“Iraq on the threshold of an economic renaissance”.. Al-Sudani’s advisor reveals plans for the next stage
“Iraq on the threshold of an economic renaissance”.. Al-Sudani’s advisor reveals plans for the next stage
2025-01-28 08:14
Shafaq News/ Mazhar Mohammed Saleh, the economic and financial advisor to Iraqi Prime Minister Mohammed Shia al-Sudani, revealed today, Tuesday, the expected economic situation of the country during the next stage.
Saleh told Shafaq News Agency, “Iraq has high economic capabilities, as it witnesses a cohesion between a renaissance in infrastructure on the one hand, and strategic development thinking on the other hand, most notably the development path that will attract local and international investments, in addition to the effective government contribution, which will constitute an unprecedented renaissance in the country, especially in the residential construction sector and new cities that have launched their projects and will not stop, and they are the best way to economic prosperity 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% compared to a 6% increase in GDP growth, which makes Iraq move on the path of sustainable economic development at a steady pace, and all governorates are witnessing remarkable progress.”
Saleh continued, “The National Development Plan for the years 2024-2028 seeks to enhance the industrial sector’s contribution to the gross domestic product to about 2.2%, after it remained less than 1.8% in previous years,” indicating that “this launch will come through diversifying the industrial sector, both private and governmental, with a focus on moving from crude oil production to petroleum derivatives production and the petrochemical industry.”
Saleh stressed that “Iraq is the ninth country in the world in terms of natural resources, as its lands contain more than 16 trillion US dollars worth of these resources in terms of market value,” noting that “investing in these natural resources and manufacturing them will increase their added value several times, whether for the purposes of national industries or export.”
He explained that “the National Development Plan indicates efforts to rebuild the foundations of the manufacturing industry through real partnerships with the private sector, where the state contributes 85% of the financing of manufacturing industries, 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 construction and housing or those related to development road works, then pharmaceutical industries, with a focus on the government’s economic philosophy based on a partnership between the state and the market with broad social security. This vision moves away from economic liberalism and its risks.”
He added, “Riyada Bank was established to provide small and medium-sized loans to young people, following the Prime Minister’s Riyada Initiative, which paved the way for providing thousands of loans to youth sectors and mobilizing their innovations and initiatives. This shows that 60% of the workforce is absorbed in small and medium-sized industries, in addition to continuing in strategic national industries such as petrochemicals and digital.”
Saleh concluded his statements by saying: “This is an important shift in the face of sustainable unemployment conditions, as unemployment rates have fallen to about 14% currently, and are expected to continue to decline to normal levels of no more than 4% of the total workforce, which is what we are looking forward to providing about half a million new job opportunities for people of working age, who are able and willing to work.”
shafaq.com
