Al-Sudani: Our industry has reached self-sufficiency, and we aim to convert oil exports into derivatives.
Iraqi Prime Minister Mohammed Shia al-Sudani said on Thursday that local industries have reached self-sufficiency, revealing at the same time that the government is targeting the conversion of oil exports into “high-value and high-yield” derivatives.
This came in a speech delivered by Al-Sudani during the celebration of National Industry Day, held by the Iraqi Federation of Industries.
In his speech, Al-Sudani said that Iraqi industrialists have proven their ability to innovate and withstand challenges throughout the various periods that Iraq has gone through, adding, “After 2003, there was an ill-considered openness that flooded the Iraqi market with imports, and industrialists turned into traders and contractors.”
He added, “Our industry has reached self-sufficiency in goods and products, from food industries to pharmaceuticals,” stressing that “no economic reform will be achieved without national industry, and we have given the private sector a role in decision-making and setting priorities.”
Al-Sudani also pointed out that “the government, for the first time, has included sovereign guarantees for private sector projects in the budget law… which has encouraged us to bring in modern technology, equipment, and production lines to develop and provide the product locally.”
He stressed that “priority was given to the construction, food, and pharmaceutical industries,” noting that “the Cabinet is prepared to go beyond decisions to protect local products, and we may even ban the import of a commodity if it is available locally.”
Al-Sudani stated, “We still need to achieve better investment in the petroleum products industry, which will increase their value.”
He continued, “We aim to transform our oil exports into high-value, high-yield derivatives by creating an important petrochemical industry that is in demand for export.”
The Prime Minister concluded his remarks by saying, “We are moving forcefully to modernize the banking sector, increase control over border crossings, and limit the entry of substandard goods.”
Shafaq.com