Latest news with #MudherMuhammadSaleh
Shafaq News
18 hours ago
- Business
- Shafaq News
Iraq eyes industrial revival through legislation and foreign investment
Shafaq News – Baghdad Iraq's plans to revive its industrial sector hinge on comprehensive legislative reform and targeted investment, Economic Advisor to the Prime Minister Mudher Muhammad Saleh told Shafaq News on Monday. Saleh said the government is prioritizing two core pillars: protective legislation to safeguard domestic production and the establishment of fully serviced industrial cities. 'Foremost is enforcing laws that shield local production from market-damaging dumping policies, especially through effective customs regulations.' The advisor emphasized that infrastructure is key to enabling growth, calling for large-scale industrial zones equipped with a reliable power supply and modern logistics — efforts he said are closely tied to the country's broader Development Road initiative. He also urged the introduction of low-interest financing programs to support small and medium-sized enterprises (SMEs), while calling for the streamlining of Iraq's bureaucratic licensing system. 'The current regulatory burden discourages both domestic and international investors,' Saleh warned. According to government figures, over 40,000 industrial projects have stalled in Iraq over the past two decades. The country's industrial contribution to GDP has dropped to below 1%, while imports now account for more than 70% of manufactured goods — costing Iraq an estimated $35 billion annually. Saleh stressed that attracting foreign capital is essential to reversing this trend. 'International investors bring with them capital, experience, and efficient production technologies. Their integration into Iraq's industrial framework — governed by the investment law — offers a vital opportunity to re-energize the local market.' Since 2003, Iraq's industrial base has suffered from outdated equipment, erratic power supply, limited financial support, and inconsistent policy. Public confidence in local products has also declined, with the market increasingly reliant on imports from Turkiye, China, Iran, and the UAE.
Zawya
05-06-2025
- Business
- Zawya
Iraq eyes mining sector to support economic diversification efforts
Iraq is planning to develop its untapped mining sector as part of its broader economic diversification strategy, a top government official said. Mudher Muhammad Saleh, financial advisor to the Iraqi Prime Minister, told the Iraqi News Agency (INA) the government has signed memorandums of understanding with international companies to explore and develop key mineral resources, including phosphate, sulfpur, lithium, and copper He said the total value of Iraq's natural resources is estimated at more than $16 trillion, adding that the mining sector is expected to contribute at least 10 percent to Iraq's GDP during its initial development phase. Key mineral resources Phosphate: Iraq ranks second worldwide, holding over 10 billion tonnes of phosphate reserves, located mainly in the Akashat area of Anbar province. Sul ph ur: The Mishraq area in Nineveh Province is home to one of the world's largest free sulphur fields. Silica: Najaf and western Iraq have high-purity silica deposits. Iron, manganese, copper, and gold deposits in the Kurdistan Region, western Iraq, and central Iraq. Rare minerals in southern Iraq (Writing by Majda Muhsen; Editing by Anoop Menon) (
Shafaq News
28-05-2025
- Business
- Shafaq News
Iraq's top advisor to speculators: We're not in financial trouble
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani's Financial Advisor, Mudher Muhammad Saleh, dismissed speculation of a looming financial crisis in Iraq, crediting the country's economic stability to 'prudent fiscal policy.' Saleh told Shafaq News that Iraq relies on oil revenues to finance about 90% of public expenditures, while government spending constitutes roughly 50% of GDP, noting, 'This spending drives around 85% of total demand in the economy.' He cautioned that Iraq must remain vigilant amid global trade tensions and energy market disruptions, noting that oil prices seem to be entering a new downturn. This, he said, has led to closer coordination between the country's fiscal and monetary authorities. 'Iraq has weathered similar oil cycles since 2014 and succeeded in preserving economic stability,' he added. The economic expert further pointed out that the government is enforcing stricter fiscal discipline on revenues and expenditures, coordinating with the central bank to cover deficits without disrupting essential outlays. Ensuring sufficient liquidity to meet national needs remains a top priority. Earlier, the Parliamentary Finance Committee warned of a potential future crisis amid falling oil prices and inadequate safeguards to cushion Iraq's economy. Economic experts blamed the Ministry of Finance and the Central Bank for weak monetary circulation and declining public trust in the banking sector. Official data showed that Iraq's money supply has reached around 127 trillion dinars (96.52 billion USD), with 70% of it held outside the banking system. Additionally, oil revenues reportedly dropped by 15% in April, compounding pressure on strategic reserves.
