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Proposal to develop a map for industrial investment and agricultural development
Economic 10/28/2024
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Two economic experts have suggested developing a map for industrial investment and achieving sustainable agricultural development as key steps to address economic imbalances in Iraq, with the aim of diversifying sources of income and reducing reliance on the rentier economy. Economic
expert Dr. Wafaa Al-Mahdawi stressed to Al-Sabah the need to develop a clear map for industrial investment in Iraq, where available industrial investment opportunities in the governorates are identified, in conjunction with improving infrastructure and establishing new industrial zones that attract investment. She stressed the importance of directing investments towards governorates that suffer from high unemployment and poverty rates, through coordination between educational institutions and industrial projects.
Al-Mahdawi added that stimulating investment requires providing additional privileges to investors, and adopting incentives to encourage innovation in national industries, especially in the manufacture of national raw materials instead of relying on imports. She pointed out the importance of supporting the banking sector by providing soft industrial loans that contribute to financing industrial projects.
Meanwhile, economic expert Dr. Salima Hashem focused on the importance of achieving sustainable agricultural development to optimally exploit agricultural resources.
In her interview with Al-Sabah, she explained that this requires distributing agricultural investments fairly among the governorates according to the relative advantages of each region, while facilitating procedures related to allocating land, which is one of the most prominent obstacles to implementing agricultural projects.
Hashem stressed the need to support agricultural research centers in the governorates and provide them with the necessary funding, while encouraging the private sector to participate in developing these centers. In addition, she called for improving water resource management by lining irrigation canals, reducing water losses, and using pipes in new projects to ensure resource sustainability.
Iraq is classified as a rentier economy that relies primarily on oil, which makes it vulnerable to global fluctuations in energy prices. Relying on a single source of income weakens the flexibility of the economy and makes it unable to confront crises or achieve
sustainable growth.
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