Advisor to the Prime Minister: The value of Iraq's natural resources exceeds $16 trillion

 Advisor to the Prime Minister: The value of Iraq's natural resources exceeds $16 trillion

The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Wednesday that Iraq is moving towards diversifying its GDP sources by expanding investment in the mining sector. He noted that the value of Iraq's natural resources exceeds $16 trillion.

 Saleh told the Iraqi News Agency (INA): "Iraq is moving towards diversifying its GDP sources by expanding investment in the mining sector, a sector that has been neglected for decades. The government has signed memoranda of understanding with reputable international companies in the fields of mineral exploration and investment, particularly in phosphate, sulfur, lithium, and copper fields. 

This is within the framework of the strategic directions of the Iraqi government's program to diversify sources of national income and optimally utilize the country's resources." He added, "Investment in the mining sector will contribute to attracting billions of dollars in fields ripe for development, such as sulfur, phosphate, lithium, and other minerals." 

He pointed out that "Iraq ranks first in the world in terms of the concentration of natural resources per square kilometer, and ninth globally in the value of various natural resources, with an estimated value exceeding $16 trillion, according to published global estimates." 

He explained that "the various reserves of land wealth constitute a diverse stock of minerals, foremost among which is phosphate: its reserves are estimated at more than 10 billion tons, and our country ranks second globally in terms of reserves, and is concentrated in the Akashat region of Anbar Governorate. Second is free sulfur: our country enjoys large reserves in Mishraq in Nineveh Governorate, which are among the largest free sulfur fields in the world. Third is silica: in the Najaf region and western Iraq, it is used in the glass, electronics, and semiconductor industries, and is among the most important and purest reserves in the world, according to published international estimates." He continued, "Likewise, iron, manganese, copper, and gold are distributed across various regions of Iraq, particularly in the Kurdistan Region and the western and central borders, except for southern Iraq, which possesses vast reserves of other rare natural resources."

He pointed out that "the policy of diversifying the national economy by extracting and processing mineral resources for national industries, and then adopting their export by maximizing value-added chains in manufacturing or semi-manufacturing industries, will add at least 10 percent to the GDP in the first phase."

He pointed out that "after that, the percentage will increase to become one of the pillars of diversifying national income sources over time, especially if the link between mineral investment and the development of national manufacturing industries grows, such as fertilizer, aluminum, glass, electronics, and batteries related to renewable energy. 

This is in addition to the introduction of foreign capital and advanced digital technology and services, the provision of national job opportunities, and investment in Iraqis as a productive national resource."

 He emphasized that "the mineral diversification policy is one of the opportunities to implement the philosophy of sustainable development and free the national economy from the extreme monopoly of oil resources. It is considered an economic defense against the monopoly of oil prices, which directly impacts the state budget."

He emphasized that "present and future generations will witness a new era of investment for Iraq in economic and technological progress and prosperity, towards building a promising model of balanced development." He noted that "Iraq, which strongly aspires to build investments in mining fields as an additional resource in the medium and long term, does not rule out investment in oil fields, but it cannot completely replace oil in the near term. 

Rather, it serves as an important complement to the strategy of diversifying the national economy."

He concluded by saying: "The mining sector represents a promising opportunity for Iraq, not only to increase public financial revenues, but also to restore the structural balance of the Iraqi economy, create major national employment opportunities, and achieve diversified development in areas rich in natural resources, which will lead to increased investments in infrastructure, within a model of geographically balanced economic development for all of Iraq."  link

TIDBITS FROM FRANK26

 Frank26 

  Article:  "Al-Sudani chairs a meeting to restructure government banks' administrations."

  Sudani decides to take Drano and he flushed the CBI of the board of directors that make all the decisions.

  There was a bunch of them that Donald Trump did not like.  So he tells Sudani, get rid of these guys. 

  I'm so excited Sudani cleaned up the board of directors at the CBI.  

I didn't think he was going to do it that quickly.  

Talk about security and stability for the new exchange rate...IMO Trump pushed Sudani to get rid of the lazy board of directors that's why things are moving so fast right now.  

MILITIAMAN: Is Iraq Ready for Dinar Revaluation? @DINARREVALUATION #iraqidinar #iraq

 

IRAQ INVESTMENT FORUM WITH COMMENTS OF MNT GOAT

IRAQ INVESTMENT FORUM

 
The Iraq Investment Forum is a major event being hosted by Baghdad in mid-June under the patronage of the Prime Minister.

