Iraqi Prime Minister Mohammed Shia’ al-Sudani yesterday announced the launch of the country’s development vision, stressing that the country ‘can no longer rely solely on fossil fuels as the pillar of its national economy.’
According to a statement from al-Sudani’s Media Office, the prime minister attended the launch of ‘Iraq Vision 2050 for Development and the Future’, which was also attended by senior government officials, diplomats and private sector representatives.
The vision aims to diversify Iraq’s economy, reduce dependence on oil and increase private sector involvement through structural reforms.
Among the key projects are making Iraq a transit hub for 20 percent of Asia-Europe trade through the Al-Faw Grand Port and the Development Road project, which is expected to create 1.5 million job opportunities.
The vision also targets a level of self-sufficiency of 70 percent in food, water and energy through sustainable green initiatives, while the development roadmap for the vision will be submitted to the Council of Ministers for approval.
Iraq now aims to be free from oil dependence within the next decade, with a diversified and stable economy.
