion US dollars worth of these resources in terms of market value,” pointing out that “investment in and manufacturing these natural resources will increase the added value for them for several times, whether for the purposes of national industries or export.”
He explained that “the National Development Plan refers to efforts to rebuild the pillars of the manufacturing industry through real partnerships with the private sector, where the state contributes to financing manufacturing by 85%, while the private sector bears 15% of the financing.”
Saleh added that “the financing strategy includes industrial projects on five levels, foremost of which are projects related to reconstruction and housing or those related to development path works, and then pharmaceutical industries, with a focus on the government’s economic philosophy, which is based on the partnership between the state and the market with broad social security. This vision moves away from economic liberalism and its risks.”
He added that “Riyada Bank was established to provide small and medium-sized loans to young people, after the Prime Minister’s Riyada initiative, which paved the way for providing thousands of loans to the youth sectors and moving their innovations and initiatives. It shows that 60% of the workforce is absorbed in small and medium-sized industries, while continuing to strategic national industries such as petrochemicals and digital.”
Saleh concluded his remarks by saying: “This is an important shift in the face of sustainable unemployment conditions, as unemployment rates have currently fallen to about 14%, and are expected to continue to fall to normal levels of no more than 4% of the total labor force, which is what we look forward to providing about half a million new job opportunities for people of working age, who are able and willing to work.”
