Iraq to reduce oil dependency by 2050 with newly-launched development vision
BAGHDAD: Iraqi Prime Minister Mohammed Shia’ al-Sudani on Saturday launched a national development vision, stressing that the country “cannot continue to rely solely on fossil fuels as the cornerstone of its economy.”
According to a statement from al-Sudani’s press office, he attended the launch ceremony of Iraq Vision 2050 for Development and the Future, which was attended by senior government officials, diplomats and private sector representatives.
The vision aims to diversify Iraq’s economy, reduce oil dependency and increase private sector participation through structural reforms, the statement said.
Key projects include positioning Iraq as a transit hub for 20% of Asia–Europe trade via the Al-Faw Grand Port and the Development Road project, which is expected to create 1.5 million jobs, the statement added.
The vision also targets 70% self-sufficiency in food, water and energy through sustainable green initiatives, the statement said, adding that a development roadmap will be submitted to the Council of Ministers for approval.
As technological transformations and artificial intelligence reshape global economies, al-Sudani said, “Iraq aspires in the coming decades to be liberated from oil dependency, with a diversified and stable economy.”
“Iraq Vision 2050 represents a unifying national orientation, with the participation of state institutions, the private sector, universities, civil society and youth,” he added.
By RSS/Xinhua
