The Iraq Development Fund revealed on Tuesday that there are investment opportunities to produce goods worth $40 billion inside Iraq instead of importing them.

Fund Chairman Mohammed al-Najjar said: "The amount in the fund is an investment amount, not allocated for use in budgets," explaining that "most budget items represent expenditures that are not expected to return a profit to the state, while the fund's money is directed to investment projects that achieve benefits and profits for the state, and then these returns are reinvested in other projects," according to the Iraqi News Agency (INA).

Related news

He added that "the fund represents one of the most important tools for continuing to build the alternative economy, especially in light of the lack of approval of this year's budget, and the conditions Iraq is experiencing from war and the halt of oil exports, so the fund can be the spearhead in this direction," pointing out that "the budget is concerned with spending, while the fund is concerned with investment, and there is a big difference in style and way of thinking between them."

He mentioned that "the fund has a board of directors consisting of the Minister of Finance, the Minister of Planning, and the Minister of Reconstruction and Housing, chaired by the Prime Minister, and so far the first meeting of the board has not been held after the formation of the current government, because the previous board stopped working due to the government change," noting that "the board of directors is the body that sets policies or adopts policies submitted by the fund's executive management."

He confirmed that "these policies have already been prepared, and are awaiting the first meeting of the board for approval, and they are fully aligned with the state's direction towards finding alternatives to the rentier economy."

Related news

He also explained that "talking about investment opportunities can be measured by the volume of Iraq's annual imports," pointing out that "Iraq today imports most of its needs, which means there is an opportunity to produce a large proportion of them locally, except for some goods," noting that "there are investment opportunities to produce goods worth $40 billion inside Iraq instead of importing them."

He continued: "If these imports are turned into factories and local investments, supported by international investments, it will contribute to reducing the import burden, and more importantly, it will provide job opportunities and launch a real development process," explaining that "Iraq needs investment in various sectors."