Iraq: Between oil and lost resources… challenges and untapped potential
Iraq: Between oil and lost resources… challenges and untapped potential
2-22-2026
Baghdad/Report… Al-Maalomah/Baghdad…
While Iraq remains almost entirely dependent on oil as its primary source of revenue, economic indicators reveal that the country possesses a wealth of non-oil resources that have yet to be optimally utilized.
From air and land transit to underground resources and seaports, analyses suggest that the problem lies not in a scarcity of resources, but rather in the absence of effective organization and management, and the presence of corrupt networks that prevent revenues from reaching the central treasury.
Iraq’s geographical location is considered a strategic asset; its airspace, connecting five continents, offers enormous potential in air transit fees, while land routes and ports, such as those in Basra, represent an opportunity to re-establish Iraq as a global logistics player through projects like the Development Road and its connection to the Silk Road.
These resources could provide alternative financial returns to oil and reduce the country’s dependence on the fluctuations of the global market.
In a legislative move aimed at reform, MP Jassim Al-Alawi revealed the preparation of a detailed proposal to be submitted to the Prime Minister’s office, which includes practical mechanisms to maximize non-oil revenues and reduce dependence on oil as the primary source of income.
Al-Alawi emphasized in a statement to Al-Maalouma News Agency that the next phase cannot tolerate patchwork solutions, but rather requires fundamental reforms. These reforms include revitalizing dormant factories, supporting agriculture to achieve self-sufficiency and export potential, and reforming the tax system while developing a more efficient collection mechanism to ensure fairness and prevent tax evasion.
Al-Alawi pointed out that controlling border crossings and customs is essential to thwart corruption, stressing that the success of any future economic plan depends directly on the state’s ability to manage these resources and combat financial corruption.
Observers note that diversifying revenue sources has implications beyond the financial sphere, extending to strengthening national sovereignty. A state with multiple resources grants decision-makers greater political maneuvering freedom, shielding them from external pressures stemming from financial crises and persistent deficits.
The study clarifies that transforming oil from a primary to a secondary resource is not a pipe dream, but a long-overdue necessity requiring genuine political will that prioritizes the public treasury’s interests above those of political blocs and self-serving individuals.
By activating these untapped resources, Iraq can begin a new phase of financial independence and sustainable development, free from the volatility of oil prices and its dependence on regional and international interests.
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