Iraqi PM vows to diversify national economy

Iraqi Prime Minister Mohammed Shia' al-Sudani on Wednesday said his government is committed to bolstering the industry, agriculture, trade, and tourism sectors, with the aim of reducing the country's reliance on oil and transitioning to a diversified economy.

The Iraqi prime minister made the remarks during the inauguration ceremony of the first phase of a continuous casting plant in the Taji area, some 20 km north of Baghdad, according to a statement by his media office.

"We have no choice but to support industry, agriculture, trade, and tourism to achieve the transition from a country dependent on oil revenues to a diversified economy," the statement quoted al-Sudani as saying.

"We have targeted industry as a major goal in economic reform ... as Iraq is an industrial country as much as it is an oil and agricultural country," al-Sudani added.

The invasion of Iraq led by the United States in 2003 resulted in the shutdown of numerous Iraqi factories due to security concerns. In recent years, the Iraqi government has begun to reestablish some of these factories in a bid to reduce the country's reliance on revenue from crude oil exports, which account for more than 90 percent of Iraq's income.