- number of readings 42
- Section : Iraq
Baghdad / Obelisk: The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed on Saturday, June 12, 2021, the details of the first economic reform program in Iraq and the date of its launch, while indicating that there is an opportunity to make Iraq independent of oil dependency.
Saleh told Al-Masala, “Iraq has an opportunity that extends for ten years before entering the world and penetrating the roots of the Fourth Industrial Revolution and the start of various renewable energy alternatives, so that its production costs become less than the cost of producing crude oil (the depleted wealth whose use was associated with the second industrial revolution during the Victorian era until now). )”.
He added that “improving oil prices in the foreseeable future, and achieving good incomes for the country, could reduce severe shortages and revive some aspects of the economy, but Iraq is bound by a ten-year development plan that establishes the employment of oil revenues in investments that absorb a growing manpower without losing job opportunities.” In the future, taking into account the violent impact that may result from the goal set to reach zero emissions by the year 2050, according to the sources of the International Energy Organization.
He explained that “this is a call for a new economic development contract during which the economy gradually separates from the dominance of oil to achieve independence from dangerous rentier fluctuations, and establishes a real diversification of the national economy. A foundational foundation for laying the foundations for a renewed economic development for Iraq.
And Saleh indicated that “OPEC’s share of oil production will rise to more than half of the total global production, as oil and gas supplies will be limited to small, fewer countries, and that the annual per capita income from oil sales may fall by about 75% during the next two decades,” stressing that That “every rentier dollar that exceeds the urgent social and human needs must go to productive and income-generating employment.”
He stressed that “Iraq has a decade-long opportunity, starting from now until the beginning of the current thirties of the twenty-first century, in the transition towards productive investment in three advanced fields, the first of which is extensive agriculture with high cash returns, with the development of infrastructure projects related to water regulation, irrigation, and agricultural industry, that is, industrialization.” The inputs of agriculture and its products on a large scale, and the second is mineral and geological investment to provide an additional financing lever and support for oil, especially in phosphates, silicon, sulfur, etc., and the third is to work to radically change the digital infrastructure for all aspects of life without losing the country’s backbone, which is electricity and strategic transport.
Salih noted “the necessity of structuring the national market and reorganizing its institutions, that is, creating (the organized market) to play the role of partnership with its financial, technical and leadership surpluses in drawing and implementing Iraq’s economic image that is independent of oil dependence, especially in the main real sectors and tourism.”
He called for “the years 2022-2032 to be the first development decade for Iraq after four decades of nothing in a young nation, half of its population is between the age of 19 years downwards, which complicates the problems of work and maintenance at the same time, which is the bottleneck that must be exited.”