Maximizing non-oil revenues by up to 60%… Expert identifies what Iraq needs
Maximizing non-oil revenues by up to 60%… Expert identifies what Iraq needs
2025/05/21
Economic expert Safwan Qusay confirmed that the percentage of non-oil revenue maximization in Iraq has reached 60%, while pointing to the country’s need to expand sources of income and achieve economic independence through long-term support for the agriculture, industry, and trade sectors.
During his appearance on the “Free Talk” program on Al Furat TV, Qusay said, “There are clear indicators of the success of the government program, especially in the field of localizing the pharmaceutical industry and the cement sector.” He pointed out that “the government seeks, through achieving food security, to break the link with foreign imports and meet citizens’ needs through local production.”
He explained that “the ration card components represent a top priority in the government’s program, and there is a move to strengthen them internally, especially after the agricultural plan helped identify the regions with the highest productivity, allowing the water file to be managed for the benefit of these regions.”
Qusay pointed out that “Iraq has 26 million acres of arable land, but it lacks 50 billion cubic meters of water annually to cover these areas.” He explained that “the amount of rainwater is currently wasted, as it goes directly to the Gulf without being utilized, while a $15 billion contract has been signed with the United States to manage the water issue.”
He stressed that “Iraqi agricultural products are of a distinct nature,” calling for “expanding exports, reducing imports, and increasing local production, with the need to involve farmers as shareholders in specialized agricultural companies to ensure better results and enter the global market with clear plans.”
He added that “the Ministry of Trade must expand the economic sphere through long-term commercial contracts with specialized international companies, which will enhance Iraq’s chances of building a sustainable economy.”
On the financial front, the expert noted that “Iraq remains outside the World Trade Organization and imports the equivalent of $70 billion annually,” stressing the “need to intensify investigations into new sources of income to protect the gross domestic product.”
Qusay concluded his remarks by stating that “the government is serious about generating revenue from all sectors as part of a future development plan,” noting that “financial reforms and Syria’s exit from the black market have contributed to reducing pressure on the dollar,” predicting that “its price will continue to decline to 132,000 dinars per $100.”
alforatnews.iq
