Economy News – Baghdad
The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, explained on Saturday the six principles launched by Prime Minister Mohammed Shia Al-Sudani, to maximize value chains and sustain the momentum of development in the country, while stressing that Iraq is on the eve of a transitional phase in the development of promising economies globally.
Saleh said, in a statement reported by the official news agency, and seen by “Economy News”, that “Iraq, with its great natural resources, in the ninth sequence in the world after countries such as the Russian Federation, the United States of America and the Kingdom of Saudi Arabia, and today it is on the eve of a transitional stage in the development of promising economies in development at the global level, but international studies estimate that the share of one square kilometer of natural resources relative to the area of our country is the highest in the world.”
He added: “Within the framework of the country’s philosophy of partnership with the private sector, a great investment momentum accompanied by high technological capabilities commensurate with the developments of the new digital age in the world, all of which seek through international partnerships to maximize investment opportunities, integration and cooperation in our country as an important part of Iraq’s integration policy into the global economy to achieve the well-being of the Iraqi people and diversify sources of investment and national income in our country.”
He continued: “In all cases, the national private sector today has the priority of support and providing the necessary sovereign guarantees in full swing with the climate of guarantees obtained by international investments,” pointing to “a new development era for Iraq leading to the diversity of sources of income by investing in diverse natural and human resources, launching manufacturing industry and supporting agricultural efforts to maximize value chains with different technologies.”
He pointed out that “maximizing value chains in Iraq and sustaining the momentum of development stems from the six principles launched by the Prime Minister, in his last meeting in the Netherlands with international businessmen and investors, which he summarized as follows:
The first principle: economic reform in all areas of the economy without dependence on oil.
The second principle: Supporting farmers and farmers in expanding the use of modern technologies in the field of water and benefiting from global experiences, especially Dutch ones.
The third principle: The state seeks to provide sovereign guarantees to the private sector, amounting to 85% of the value of the project to ensure the transfer of the joints of modern international industries, technologies and services to our country.
The fourth principle: the launch of the operation of the large port of Faw in 2025, as a bed for development and economic progress that adheres to the development route strategy, knowing that the fifth berth of the port has docked in one of the international ships.
The fifth principle: Reform the financial and banking sector to put it on competitive foundations commensurate with international compliance standards. Financial and banking reform is the forefront of the government’s reform program for the effective linkage of finance sector to development programs and the speed of implementation and progress.
The sixth and final principle: the desire of the global financial and banking market to open branches of its banks and activities in Iraq, which enhances the financing and investment environment and the integration of the Iraqi economy with the global economy.”
He concluded: “It is the message of the six principles launched by the Prime Minister to the global economic community to launch another development era in Iraq, whose goals are to diversify the national economy through partnership between the state and the private sector.”
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