Baghdad – As part of its national reform plan, Iraq is now focused on diversifying Iraq’s economy through mining investment. Prime Minister’s financial advisor, Dr. Mazhar Mohammed Salih, confirmed this shift on Wednesday during a statement to state media.
According to Salih, Iraq’s natural resource wealth exceeds $16 trillion. Yet for decades, the mining sector remained underused. That’s about to change. The government has already signed a deal with major global companies to explore phosphate, sulfur, lithium, and copper.
He stressed that these efforts fall within the framework of Iraq’s broader national strategy. Specifically, the plan targets new sources of income beyond oil. This move could also improve a long-term economic stability.
Furthermore, Salih revealed that Iraq leads the world in natural resource concentration per square kilometer. Globally, it ranks ninth in total resource value.
Reserves of phosphate exceed 10 billion tons, placing Iraq second worldwide. Most of this reserve lies in Akashat, Anbar Governorate. Similarly, Iraq holds one of the world’s largest free sulfur fields, located in Mishraq, Nineveh.
In addition, Iraq possesses vast silica reserves. These are crucial for producing glass, electronics, and semiconductors. Najaf and western Iraq contain some of the world’s purest silica.
Beyond these, Iraq also holds a significant reserves of iron, copper, manganese, and even gold. Many of these are spread across the Kurdistan Region and the country’s central and western areas.
Salih stated that the first phase of development could boost GDP by at least 10%. Over time, with advanced technology and foreign investment, that a figure could rise substantially.
He also emphasized that diversifying Iraq’s economy requires strong links between mining and local industries. Sectors like a fertilizer, aluminum, electronics, and renewable energy stand to benefit.
As these industries grow, they will create jobs and introduce new skills to a workforce. Additionally, they’ll help strengthen Iraq’s manufacturing base.
Salih concluded that this shift will support balanced growth across all regions. Not only will this strategy boost revenues, but it will also help restore a economic stability and national strength.
Clearly, diversifying Iraq’s economy through mining offers Iraq a historic opportunity to transform its future.
