Iraq Set to Shift Economic Focus Away from Oil by 2028, Asserts Prime Minister al-Sudani

Iraq’s Prime Minister,Mohammed Shia al-Sudani, on Wednesday said that Iraq would no longer remain dependent on oil, highlighting that “ready alternatives” will be available after 2028.

In a meeting with the Iraqi-American Business Council delegation, led by the Council President and Deputy Head of the U.S. Chamber of Commerce for Middle East Affairs, Steve Lutes, al-Sudani said that Iraq is equipped to be an attractive environment for private sector and foreign companies.

The Premier, according to a readout issued by his bureau, said that the government had adopted a series of decisions to facilitate procedures for investors and tackle existing challenges in the investment sector.

He pointed out that Iraq, enjoying stability on the security, political, and social fronts, is more qualified than ever to be an alluring investment destination for foreign companies.

The premier explained that Iraq has a genuine opportunity for success, emphasizing that peaceful coexistence and support for the state and its institutions are indispensable.

Al-Sudani said that the government recognizes the significant burdens inherited from the war in the 1980s that negatively impacted most sectors, thus it has set five priorities in its program to achieve.

He asserted, “Iraq cannot remain reliant on oil as the world is currently moving towards oil alternatives, which will be ready post-2028”.

He added that “countries around the world are spending billions of dollars on oil alternatives, especially after the war in Ukraine, and oil-dependent countries need to prepare for alternatives”.

The prime minister explained that Iraq has unexploited natural resources, and has, given its strategic location, the potential to become an agricultural and industrial country.

“The private sector is our true partner in achieving our vision, saving time, and finding solutions to problems”.

Al-Sudani referred to contracts with Chinese and Emirati companies that would cover half of Iraq’s gas imports.

“We are preparing to announce the sixth round of gas licenses, which is the first of its kind in Iraq, on the level of natural gas investment”, said the Prime Minister.

“Investment in these projects will provide us with significant financial returns, to be used in various sectors, and avoid the climatic impacts of burning gas,” he added, “Iraq is keen on the presence of American companies in Iraq”.

“The Ministerial Economic Council includes representatives from the private sector who participate with the government in formulating decisions and procedures that would facilitate the work of investors in Iraq”.