Iraq Launches Development Vision to Reduce Oil Reliance

(MENAFN) Iraqi Prime Minister Mohammed Shia' al-Sudani on Saturday unveiled an ambitious long-term development strategy aimed at reshaping the country’s economy and reducing its heavy dependence on oil revenues.

Speaking at the official launch of Iraq Vision 2050 for Development and the Future, al-Sudani emphasized the urgent need for diversification, declaring that the nation "cannot continue relying solely on fossil fuels as the cornerstone of its national economy."

The high-profile event, according to a statement from al-Sudani's media office, brought together top government officials, foreign diplomats, business leaders, and civil society stakeholders to mark the beginning of a comprehensive transformation agenda.

The plan outlines sweeping structural reforms designed to revitalize Iraq's economy by expanding the role of the private sector and curbing reliance on fossil fuel exports, the statement said.

Among the key initiatives is Iraq’s strategic aim to become a major transit hub for global trade, facilitating 20% of commerce between Asia and Europe via the Al-Faw Grand Port and the Development Road project. The transport corridor is projected to generate approximately 1.5 million jobs, the statement noted.

Another major pillar of the vision involves reaching 70% self-sufficiency in critical sectors such as food, water, and energy through sustainable and environmentally friendly programs, it added. A detailed implementation roadmap will soon be presented to the Council of Ministers for approval.

Recognizing the transformative impact of emerging technologies on the global economy, al-Sudani stressed Iraq’s commitment to modernization: "Iraq aspires in the coming decades to be liberated from oil dependency, with a diversified and stable economy."

He added: "Iraq Vision 2050 represents a unifying national orientation, with the participation of state institutions, the private sector, universities, civil society, and youth."

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