Key Points

According to a statement by al-Sudani's media office on Saturday (local time), the Prime Minister attended a launching ceremony of the Iraq Vision 2050 for Development and the Future, an event also joined by senior government officials, diplomats, and private sector representatives, among others.

The vision aims to diversify Iraq's economy, reduce oil dependency, and increase private sector participation through structural reforms, read the statement.

Key projects include positioning Iraq as a transit hub for 20 per cent of Asia-Europe trade through the Al-Faw Grand Port and the Development Road project, which is expected to create 1.5 million jobs, reports Xinhua news agency, citing the statement.

The vision also targets 70 per cent self-sufficiency in food, water and energy through sustainable green initiatives, read the statement, adding that an upcoming development roadmap for the vision will be submitted to the Council of Ministers for approval.

As technological transformations and artificial intelligence are reshaping global economies, "Iraq aspires in the coming decades to be liberated from oil dependency, with a diversified and stable economy," al-Sudani said.

"Iraq Vision 2050 represents a unifying national orientation, with the participation of state institutions, the private sector, universities, civil society, and youth," he said.

This comes against the backdrop of the Iraqi government's efforts to attract companies to operate in Iraq while prioritising the advancement of the oil sector, whether in production, refining, associated gas and natural gas production, or the use of the latest technologies to develop this vital sector.

In line with this, last month, the Iraqi Oil Ministry signed a principal agreement with US energy company Chevron.

- IANS