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Saleh: The leverage resulting from oil revenues should be exploited

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Saleh: The leverage resulting from oil revenues should be exploited

money and business
Economy News _ Baghdad


The financial advisor in the Prime Minister, Dr. Mazhar Muhammad Salih, confirmed, on Monday, that Iraq is facing a critical development stage and a major crossroads to overcome the rentier economic life,

pointing out that this requires rebalancing the contributions of the real sectors to the gross domestic product immediately, while it was proposed to launch The initiative of “productive ownership” of agricultural and industrial land, provided that the matter is contingent on real production.

Saleh said in an interview with the newspaper “Al-Sabah” and followed by “Al-Iqtisad News”, that “the workforce occupied by the agricultural and industrial transformational sectors, regardless of ownership (whether governmental or private, civil), takes approximately 37 percent of the Iraqi labor force, which currently stands at about 10 percent. Millions of people, including 2.5 million unemployed workers.

The government advisor pointed out that "the contribution of the aforementioned "agricultural and industrial" sectors to the (non-oil) GDP does not exceed 14 percent, which means that 86 percent of the activities are related to the service sector, which are services, most of which are weakly related to the real productive activities, especially the two basic sectors. Agricultural and industrial transformation.

Balanced development opportunity

Salih believes, that “Iraq has an opportunity in balanced development for the next ten years, which requires optimal investment leading to exploiting the financial leverage resulting from oil revenues in a way that leads to diversifying the real economy of Iraq, stressing the need to achieve this before the world penetrates too much into the era.”

The fourth technology, whether by using renewable energy or reducing the world's carbon emissions under the Paris Climate Agreement, through diversification of the real economy.

Product Ownership Initiative

The financial advisor suggested launching the “productive ownership” initiative of agricultural and industrial land, provided that ownership is subject to mandatory production, as well as facilitating the transfer of ownership to new productive owners when needed, and according to legal frameworks that do not allow profit at the expense of land productivity, indicating that these The move will be the spark to launch the agricultural and industrial renaissance.

Creating economic partnerships

On the one hand, the researcher in economic affairs, Ali Karim Al-Dafia, called for the need to create a partnership between the local and foreign private sectors, through twinning joint work by contracting with foreign private sector companies to provide his Iraqi counterpart with developments and ways to create new success opportunities that would reduce Unemployment and the provision of local products.

Speaking to Al-Sabah, Al-Dafie urged the importance of achieving high rates of comprehensive economic growth, and pushing the government to achieve effective participation with the private sector in order to generate job opportunities on a large scale in many economic sectors, pointing out that the country now really needs economic growth.

This necessitates the creation of a real partnership between the public and private sectors, in order to generate large-scale job opportunities in many economic sectors, which in turn push for diversification of economic activities and achieve sustainable development in the long term.

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