04:45 - 06-18 2022
Federal Minister of Finance Ali Allawi called, today, Saturday, to move from exporting oil to electric power, and while he stressed that there is a great opportunity for Iraq to become the largest producer of electric energy, he indicated that Iraq can return to the World Trade Organization during the coming decades.
Allawi said, in a speech during the Energy Forum, that "Iraq should not be satisfied with exporting oil and should focus on exporting energy and focus on the electricity sector," noting that "Iraq is now not in the previous situation where it faces problems and must reach the right strategies."
He added that "during the next 25 years, the demand for energy will change, and we have to prepare for this culture and pay attention to the economic infrastructure," stressing "the need for economic policies to be designed according to the circumstances surrounding the world, and this is not an easy task."
He pointed out, "the shift to the so-called additional value in the export of oil and the reliance that Iraq is the least expensive country in oil production, but there is competition in the sale of oil," adding: "We have to think about the transfer of capital for investment and preservation."
He stressed that "there is a great opportunity to invest in the electricity sector and to become the largest producer of electrical energy, despite the current problems in production in Iraq, and these problems must be resolved, technology applied, and the transition from exporting oil to exporting electrical power."
He continued, "We also need to develop the green cover, as there are problems in the environment sector, desertification and weakness in agricultural production, and we have to think about investing in the green policy in Iraq and it will be more effective on the reality of the country."
He continued: "We have to work through an energy network and exploit it as a new resource, and re-cultivate and develop it according to correct decisions so that we have a bright future in the global market within 10 years, and not repeat the mistakes of the past, and we must reposition in the energy market."
He concluded by saying: "During this conference, we look forward to talking about energy problems, and we have an opportunity to reposition ourselves with partners, and Iraq can return to the World Trade Organization during the coming decades."
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