Economic adviser Mazhar Mohammed Saleh said on Saturday that the Iraqi government's plan to establish a new capitalist economic identity marks an important step toward reforming the country's economic system. He stressed the need to reduce dependence on oil revenues and move toward an economy driven by production, investment, and diversified income sources.
Saleh explained that Prime Minister Ali Faleh Al-Zaidi's vision could help build a more diversified economy by supporting the private sector, expanding employment opportunities, boosting domestic production, and increasing Iraqi exports, thereby laying the foundations for sustainable development.
He added that a social market economy could strike a balance between market freedom and the state's responsibility to regulate competition, deliver essential services, and ensure social justice. He emphasized the importance of improving government institutions, developing an efficient and productive private sector, and maintaining social protections for citizens.
Saleh stressed that Iraq's central challenge is to transform oil wealth into investments that support long-term economic development. He noted that genuine economic progress should be assessed through higher production, increased job opportunities, and improved living standards, rather than oil revenues alone.
