Iraq mineral sector growth now plays a major role in reshaping the country’s economic future. Senior government officials confirmed strong efforts to move away from oil reliance. Prime Minister’s financial advisor, Mazhar Mohammed Salih, highlighted this during a recent announcement.
He confirmed that Iraq holds over $16 trillion in natural resources. These include phosphate, sulfur, silica, copper, lithium, and gold. This wealth offers Iraq new opportunities to build a stronger, more diverse economy.
According to Salih, the government has already signed several agreements. These deals include major companies from around the world. Their goal is to explore, develop, and invest in Iraq’s mining potential.
In particular, phosphate reserves stand out. Iraq holds over 10 billion tons, mostly in the Akashat region of Anbar. That makes Iraq the second-largest holder of phosphate worldwide.
Free sulfur is also critical. Iraq’s sulfur reserves in Mishraq rank among the largest globally. Meanwhile, silica found in Najaf and western Iraq is vital for electronics and glass production.
Salih explained how the Iraq mineral sector can power local industry. Processing minerals inside the country will create jobs. It will also add value to exports and grow the manufacturing sector.
This strategy could increase Iraq’s GDP by 10% in the early stages. Over time, that contribution may rise sharply. Success depends on linking raw materials to national industries.
Furthermore, the plan supports regional balance. Areas rich in resources will see more factories and better infrastructure. This helps reduce inequality between provinces.
Salih also emphasized the importance of foreign capital. Iraq welcomes advanced technologies and global expertise. These will modernize operations and train the local workforce.
Although oil remains a strong economic base, Iraq wants new income streams. The Iraq mineral sector will not replace oil yet. However, it will help stabilize the economy for the long term.
Government leaders hope this move inspires investment across the economy. Stronger industries can lead to lasting growth, better services, and more exports.
Salih closed by stating that this shift marks a new era. Iraq can now build a stable economy powered by natural resources and smart policy.