Al-Sudani: Iraq pushes for economic Diversification, less reliance on oil

Shafaq News/ Iraq's Prime Minister, Mohammed Shia al-Sudani, on Wednesday said his government seeks to transition away from oil dependence and build a more diverse economy. Al-Sudani made these remarks during the opening of a steel factory north of Baghdad; a project, he said, has potential to create jobs and boost domestic industry.

"We are heading strongly towards partnership with the private sector; to get out of the previous traditional contexts," al-Sudani said, according to a statement from his office. 

The new steel plant, with a production capacity of 600,000 tons per year.

Al-Sudani also announced the signing of a contract to establish a fertilizer production facility with a UAE company.

Al-Sudani took the opportunity to acknowledge International Workers' Day, praising the working class for their contributions across various sectors. He pointed to recent legislative progress, including the passage of a new Labor Law and a amended Retirement and Social Security Law, as evidence of the government's commitment to worker rights. 

"We have made industry a goal in economic reform," al-Sudani said. 

The Prime Minister cited recent achievements, including the reopening of a dormant steel mill and the launch of fertilizer production lines. "We have arrived at the stage of self-sufficiency in securing what the official agricultural plan needs of fertilizers," al-Sudani stated, emphasizing continued efforts to diversify the economy and reduce reliance on oil revenue

"There is nothing left for us but to support industry, agriculture and tourism to achieve the transition," al-Sudani concluded.