PM:12:14:04/06/2025
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Mazhar Mohammed Saleh, Financial Advisor to the Prime Minister, announced on Wednesday that Iraq is making significant strides in diversifying its local productivity base through increased investment, with the country’s natural resource wealth now exceeding $16 trillion in value.
Saleh explained that Iraq’s strategy involves signing agreements with international companies to explore and invest in key minerals such as phosphate, sulfur, lithium, copper, and tar. These efforts align with the government’s broader program to diversify national income sources and more effectively utilize the country’s rich resource base.
He emphasized that investment in the mining (Ta'din) sector could attract billions of dollars, as Iraq holds vast untapped reserves of critical minerals. According to global assessments, Iraq ranks first in the world in terms of the concentration and diversity of natural resources within one square kilometer.
Key highlights include:
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Phosphate: Iraq has one of the world’s largest reserves, especially in the Akashat region of Anbar Province, with billions of tons of potential.
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Sulfur: Massive free sulfur deposits exist in the Mishraq area of Nineveh Province—considered the world’s largest.
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Silica: Significant quantities are found in northern and western Najaf, essential for glass, electronics, and high-tech industries.
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Other resources: Iron, manganese, copper, and gold are widely distributed across Kurdistan, the western regions, and southern Iraq.
Saleh noted that the goal is not only to extract raw materials but also to build processing and manufacturing industries around them—such as steel, aluminum, electronics, and renewable energy sectors. This would boost domestic production, create jobs, and attract foreign investment and advanced technology.
He stressed that Iraq’s mineral wealth could serve as a powerful tool to implement sustainable development and shield the national economy from oil price fluctuations. The push toward a balanced and geographically inclusive economic development model aims to activate industrial growth in both remote and underdeveloped areas, including non-oil regions.
In conclusion, Saleh described the shift as part of a new investment era for Iraq—designed to not only enhance fiscal revenues but also restore structural balance in the economy and promote long-term national prosperity.