 This important event joins a series of other activities that have gained similar importance, such as the Arab Summit and the Arab Media Conference, which have restored Iraq’s leading role in hosting important economic and regional events that establish stability, prosperity and development in Iraq and the region.

The Iraq Investment Forum, organized by the Iraqi Economic Council in cooperation with the National Investment Commission and with the support and supervision of the Office of the Prime Minister, reflects the great opportunities provided by Iraq (the land of opportunities) to transform those opportunities into achievements on the ground.

It is worth noting that there are 140 investment opportunities offered by this forum, in which major international investment companies with unique experiences around the world will participate.

It is hoped that this forum will be a historic opportunity and occasion for investment companies to regain their activity and confidence in a new investment environment guaranteed by the state, which will ensure the success of the projects that will be implemented.

It is true that the facilities and great preparations offered to make this forum a success, but what is more important than all of that are the results that will be achieved on the ground so that we can say that opportunities have truly been transformed into achievements.

A sound investment decision must be based on a study of the reality of global events and changes and the major challenges facing the world at various levels. This is because being aware of what is happening according to accurate predictions and expectations allows us to gain success in all investments that will be implemented.

It is important to note that investment opportunities must include important infrastructure projects in the structure of planned new projects, so that the focus is not solely on entertainment investments, despite their importance.

Iraq needs investments with quick returns that contribute to diversifying the economy and sources of income in order to enable our country to move away from a single-source, rentier economy.

The principles of transparency also require announcing projects, their type, and their importance to the Iraqi economy. Rather than simply announcing a number of opportunities, the need also requires announcing the nature of these projects, their importance, and their economic feasibility.

This vision is based on close monitoring of all projects being completed. 

We must think, as do our neighboring countries, about modern investments that keep pace with tangible global development and strengthen their economies.

Our observation comes in support of and reinforcement of the government’s sound direction in this regard, and as a reminder of the importance of benefiting from the experiences of others rather than copying them.

We are hopeful that this forum will be a success, so that Iraq can once again become a destination for investors and a home for development and harmony. It will be an important economic event, adding to the series of other important events that have crowded Baghdad, the capital of peace, such as the Arab League and Arab Media Summits. At the same time, we look forward to reading the potential for success in attracting investments, thanks to the government’s bold decision to guarantee projects, which gives momentum to encouraging investment in a promising and stable business climate.

(How many more forums, summits or conferences are they going to have…lol…lol..? 

Why now? Let’s explore more about this article in today’s news.)

TIDBIT FROM CLARE

  Clare 

 Article:  "Al-Nujaifi: The role of forces linked to Iran in the next parliament will not exceed 30%." 

 Quote: "Regional changes have given us a firm conviction that Iranian influence has declined significantly, and that those who still seek refuge in it are facing crises and problems, and have lost influence and gains. The situation is not the same as it was four years ago"

Article:  "CBI: Liquidity is Available and Our Reserves Exceed $100 B illion"  

 Quote:  “The Central Bank of Iraq CBI confirmed on Monday...Liquidity is fully available, whether in Iraqi dinars or US dollars, and there is no shortage in this regard,” pointing out that “the CBI’s reserves have exceeded $100 billion,

 in addition to Iraq possessing a large gold reserve of over 163 tons.”

Exciting Updates from Markz!! #iraqidinar #iraqidinarinvestor #iraq

 

MINISTER OF FINANCE DISCUSSES SUPPORT FOR DEVELOPMENT PROJECTS IN IRAQ WITH WORLD BANK

MINISTER OF FINANCE DISCUSSES SUPPORT FOR DEVELOPMENT PROJECTS IN IRAQ WITH WORLD BANK

Minister of Finance Taif Sami discussed with the World Bank Representative to Iraq on Sunday enhancing cooperation to support development projects.

The ministry said in a statement received by the Iraqi News Agency (INA): “Minister of Finance Taif Sami Mohammed received the World Bank Representative to Iraq and his accompanying delegation to discuss plans to enhance cooperation to support development projects by leveraging the technical and financial support provided by the Bank in implementing strategic projects to stimulate economic growth, especially in the areas of infrastructure and human development.”

The statement added, “The two parties discussed developing the private sector and encouraging investment as the primary driver of sustainable economic growth, in addition to the need to support financial reforms to achieve stability and growth.”

The statement explained that “the Bank Representative expressed his commitment to continuing to support Iraq in achieving its development goals and enhancing its ability to confront economic and development challenges.”