[ltr]09.27.2022 - 13:56[/ltr]
Baghdad - people
Today, Tuesday, the Ministry of Industry and Minerals explained the reason for not exporting minerals outside Iraq.
Director of the Mineral Investment Department at the Geological Survey of the Ministry of Industry, Ahmed Tariq, told the official news agency, which was followed by "Nass" (September 27, 2022), that "mineral wealth cannot be exported because it does not achieve economic feasibility, due to transportation operations, and that the Investment Regulation Law Mineral Resources No. 91 of 1988 amended, currently in force, and the draft law submitted since 2008 do not allow the export of raw minerals as mineral wealth, but rather allow factories for manufacturing industries to be based on them and through which manufactured materials can be exported abroad, similar to countries whose economies have grown on this basis And it manufactures materials from it that double its prices, as it is not like oil.”
He stressed that "minerals, such as sulfur and phosphate, are based on transformative industries destined for local use, and they cannot be exported, but only invested."
He pointed out that "the phosphate fertilizer industry and its factories are currently suspended, and as a result, Iraq imports the material from abroad in hard currency, although Iraq has the second reserve in the world of this raw material."
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