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Oil investment and multiple resources
Economical 12/27/2023
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Fadel Al-Khafaji
Talking about oil investment in Iraq more broadly must receive great attention from all concerned parties, as it requires employing multiple strategies due to the presence of large strategic reserves in various regions of the country.
We know that Iraq has huge reserves of crude oil, and the numbers of proven reserves may rise after expanding the scope of exploration. Here we must work towards expanding investments in a way that enhances revenues to the country and employing them in sectors that represent the focus of achieving sustainable development. This can be achieved by investing oil revenues in Diversifying sources of income and developing other sectors such as industry, agriculture, and tourism.
One of the effective methods for investing in oil in Iraq and making it achieve a double benefit is directing surplus revenues towards the development of the local industry, by encouraging and financing industrial projects based on the use of oil derivatives. Here, high productivity and increased returns can be achieved, and thus the country can achieve self-sufficiency in many industrial sectors. And exporting surplus products to foreign markets, which increases Iraq's financial revenues and reduces its dependence on oil exports.
On the other hand, the trend is towards developing the agricultural sector, as Iraq is a fertile and widely arable region, but the agricultural sector still needs modernization and development, and this requires investing in agricultural research, purchasing modern technologies, and applying best practices, as Iraq can increase agricultural productivity and provide opportunities Work for many farmers and workers.
The multiplicity of revenues is achieved by investing surplus revenues in important sectors, and this is known. Here we must not forget the importance of developing the tourism sector in Iraq. The country has a rich cultural history and heritage, and the promotion of major tourist sites such as Babylon, Nineveh, and Dhi Qar, in addition to religious tourism, as It can thus attract domestic and foreign tourism.
Today, everyone realizes the importance of diversifying the country's financial revenues, which is achieved by investing surplus revenues in sectors that achieve sustainable development, and here we must be serious in this approach to achieve a qualitative shift in the economic performance of a country like Iraq that has a lot of wealth.
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