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Saleh: The UN Security Council sanctions still apply to Iraq

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Saleh: The UN Security Council sanctions still apply to Iraq

Financial advisor to the Prime Minister Dr. Mazhar Muhammad Saleh «Al-Iqtisad News»

Economy News - Baghdad


Iraq still suffers from some restrictions imposed by the United Nations Security Council since the beginning of the nineties of the last century because of Iraq’s invasion of Kuwait and the economic sanctions that followed that overthrew the Iraqi industry and made Iraq unable to use and invest those fortunes.

Economic sanctions were not lifted despite the collapse of the regime The former and the entry into Iraq of a new political era, it was hoped that the country would restore its industries and production, but the scale of corruption that accompanied the political process and the restrictions and sanctions imposed by the UN Security Council kept those industries intact .

On this topic, Dr. Mazhar Muhammad Salih, Adviser to the Prime Minister for Economic Affairs, said that there are invisible obstacles that have stopped the national industry in general and the Iraqi extractive industry in particular since the beginning of the nineties of the last century, indicating that the Security Council resolutions issued since August 1990 were enacted due to Iraq’s invasion of Kuwait To put the Iraqi factory under pain of the international technological and commercial blockade, many extractive industry sites have been particularly exposed to military operations in the 1991 Gulf War and beyond, which has lost them the capabilities of work, development, investment and continuous production.

He added that the extractive industry, especially non-oil that addresses the production of raw materials and its export to global markets, was the first target in the war and international blockades and extensions subject to the application of Chapter VII of the Charter of the United Nations, and still sees from time to time a decision by one of the United Nations committees concerned It undertakes the partial or gradual lifting of the Iraqi factory (and sometimes issued lists) and deletes it from the blacklist, especially for factories, some of which, for example, have disappeared in technology or have gone missing.

Saleh pointed out that Iraq is the ninth country in the world in terms of natural resources that are buried underground, and those resources are estimated at about 15-16 trillion dollars, whether in oil, phosphates, sulfur, silicones and other important raw materials, and that Iraq is one of the most regular and distributed countries in the concentration of wealth. Mineral and other per square kilometer across the country.

He continued by saying that what we need today as the world's richest groups in natural resources are two things,

the first of which is a distinguished cooperation with the international business environment and the world’s markets and the integration of the Iraqi industry with the global industry,

and the other is the importance of national solidarity in organizing the management of raw material production or extractive industry other than oil and the provision of its revenues in Programs that lead to the growth of the material capital formation, the accumulation of human capital, the immediate transition from a semi-deficit economy to a productive surplus economy and the birth of a major renaissance in economic development through a renewed leverage based on other extractive returns.


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